For anyone who has spent any time in Mexico, the convenience store chain Oxxo is a household name.
With over 20,000 locations across the country, it is by far the largest retailer of its type, easily beating international competitors like 7-Eleven and Circle K.
The company also has several hundred locations in other Latin American countries including Chile, Brazil, Colombia, and Perú. Some have also opened in Texas over the past decade.
But Oxxo’s parent company Femsa, also known as a giant Coca-Cola bottler, has now announced its purchase of Valora, a European convenience store chain.
Valora has 2,700 locations in Switzerland, Germany, Austria, Luxembourg, and the Netherlands.
Femsa has not committed to rebranding the Valora locations as Oxxo’s but industry analysts suggest that the move is likely, at least in select markets and locations.
The Monterrey-based company has also stated that it is in talks to purchase other chains and continue its expansion in the Latin American market.
“We are not ruling anything out. We want to continue to grow and are constantly looking for new markets for Oxxo,” said Femsa CEO Daniel Alberto Rodríguez Cofré.
Aside from its large market presence, part of Oxxo’s success lay in the fact that many customers use its stores for more than just shopping.
Services such as money transfers, utility bill payments, and the purchase of mobile telephone credit are extremely popular.