FEMSA Comercio (FMX) completed the separation of its Grupo Nós joint venture with Raízen on February 2 2026, taking full ownership of the Brazilian convenience‑store network that now includes roughly 600 OXXO locations across the country.
The transaction was cash‑neutral; FEMSA assumed the joint‑venture’s existing debt and the remaining assets and liabilities were divided between the two parties. The deal also transferred the Cajamar distribution center in São Paulo to FEMSA’s control.
By eliminating the joint‑venture structure, FEMSA can now invest directly in store expansion, streamline supply‑chain operations, and deploy its digital Spin ecosystem and Spin Premia loyalty program in Brazil. The company has already begun rolling out the Spin platform in select stores, and the full rollout is expected to accelerate in 2026.
Brazil’s convenience‑store market is large and fragmented, and OXXO has posted double‑digit same‑store sales growth in the most recent quarter. With only about 600 stores, the network represents a small but high‑growth segment that FEMSA plans to scale aggressively, targeting a 20‑30% increase in store count over the next three years.
CEO José Antonio Fernández has repeatedly emphasized Brazil’s strategic importance and the company’s commitment to expanding OXXO there. He noted that the full ownership will “unlock new profit pools and enhance customer loyalty” through deeper digital integration.
The move strengthens FEMSA’s multi‑format strategy, diversifies its revenue base beyond Mexico, and reinforces its competitive moat in Latin America. With full control, the company can pursue higher margins, accelerate digital adoption, and position OXXO Brazil as a key growth engine for its retail portfolio.
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