09/30/2008 11h38
Setting becomes gloomy, but investments are kept
Valor Econômico - 09/30/2008
One week ago, president of Wal-Mart in Brazil Hector Nuñez drew a dark setting in case of the governmental relief package were rejected by the American Congress - a fear that now becomes reality. The American multinational is the biggest retailer of the world, besides being the biggest company of the United States in sales. "The situation in the US is something we have not seen since 1929. If the package is not be approved, there will be a sharp fall of stocks and business", said Nuñez, during last week's interview. Despite all the uncertainty, the Wal-Mart group will not change its budget in Brazil for 2009. "We will keep the commitment signed with president da Silva", affirmed Nuñez, who was recently received by the President of the Republic. Wal-Mart foresees a record investment of R$ 1.6 billion (US$ 833 million) in 2009 in the country, with the opening of up to 90 stores. As the demand for food is less elastic and does not depend on credit concession, it is expected that the supermarkets are less affected by the effects of the crisis. In the USA, Wal-Mart's sales increased this year, contrary to the economy. The retailer captured consumers that started looking for stores with lower prices. In August, the sales of the American stores of the group increased 3% in comparison with last year's same period. For September, the estimated sales growth is between 2% and 3%.
