American retail giant Walmart (WMT) - Get Report intends to invest roughly 1 billion reais ($316 million) in Brazil through 2019 to restore about 120 stores, as rivals in South America's biggest economy ratchet up investments to retain cash-strapped consumers, Reuters reports.

"We've already done about 10 percent of it this year," said Flavio Cotini, Walmart's chief executive in Brazil. Walmart is the third-largest diversified retailer in Brazil.

Investment firm Goldman Sachs projects that Brazils largest food retailer, Grupo Carrefour Brasil SA, will double its stores in the next three years, the report added. 

Shares of Walmart were climbing over 1% in afternoon trading on Tuesday.

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