Retail group Cencosud has revealed it will invest $731m (£483.8m) in South America this year, opening a total of 58 new stores with the aim of reaching sales of $22.5bn (£14.9bn) by the end of 2013.

The retailer plans to increase its sales area by about 5%. The outlay represents a more modest sum compared with the estimated $1.3bn (£860.5m) investment carried out last year.