Monterrey, Mexico-based Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA) purchased 249 stores from Brentwood, Tennessee-based Delek US in October, marking its entrance into the United States.
The company is better known south of the border through its OXXO brand, one of the largest, small-format c-store chains in the Americas, with over 22,800 stores in Mexico, Colombia, Chile, Peru and Brazil. The company also operates foodservice chains in Europe.
FEMSA in February said it had started rebranding Delek convenience stores to OXXO.
For international operators like FEMSA, the U.S. is an appealing market, offering a stable, healthy growth opportunity, says Roger Woodman, managing director at Raymond James, Atlanta.
“We’ve seen a lot of foreign investment here in the U.S.,” Woodman says, “We think that will continue.”
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