Department store and DIY retailer Falabella is accelerating its growth plans and now aims to invest $3.51bn (£2.3bn) between 2011 and 2015 to open 215 new stores and 16 new shopping centres.

The retailer, which opened 27 new stores and three new shopping centres last year, previously expected to invest $2.57bn (£1.65bn) between 2010 and 2014 to open 184 new stores and seven shopping centres.

The new investment plans will nearly double the number of stores Falabella operates in Chile, Peru, Argentina and Colombia.