FEMSA owner to invest US $1.3 billion to further OXXO expansionBy Elliot Bullman
FEMSA, the company that operates Mexico´s largest convenience store chain, OXXO, will invest about US $1.3 billion this year, despite economic uncertainty.
Fomento Económico Mexicano, known as Femsa, intends to proceed with caution but expects to continue investing in new gas stations and stores, and predicts double-digit growth in all its divisions.
Despite external factors such as the renegotiation of the North American Free Trade Agreement and exchange rate volatility, corporate director Eduardo Padilla said Femsa will continue with its strategy of opening 50 new OXXO Gas station-convenience stores a year.
About $770 million of this year’s capital expenditures, which will be approximately the same as last year, will be in Coca-Cola Femsa, the world’s largest Coca-Cola bottler.
CEO Carlos Salazar Lomelín said Femsa continues to see a favourable consumer environment in spite of external dynamics such as the likelihood of higher inflation.
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