By Anthony Harrup

MEXICO CITY--Retailer Wal-Mart de Mexico said it plans to invest 34.5 billion Mexican pesos ($2.1 billion) this year, 19% more than in 2023.

Walmex, as the unit of Arkansas-based Walmart is known, said around 45% of the capital expenditures will be for remodeling and maintenance of existing stores. About 29% is earmarked for new stores, which are expected to contribute between 1.4% and 1.6% to sales growth this year.

The Bodega store formats will continue to be the main growth vehicle for the company, Walmex said late Tuesday in a release.

Some 15% of the investment will be in the retailer's supply chain to increase growth capacity, and the remaining 11% for omnichannel and technology projects, including improvements in digital platforms for online shopping and automation at stores and distribution centers.

Walmex had 3,007 stores in Mexico and 896 in Central America at the end of last year. Its sales totaled 886.5 billion pesos in 2023.

Write to Anthony Harrup at

(END) Dow Jones Newswires

03-13-24 0744ET