Walmex considering expanding into 20 new markets

Mexican retail powerhouse Walmex has announced their plans to expand their business operations into 20 new cities this year. This would see the company investing close to around $1.14 billion.

The company is an affiliate of the world’s largest retailer Wal-Mart Stores and also has plans to open up more than 120 stores and modernize others in 2006. The expansion would see them establishing a presence in Baja California Sur.

Their expansion plan would also see the company increase sales-floor space by 14 percent and remodeling of 150 existing units and improving distribution. Walmex chief executive Eduardo Solorzano said in a statement on these new plans: “To announce this investment represents enormous confidence in what will happen in Mexico, enormous confidence in its institutions, in absolutely everything.”

The company spent close to a record 8.13 billion pesos to open 95 new units in 60 cities last year.