Wal-Mart de México SAB de CV plans to invest 20 billion Mexican pesos across its business in 2019, marking a 12% year-over-year increase, the company said in a March 12 annual analyst meeting.

The Mexican unit of U.S. retail giant Walmart Inc., also known as Walmex, said it plans to invest in "high return projects" as part of its strategy to double total sales in 10 years.

Walmex will spend 35% of the total budget on maintaining and remodeling existing stores, 31% on building new stores, 20% on improving logistics and 13% on improving e-commerce and technology. The company also allocated 1% of the investment to strengthen infrastructure for perishable goods.

Walmex on March 6 reported a 5.5% year-over-year increase in consolidated sales for the month of February to 45.91 billion Mexican pesos.

As of March 12, US$1 was equivalent to 19.32 Mexican pesos.