MEXICO CITY, March 21 (Reuters) - 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 Sanborns units.
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 on Thursday.
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.