The commercial division of FEMSA, Oxxo, announced its intention of opening between 1,000 and 1,100 new stores over a period of 2 to 3 years, according to the group´s finance director, Javier Astaburuaga.
Information cited by CNN Expansion, states that Oxxo´s intention is to open 12,000 stores in Mexico for 2014. FEMSA has a capacity to operate a total of 20,000 convenience stores of which Oxxo will count with 15,000.
The source states Oxxo could potentially have between 30,000 and 40,000 stores, this would make it the company with the largest number of stores nationwide.
CNN Expansion said in its report that the retail chain made an investment in the third quarter of 3,143 million pesos, 13.3% more than in the first months of 2011, reporting an increase of 16% in revenues and 24% in operating profits.