Chilean department store chain Falabella has unveiled a $508m investment strategy for 2024, to bolster its omnichannel offerings and customer service.  

The retail giant will channel the funds into technological enhancements, logistics, new store openings and refurbishments.  

The company has earmarked $270m, more than half the total investment, for the expansion and modernisation of its store network.  

This includes $113m to launch stores in Chile, Peru, Mexico and Colombia, with two IKEA locations planned for Colombia.  

$157m will be invested in upgrading existing stores and shopping centres to strengthen Falabella's physical-digital integration. 

Falabella aims to refine the in-store customer experience, enhance the monetisation of its physical channels and transform malls into urban lifestyle hubs, with a particular focus on expanding service offerings at Mallplaza Vespucio in Chile.  

The retailer also commits to achieving net zero in both scope 1 emissions [those directly from the company] and scope 2 emissions [those resulting from the company's activities but occurring from sources neither owned nor controlled by it] by 2035. 

Falabella has allocated $200m to technology, to advance e-commerce in the Andean region and promote digital banking services.  

The plan also includes $38m for logistics, concentrating on capacity optimisation and inventory management, particularly in Colombia. 

Falabella interim CEO Alejandro González stated: "It is a plan that seeks to deepen omnichannel interaction with our customers, selectively expanding retail formats.  

“In line with our goal to strengthen the company's financial position, the announced plan has reductions compared to that of the previous year (-24% year-on-year in US dollars) and a greater focus on investments to achieve better profitability. 

"In summary, our investment plan will be focused and selective, to continue improving the customer experience with an omnichannel and quality offering."