Latin American operator of the Oxxo brand plans to open thousands of new shops over the next decade.
Wholesaler and retailer Femsa will open up to 1,000 Oxxo convenience stores across Mexico, Brazil, Colombia and Chile in 2022. The Latin American operator wants to accelerate its growth after two slow years.
In addition to 800 new store in Mexico for this year, Femsa targets another 200 in Brazil as well as 150 in Chile and Colombia, said company executives during an investors call.
Femsa also said it had completed the purchase of OK Market, which operates 134 convenience stores in Chile.
The expansion plan is part of a strategy that could involve the opening of thousands of new stores over the next decade. Femsa already operates 20,431 Oxxo stores in Latin America, generating some 35% of the parent’s revenue, its fourth-quarter results showed.
Thee conglomerate manages one of the largest Coca-Cola (producers in the world.
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