Mexico's La Comer plans to open a dozen new stores over next 15 months
MEXICO CITY, Oct 3 (Reuters) -Mexican retailer La Comer LACOMERUBC.MX, which was recently added to Mexico's main stock index, aims to open around a dozen new supermarkets over the next15 months to boost growth, said Chief Financial Officer Rogelio Garza.
WHY IT'S IMPORTANT
La Comer's expansion plans point to a growth strategy targeting middle-and high-income customers as it faces larger competitors like Walmart de Mexico (Walmex), Soriana and Chedraui.
KEY QUOTE(S)
"We are making an important effort to accelerate the pace of growth," La Comer CFO Rogelio Garza told Reuters late on Wednesday.
"Monterrey and Guadalajara, for example, are markets where we have low penetration and we have stores that are very well received by customers and with very good results, and we want to continue growing aggressively there, but also in the other cities where we have a presence," he added.
BY THE NUMBERS
La Comer operates 84 self-service stores primarily geared toward middle- and high-income customers. Sales on the company's digital platform account for 7% to 8% of total revenues of $1.16 billionin the first half of 2024.
WHAT'S NEXT
La Comerplans to open five new units in the last three months of 2024 and at least between six and eight additional stores in 2025, focused on cities where it already operates.
Reporting by Noe Torres; Written by Raul Cortes Fernandez; Editing by Richard Chang
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