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Wal-Mart to spend in Brazil
13 May 2011: Wal-Mart Stores Inc will invest 1.2 billion reais (approx $759 million) in Brazil.
The plan aims to build 80 new stores including hypermarkets, discount stores, warehouse retailing units and grocery shops by December 2011. Wal-Mart's plans underscore its growing interest in Brazil, where consumption is solidly supported by record job creation and rising wages as millions join an emerging middle class. More than half of the new stores will focus on serving lower middle-class families -- the bulk of consumers in the 190 million nation.
Source: Indiaretail