Retailer Behemoth Wal-Mart to Invest Over $1 Billion in Mexico, Add 10,000 Jobs Anthony Harrup - The Wall Street Journal
go to original December 10, 2016

You are most welcome Wal-Mart (Reuters/Daniel Becerril)

Wal-Mart de Mexico SAB, Mexico’s biggest retailer and private-sector employer, said it plans to invest $1.3 billion in the country to expand and improve its logistics operations.

Much of the investment, which is in addition to the company’s annual capital expenditures on store openings and remodelings, will be made over the next three years, Chief Executive Guilherme Loureiro said in an event at the presidential residence.

The plan involves the construction of new distribution centers and the upgrading of existing centers.

Wal-Mart de Mexico, a unit of Arkansas-based Wal-Mart Stores Inc., has set itself the goal of doubling its annual sales between 2014 and 2024. Its sales were around $28 billion in 2015.

“To meet our growth goals and reach more corners of the country, we need to strengthen our logistics infrastructure,” Mr. Loureiro said. The retailer has close to 2,300 stores in Mexico, where it employs 200,000 people.

The announcement comes at a time when Mexico is concerned that some investments could be put on hold until companies have more clarity on the future of U.S.-Mexico trade and investment relations under the administration of U.S. President-elect Donald Trump. Mr. Trump has said he wants to make changes to the North American Free Trade Agreement and has been lobbying U.S. companies not to move jobs to Mexico.

“We’re seeing how Mexico is continuing to attract investment in different sectors,” Mexican President Enrique Peña Nieto said at the event.

Read the rest at The Wall Street Journal

Related: Trump’s Carrier Deal Has Nothing on What Mexican President Enrique Peña Nieto Just Got from Wal-Mart (Quartz)

Related: Santander Mexico to Invest More Than $700 Mln Over 3 Years (Business Insider)

Related: A U.S. Company Creates Software Jobs in Tijuana - and San Diego Applauds (San Diego Union-Tribune) Related: Mexico’s Peso Problems Are a Warning Sign for Global Investors (Bloomberg Quint)

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