Wal-Mart announces record 2009 investment in Brazil

BRASILIA, Brazil Wal-Mart has announced plans for its largest investment yet in Brazil since it started operating in the country 14 years ago.

Wal-Mart Brazil plans to invest between R$1.6 and R$1.8 billion Brazil Reais ($989.7 million and $1.11 billion U.S. dollars) and open around 80 to 90 new stores of all the nine brands and different formats it operates in the country today, according to statements made by Wal-Mart Brazil's president and ceo Hector Nunez during a meeting held Aug. 13 with President Luiz Inacio Lula da Silva. In the company of Wal-Mart's president and ceo for the Americas Craig Herkert and the vice chairman and international president and ceo Michael Duke, Nunez announced that the company would create over 9,000 jobs in 2009 with the opening of the new stores.

Wal-Mart Brazil operates today in the Northeast, Central West, South and Southeast regions of Brazil with nine different brands: hypermarkests BIG, Wal-Mart and Hiper Bompreco; supermarkets Nacional, Mercadorama, Bompreco and Todo Dia (soft discount); and wholesalers Maxxi (cash and carry) and Sam's Club.

During the last four years, the company invested over R$3 billion ($1.85 billion) in Brazil. In 2008 alone, R$1.2 billion ($742.2 million) is being invested to build 36 new stores and generate over 7,000 new job posts and 27,000 indirect positions.

"Wal-Mart believes in Brazil and is confirming this investing more and more in this country," says Nunez. "We are investing not only in new stores, but also are expanding our support to regional suppliers, exporting more Brazilian products, generating more jobs and working with projects to preserve the environment."

1 BRL = 0.62 USD