Walmart announces plan to invest $800 million in Chile

The Chilean unit of Wal-Mart Stores Inc will invest $800 million in the country over the next three years and will open 55 to 60 new supermarkets, the company said in a press release on Wednesday.

"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.