MEXICO CITY, March 21 Mexican billionaire Carlos
Slim's Sanborns retail business plans to invest 17 billion
Mexican pesos ($1.38 billion) in the next five years to open and
remodel new stores, the firm's top executive said on Thursday.
Sanborns General Director Patrick Slim Domit, one of Carlos
Slim's sons, said the firm would open 104 new stores over the
5-year period, including 37 Sears department stores and 37
The rest will be music shops or Apple Inc product
distributors, he said, adding that the investment plan would
also cover remodeling existing stores.
"We have a good economic situation, the (retail) sector is
very good and we see a lot of potential," Slim Domit said at an
event at the Mexican Stock Exchange.
Sanborns shares rose 1.42 percent 26.45 pesos
Sanborns raised just shy of $1 billion in its public listing
in February, but the stock is still down 5 percent from the
offering price on concerns that investors may have paid too much
for a piece of the world's richest man.