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Wal-Mart will invest up to 1.8 billion reais (US$1.1 billion) in Brazil to open 80 to 90 stores in 2009, the world's largest retailer said on Wednesday. The retail giant is spending 1.2 billion reais to open 36 new stores in Brazil's fast-growing market in 2008.
Wal-Mart opened its first store in Brazil in 1995, and has 318 locations in Latin American's largest economy. Today's announcement coincided with a meeting of senior Wal-Mart officials and Brazil's President Luiz Inacio Lula da Silva.
Brazil's bustling economy, driven by higher income and cheaper consumer credit, grew by 5.4 percent last year.