With its results benefiting from high gas prices and a renewed consumer focus on bargains, Wal-Mart (NYSE: WMT) is looking more relevant than it has in years. The company is also redoubling its efforts to make inroads overseas.

In the midst of an effort to acquire a leading Russian retailer, Wal-Mart announced Wednesday it will spend at least $1 billion to expand its footprint in Brazil.

Craig Herkert, president and CEO of Wal-Mart's America's division, met with Brazilian President Luiz Inacio Lula da Silva, and the company released a statement saying that it would seek to open 80 to 90 new stores and that "The retailer will make its largest investment yet in the country since it started operating in Brazil fourteen years ago."

This seems like a prudent investment in a region where Wal-Mart has enjoyed considerable success. Eight of the 12 foreign countries Wal-Mart has operations in are in Latin America, and the company's concept appears to work there. In other foreign markets, most notably Germany, Wal-Mart's fixation on low prices has met with failure. The developing world likely represents Wal-Mart's best opportunity for long-term growth.