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As part of development plans, Walmart is planning to invest $800 into their stores in Chile.
Reuters reports that Walmart wants to open upwards of 50 new stores, and remodel the same amount. The $800 million investment over three years, also includes adding 5,000 new jobs. In addition to the new stores, they will also be building a new distribution center.
Although the Chilean economy isn’t doing great, Walmart is still investing their funds to grow their network of stores in Latin America. With the growth of physical stores, Walmart is also looking to expand on the online market. With a growing demand in that part of the world, they are looking compete with other Chilean e-commerce companies.
The planned distribution center is already under construction, with a bill so far of $180 million. Although this is a lot of money, the construction is already creating new jobs for people in the area.
In a statement from the Walmart Chile general manager Horacio Barbeito, he explains the future of Walmart in Chile:
We are confident in the future potential of the country, and we are convinced that spaces exist to continue expanding our low-cost model.
It’s good to see Walmart investing in countries who could see great benefits from the addition of jobs. With the largest mine in Chile stopping work, this could help save the economy. With plans in place now, it could be a while before we see these new buildings and renos be completed or even just begin.
Obviously the sole intention of Walmart’s big investment is that it will repay itself. Hopefully with the addition of thousands of jobs, this will create an economy that can sustain the retail giant.
