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Walmex to Invest Over $663 Million in Stores

MEXICO CITY - Wal-Mart de Mexico (Walmex) plans to invest 6 billion pesos ($663 million) in 67 new units over the next 18 months, Reuters reports.

The Mexican retailer said in a statement that the expansion will be financed by cash flows.

"The growth program for the next 18 months contemplates the opening of 67 units, which implies a 13 percent increase in sales floor space and a 10 percent increase in the number of restaurant seats," Walmex said.

In its previous 18-month plan, Walmex announced it would open 62 units. The company said inside 12 months, it opened 61 units.

Walmex, majority owned by U.S. giant Wal-Mart Stores Inc., has used aggressive expansion and promotions to capture a growing share of Mexico's fragmented retail market, launching a $463 million-expansion program last year, according to Reuters.
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