November 14, 2019 / 5:14 PM / 25 days ago

Carrefour Brasil to invest around 2 billion reais per year through 2024

SAO PAULO, Nov 14 (Reuters) - Carrefour Brasil plans to invest around 2 billion reais ($475 million) in 2020 to push forward its digital transformation and expand brick-and-mortar stores, particularly wholesale and convenience formats, executives said on Thursday.

The local subsidiary of France’s Carrefour SA is likely to maintain this level of capital expenditure until 2024, they said. In 2019, its investments will be around 1.8 billion reais, depending on areas the group may acquire later this year.

Chief Executive Noel Prioux said the group expects economic conditions in Brazil to only improve later in 2020. “It will be a recovering year for a stronger economy in 2021,” he said.

Carrefour Brasil will keep the expansion pace of its wholesale unit Atacadao at 20 new stores per year but aims to accelerate the openings of convenience stores.

The company’s efforts also include offering a wider range of financial products, such as online accounts and loans, to strengthen the already sharp growth of its e-commerce platform.

Carrefour Brasil recently acquired a 49% stake in fintech EWally to introduce a digital bank account to its customers as early as next year, according to Chief Financial Officer, Sébastien Durchon.

$1 = 4.1950 reais Reporting by Gabriela Mello; Editing by Steve Orlofsky

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