Wal-Mart Stores Inc's (WMT.N) Chilean unit will invest $800 million in the country over the next three years and open 55 to 60 new supermarkets, the company said on Wednesday, a significant outlay at a time of slow economic growth.
As part of the plan, the retail and supermarket chain will also remodel over 50 stores, add more than 5,000 jobs, and further develop a large distribution center near the capital city of Santiago.
"We are confident in the future potential of the country, and we are convinced that spaces exist to continue expanding our low-cost model," Walmart Chile general manager Horacio Barbeito said in a statement.
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