Investment in Brazil 'sees Wal-Mart growth'
Date added: 25th January, 2011 at 14:00
(view all articles from January, 2011)
Categories: Economy
Investment in Brazil has seen the country become one of supermarket chain Wal-Mart's biggest sources of growth.
The Morning Star noted the company had admitted to the role the nation played in its expansion, reporting the firm ploughed $1 billion (£625.86 million) into Latin America's largest economy in 2010.
According to the news provider, annual spending on food in Brazil is expected to increase by 50 per cent in the next five years as a result of rising incomes pushing many of its people into the middle class demographic.
While the firm has grown organically in Latin America's fastest expanding economy, it has also benefited from acquisitions, such as those of Sonae and Bompreco, which operated 258 branches between them.
Although Wal-Mart has made a larger investment in Brazil than rival Carrefour, it has fallen behind its peers when it comes to sales volumes, ranking third in the country by this measure.
Wal-Mart's operations in the UK include its ownership of supermarket chain Asda.
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