Walmart of Mexico will increase its investments in the country and Central America by 27% in 2023, with a capital of 27.100 million pesos (about 1,506.8 million dollars) to, among other strategies, acquire a new technological finance company (fintech).
In the midst of Walmex Day, the executive president and general director of Walmart in Mexico and Central America, Guilherme Loureiro, told his shareholders and investors that the strategy of the retail chain will remain focused on generating value for all stakeholders.
The strategy will be marked by three priorities: win at discounts, be omnichannel leaders and become the preferred ecosystem. As well as by four enablers: focus on the client, logistics, technology and talent.
Of the amount of investment estimated for 2023 by the company, most of it, 45%, will be for remodeling and maintenance of existing stores in the six countries that it operates: Costa Rica, El Salvador, Guatemala, Honduras, Mexico and Nicaragua.
Another 29% of the investment will be used in the construction of new stores and clubs, with which it intends to expand its reach and bring its value proposition to more customers, as well as 12% to expand and modernize the company’s supply chain. .
At the end of 2023, Walmart México estimates that these new stores and clubs will contribute 1.2% and 1.4% to its total sales, while detailing that “The main vehicle for growth will continue to be Bodega”.
On the other hand, it indicated that it will allocate 14% to strategic e-commerce and technology projects for a better shopping experience on digital platforms, as well as for greater analytical capacity and automation in stores and distribution centers.
Within this framework, Walmart announced that it was approved for the purchase of a new fintech with which it will accelerate its vertical financial services solution in its ecosystem.
Mexican financial authorities informed the company of the approval of the purchase of a Mexican Financial Institution for Electronic Payments, duly authorized and in operation, which would allow it to provide its customers with an open solution, Walmart told its shareholders and investors.
Although Walmart did not specify the name of the Mexican fintech that it will acquire or the amount, it indicated that it hopes to conclude this transaction “within the next few weeks, subject to customary closing conditions being met.”
This new Walmart solution would be added to Cashi, which exceeded 4 million users in Mexico in the last year and contributed to the 11.4% boost in its sales at the end of the fourth quarter of 2022.
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