Chilean department store chain Falabella plans to unveil 231 new outlets in the Latin American region by the end of 2017 to expand its region footprint in the region.

The retailer is looking to investment a total of $3.92bn to fund the aggressive expansion plans.

The expansion plan also includes the opening of 20 new shopping malls in the region.

Falabella currently operates around 300 outlets in Chile, Argentina, Columbia and Peru, countries that also feature in its expansion plans.

Falabella’s portfolio consists of Mall Plaza shopping centers, TOTTUS supermarket, Sodimac home improvement centers and Falabella flagship department stores along with financial services arm Banco de Falabella banks.

Launched in 1889 as a tailoring shop, the company now retails wide variety of merchandise such as apparel, home furnishings, electronics and sporting goods.

Along with brick-and-mortar outlets, the brand also sells its products through other channels including internet, phone, catalog, and television.