Falabella Beefs Up Investment Plan

Chilean retailer Falabella has beefed up its 2011-2015 investment budget to $3.5bn from $1.0bn. The retailer plans to build 215 stores and add 16 shopping malls, ending the year 2015 with 457 stores and 35 malls in Chile, Colombia and Peru. “This is positive news for the company as it strengthens its expected growth for the next 5 years, which we think could help increase its share price,” says local brokerage Bice Inversiones. BCI increased Falabella’s price target for the end of 2011 to CLP6,150 from CLP5,850. Falabella’s shares were up 0.30%, closing Tuesday at CLP5,027 locally.