US based retail giant Wal-Mart (NYSE:WMT) plans to invest $450 million reales in Brazil with the opening of 30 new stores in the Northeast of the country this year. Currently the company operates 138 stores in the nine northern states of the country.
This project is part of the plan announced by the company in August to invest U.S. $1.6 billion in Brazil this year, with the opening of 90 new stores.
The company has not yet announced how many stores it will open under the 6 brand names present in the Northeast. Hector Nunez, the president of Wal-Mart Brazil, hinted that the brand Todo Dia, which is aimed at low income consumers, will represent significant amount of the 30 new openings.
Last year, Wal-Mart's sales in Brazil grew by 13.1%.