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Sunday, February 18, 2024

Walmart plans to invest around $1.5 billion in Mexico and Central America by 2023

Walmex, Walmart’s unit in Mexico and Central America, plans to increase its spending in the region by 27% from last year, totaling around 27 billion pesos ($1.49 billion) in 2023. Of the investment, nearly half will go towards remodeling and maintenance of existing stores while almost 30% will be used for new stores and clubs, according to a filing released following an event with investors and analysts.

This is a significant rise from the 21.3 billion pesos Walmex spent in 2022, although last year’s capital expenditures were lower than expected due to supply chain disruptions.

Walmex announced that 12% of its investments in 2023 will be dedicated to expanding and modernizing the company’s supply chain. On Monday, Mexican authorities gave their approval for Walmex to acquire a Mexican electronic payments provider.

The firm declared at the occasion that they would be rolling out a new health membership program, taking advantage of their wide network of 1,500 pharmacies and 500 medical offices located in the region.

Beatriz Nunez, the growth lead at the firm, announced that for $30 pesos customers can gain access to a range of services. These include 24/7 remote medical assistance, nutrition advice, an ambulance in case of emergency, discounts on specialist care and a 5% discount when shopping at the pharmacies. Furthermore, clients can also receive consultations at our doctor’s offices.

Nunez stated that in the previous year, health solutions had been provided to more than 1 million individuals, not including those utilizing the company’s pharmacy services.

She added that, “In 2023, we want to develop Health as a strong vertical, it is still in very early stages, but we know how relevant it is for our customers.”

Walmart to invest nearly $1.5 billion in Mexico and Central America in 2023

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