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The company was founded in 1952 as Cifra by Jerónimo Arango. In 1991, Cifra and [[Walmart|Wal-Mart Stores, Inc.]] signed a joint venture agreement. This agreement allowed cooperation between the two companies and the opening of Walmart stores and Sam's Clubs in Mexico. In 1997, Walmart increased its stake by acquiring 51% of Cifra. Cifra was renamed Wal-Mart de Mexico, S.A. de C.V. Walmart again increased its stake in Wal-Mart de Mexico to 60% in April 2000.<ref>[http://www.fundinguniverse.com/company-histories/WalMart-de-Mexico-SA-de-CV-Company-History.html "Wal-Mart de Mexico, S.A. de C.V. History"] listing on Funding Universe.Com</ref> After completing the acquisition of Walmart's operations in Central America in January 2010, Walmart Mexico changed its name to Walmart de Mexico y Centroamérica.
The company was founded in 1952 as Cifra by Jerónimo Arango. In 1991, Cifra and [[Walmart|Wal-Mart Stores, Inc.]] signed a joint venture agreement. This agreement allowed cooperation between the two companies and the opening of Walmart stores and Sam's Clubs in Mexico. In 1997, Walmart increased its stake by acquiring 51% of Cifra. Cifra was renamed Wal-Mart de Mexico, S.A. de C.V. Walmart again increased its stake in Wal-Mart de Mexico to 60% in April 2000.<ref>[http://www.fundinguniverse.com/company-histories/WalMart-de-Mexico-SA-de-CV-Company-History.html "Wal-Mart de Mexico, S.A. de C.V. History"] listing on Funding Universe.Com</ref> After completing the acquisition of Walmart's operations in Central America in January 2010, Walmart Mexico changed its name to Walmart de Mexico y Centroamérica.


At the end of December 2011, Walmart operated 2,037 [[retail]] outlets in Mexico, including [[restaurant]]s and [[supermarket]]s, under the Walmart, Superama, [[Suburbia (department store)|Suburbia]], [[Vips (restaurant)|VIPS]], [[Sam's Club]] and [[Bodega Aurrerá]] banners. As of 2012, the company was Mexico's largest private sector employer with 209,000 employees. Approximately one fifth of Walmart stores in the world are in Mexico.<ref name="NYTBribe" /> It competes with [[Soriana]], [[Comercial Mexicana]], [[Chedraui]], [[H-E-B]], [[Casa Ley]], and [[S-Mart]].
At the end of December 2011, Walmart operated 2,037 [[retail]] outlets in Mexico, including [[restaurant]]s and [[supermarket]]s, under the Walmart, Superama, [[Suburbia (department store)|Suburbia]], [[Vips (restaurant)|VIPS]], [[Sam's Club]] and [[Bodega Aurrerá]] banners. As of 2012, the company was Mexico's largest private sector employer with 209,000 employees. Approximately one fifth of Walmart stores in the world are in Mexico.<ref name="NYTBribe" /> It competes with [[Soriana]], [[Comercial Mexicana]], [[Chedraui]], [[H-E-B Mexico|H-E-B]], [[Casa Ley]], and [[S-Mart]].


Walmex's restaurant division, Vips, was acquired by the Mexican restaurant company, [[Alsea (company)|Alsea]], in September 2013 for around $626 million.<ref>{{cite news| url=http://www.reuters.com/article/2013/09/10/us-mexico-alsea-walmex-idUSBRE9891A220130910| title=Mexico's Alsea to buy Walmex restaurant chain for 8.2 billion pesos| author=Elinor Comlay| publisher=Reuters | date=10 September 2013}}</ref>
Walmex's restaurant division, Vips, was acquired by the Mexican restaurant company, [[Alsea (company)|Alsea]], in September 2013 for around $626 million.<ref>{{cite news| url=http://www.reuters.com/article/2013/09/10/us-mexico-alsea-walmex-idUSBRE9891A220130910| title=Mexico's Alsea to buy Walmex restaurant chain for 8.2 billion pesos| author=Elinor Comlay| publisher=Reuters | date=10 September 2013}}</ref>

Revision as of 04:59, 24 June 2015

Wal-Mart de México y Centroamérica S.A.B. de C.V.
Company typeSociedad Anónima Bursátil de Capital Variable
BMV: WALMEX V
OTCQX: WMMVY
IndustryRetail
Founded1952
HeadquartersMexico City, Mexico
Key people
Jerónimo Arango, co-founder
Scot Rank, (CEO)
Eduardo Solórzano Morales, (Chairman)
RevenueIncrease US$31.7 billion (2012)
Increase US$1.7 billion (2012)
Number of employees
219,767
ParentWalmart
Websitewww.walmartmexico.com.mx

Wal-Mart de México y Centroamérica is a Mexican-based public corporation. It has been traded in the Mexican Stock Exchange since 1977 (as Cifra).[1] Wal-Mart de México y Centroamérica is the biggest retailer in Latin America.

The company was founded in 1952 as Cifra by Jerónimo Arango. In 1991, Cifra and Wal-Mart Stores, Inc. signed a joint venture agreement. This agreement allowed cooperation between the two companies and the opening of Walmart stores and Sam's Clubs in Mexico. In 1997, Walmart increased its stake by acquiring 51% of Cifra. Cifra was renamed Wal-Mart de Mexico, S.A. de C.V. Walmart again increased its stake in Wal-Mart de Mexico to 60% in April 2000.[2] After completing the acquisition of Walmart's operations in Central America in January 2010, Walmart Mexico changed its name to Walmart de Mexico y Centroamérica.

At the end of December 2011, Walmart operated 2,037 retail outlets in Mexico, including restaurants and supermarkets, under the Walmart, Superama, Suburbia, VIPS, Sam's Club and Bodega Aurrerá banners. As of 2012, the company was Mexico's largest private sector employer with 209,000 employees. Approximately one fifth of Walmart stores in the world are in Mexico.[3] It competes with Soriana, Comercial Mexicana, Chedraui, H-E-B, Casa Ley, and S-Mart.

Walmex's restaurant division, Vips, was acquired by the Mexican restaurant company, Alsea, in September 2013 for around $626 million.[4]

International expansion

Walmart Centroamérica

In 2005, Walmart entered the Central American market by acquiring 33% of Central American Retail Holding Company (CARHCO) from Dutch retailer Royal Ahold NV. CARHCO operated stores in Guatemala, El Salvador, Costa Rica, Honduras and Nicaragua. In 2006, Walmart increased its stake to 51% and changed the name to Walmart Centroamérica.

Walmart de Mexico y Centroamérica

In December 2009, Walmart de México acquired 43% of Walmart Centroamérica from Walmart Stores Inc and 40% from two minority partners, paying over $1.4 billion pesos (approximately $110 million USD) in cash and shares. In early 2010, the transaction was completed and Walmart de México was renamed Walmart de México y Centroamérica.

As of December 2011, Walmart de México y Centroamérica operates 610 stores in Central America.

Labor relations

In 2008, a Mexican court ruled that Wal-Mart de Mexico could not pay its employees in vouchers redeemable only at the store,[5] as it violated an article of the country's Constitution.

Bribery investigations

An April 2012 investigative report in The New York Times reported that a former executive of Walmart de Mexico alleged that, in September 2005, Walmart de Mexico had paid bribes via local fixers called gestores to officials throughout Mexico in order to obtain construction permits, information, and other favors. Walmart investigators found credible evidence that Mexican and American laws had been broken. Concerns were raised that Walmart executives in the United States "hushed up" the allegations.[6] Reportedly, bribes were given to rapidly obtain construction permits, which gave Walmart a substantial advantage over its business competitors.[3] A follow-up investigation by The New York Times, published December 17, 2012, revealed evidence that regulatory permission for siting, construction, and operation of nineteen stores had been obtained through bribery. There was evidence that a bribe of $52,000 was paid to change a zoning map, which enabled the opening of a Walmart store a mile from a historical site in San Juan Teotihuacán.[7] After the initial article was released, Walmart released a statement denying the allegations and describing its anti-corruption policy. While an official Walmart report states that they found no evidence of corruption, the article alleges that previous internal reports had indeed turned up such evidence before the story became public.[8] Forbes magazine contributor, Adam Hartung, also alluded that the bribery scandal was a reflection of Walmart’s “serious management and strategy troubles,” stating, “[s]candals are now commonplace… [e]ach scandal points out that Walmart’s strategy is harder to navigate and is running into big problems."[6]

As of December 2012, internal investigations ongoing into possible violations of the Federal Corrupt Practices Act.[9] Walmart has invested $99 million in the internal investigations, which have expanded beyond Mexico to implicate operations in China, Brazil, and India.[10][11] The case has added fuel to the debate as to whether foreign investment will result in increased prosperity, or if it merely allows local retail trade and economic policy to be taken over by "foreign financial and corporate interests."[12][13]

  • Cashier at Walmart store at Plateros. (3852).
    Cashier at Walmart store at Plateros. (3852).
  • Walmart store at Playa del Carmen. (1003).
    Walmart store at Playa del Carmen. (1003).
  • Walmart store at Galerías León. (1195).
    Walmart store at Galerías León. (1195).
  • Walmart store at Querétaro. (2356).
    Walmart store at Querétaro. (2356).
  • Walmart store at Pitillal. (3747).
    Walmart store at Pitillal. (3747).
  • Walmart store at Torreón. (2375).
    Walmart store at Torreón. (2375).
  • Walmart store at San Luis Potosí. (2431).
    Walmart store at San Luis Potosí. (2431).
  • Walmart store at Plateros. (3852).
    Walmart store at Plateros. (3852).
  • Produce at Walmart store at Pitillal. (3747).
    Produce at Walmart store at Pitillal. (3747).

References

  1. ^ [1]
  2. ^ "Wal-Mart de Mexico, S.A. de C.V. History" listing on Funding Universe.Com
  3. ^ a b David Barstow (April 21, 2012). "Vast Mexican Bribery Case Hushed Up by Wal-Mart After High-Level Struggle". The New York Times. Retrieved April 22, 2012. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  4. ^ Elinor Comlay (10 September 2013). "Mexico's Alsea to buy Walmex restaurant chain for 8.2 billion pesos". Reuters.
  5. ^ http://jurist.law.pitt.edu/paperchase/2008/09/mexico-supreme-court-orders-wal-mart-to.php
  6. ^ a b Hartung, Adam. "WalMart's Mexican Bribery Scandal Will Sink It Like an Iceberg Sank the Titanic". Forbes. Retrieved 2 July 2012.
  7. ^ James C. McKinley, Jr. (September 28, 2004). "No, the Conquistadors Are Not Back. It's Just Wal-Mart". The New York Times. Retrieved December 18, 2012.
  8. ^ Lydia Dishman (April 22, 2012). "What Walmart Might Do With Allegations of Bribery in Mexico". Forbes.com. Retrieved April 23, 2012.
  9. ^ David Barstow; Alejandra Xanic von Bertrab (December 17, 2012). "The Bribery Aisle: How Wal-Mart Used Payoffs to Get Its Way in Mexico". The New York Times. Retrieved December 18, 2012.
  10. ^ Brown, Abram (15 November 2012). "Wal-Mart Bribery Probe Expands Past Mexico To Brazil, China And India". Forbes. Retrieved 28 December 2012.
  11. ^ Cilfford, Stephanie; Barstow, David (15 November 2012). "Wal-Mart Inquiry Reflects Alarm on Corruption". New York Times. Retrieved 28 December 2012.
  12. ^ Sharma, Malavika (5 December 2012). "India Government Agency Proves Wal-Mart Investments". Bloomberg. Retrieved 28 December. {{cite news}}: Check date values in: |accessdate= (help)
  13. ^ Thirani, Neha; Kumar, Hari (7 December 2012). "Fact-Checking the F.D.I. Debates". New York Times / International Herald Tribune. Retrieved 28 December 2012.
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