GUATEMALA CITY (Reuters) – Walmart plans to invest some $700 million in Guatemala over the next five years, the company’s Central America head said on Wednesday.
The announcement by regional executive Cristina Ronski came during the groundbreaking of a new store in the Central American country.
It comes days after the company said during the groundbreaking of a new distribution center in Costa Rica that it would invest around $600 million in that country over the next five years.
Walmex, as Walmart’s Mexico and Central America unit is known, reported double-digit same stores sales growth in the first quarter in Guatemala, as well as in Nicaragua and Honduras. Costa Rica saw low- to mid-single-digit growth in the quarter.
(Reporting by Sofia Menchu in Guatemala City and Alvaro Murillo in San Jose; Writing by Brendan O’Boyle; Editing by Kylie Madry)
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