SAO PAULO (Reuters) - Wal-Mart Stores Inc (N:WMT) plans to invest around 1 billion reais ($316 million) in Brazil through 2019 to refurbish about 120 stores, as larger rivals in Latin America's biggest economy invest heavily to retain cash-strapped customers.
"We've already done about 10 percent of it this year," Flavio Cotini, Wal-Mart's chief executive in Brazil, told reporters at the Latam Retail Show in Sao Paulo on Tuesday. Wal-Mart is Brazil's third-largest diversified retailer.
Goldman Sachs Group (NYSE:GS) analysts expect Grupo Carrefour (PA:CARR) Brasil SA (SA:CRFB3), Brazil's largest food retailer, to almost double stores over the next three years, spending fresh capital it raised in a July stock listing.
Rival GPA SA (SA:PCAR4) is also undertaking an ambitious store renovation to prepare for recovering consumer demand after Brazil's worst recession on record.