Oxxo convenience stores to open in the United States: When and in which states?
Mexican convenience store chain Oxxo will launch 249 locations in the United States. Find out when and in which states the branches will be opening.
Mexican convenience store chain Oxxo is coming to the United States. The Mexican Economic Development Company or FEMSA announced it had reached an agreement allowing it to open 249 convenience stores in the country
According to a statement by the company, FEMSA entered into a deal with Delek US Holdings to acquire its retail operations for a total amount of $385 million, net of cash and debt, including the acquisition of inventories. This includes 249 convenience stores.
READ ALSO: Mars to acquire Kellanova for $36 billion in historic agreement
“With a total market of more than $850 billion, more than 150,000 locations and high fragmentation, the U.S. convenience and mobility market is attractive for operators with the right capabilities and sufficient scale. For FEMSA, this market fits its strategy and offers an opportunity to build a platform that, over time, has the potential to achieve scale and create value for its shareholders,” said the Mexican company.
FEMSA also said Delek stores have the right attributes to be a first step into the U.S. market in terms of size, geographic location and possibilities for experimentation.
READ ALSO: Chuck E. Cheese launches new membership program
US states where Oxxo stores will open
Ninety percent of the acquired stores will operate in the state of Texas. The remainder will be located primarily in New Mexico, with a small presence in Arkansas.
According to FEMSA, almost all stores will operate in a gas station, under the DK and Alon fuel brands. The transaction between the Mexican company and Delek US Holdings, Inc. also includes a small fuel transport fleet.
Although the agreement has already been announced by both companies, the contract is subject to regulatory approvals by the corresponding authorities. According to FEMSA, it is expected to close later this year.
Oxxo has more than 20,000 stores in Mexico, 70 in Peru, 370 in Chile, 231 in Colombia and 1,468 in Brazil and continues to open new stores regularly. According to the convenience store chain’s website, they serve more than 13 million customers every day.