Walmart to invest $1.5 billion in Mexico and Central America
Walmex was also approved by Mexican authorities to purchase a Mexican electronic payments provider and launch a new health membership product
March 8, 2023 8:38am
Updated: March 8, 2023 1:16pm
Walmart plans to increase its investments in Mexico and Central America by 27% to $1.49 billion in 2023, the company announced on Tuesday.
Walmart’s division in Mexico and Central America, known as Walmex, said that 30% of the investments will go towards opening new stores and clubs, while about 45% of the investment will go to remodeling and maintaining existing stores, 12% will go towards expanding and modernizing the company’s supply chain, and 14% will go towards new technology products.
Additionally, Walmex was approved by Mexican authorities to purchase a Mexican electronic payments provider and launch a new health membership product, reported Reuters.
While the company has not disclosed any information about the Fintech provider, the new health membership product will grant customers access to Walmart’s close to 1,500 pharmacies and 500 allied doctors in the regions.
"For $30 pesos, our customers can have access to unlimited remote medical service 24/7, nutrition services, ambulance in case of emergency, discounts on specialists and... a 5% discount at our pharmacies and get a consultation at our doctor’s offices," said the company’s growth lead Beatriz Nunez.
"In 2023 we want to develop Health as a strong vertical, it is still in very early stages, but we know how relevant it is for our customers," she added.
The investment Walmart plans to carry out in the area is a significant increase from the $1.1 billion the retail company spent in 2022.