By Anthony Harrup


MEXICO CITY--Mexican retailers plan to invest around $2 billion in 2024 mostly in remodeling, new stores and logistics, up from $1.8 billion invested last year, retail association Antad said Tuesday.

Antad said same-store sales at its 48,000 member stores increased by 5.4% in 2023, led by a 7.7% rise in sales of groceries and perishables. Total sales, including stores opened in the previous 12 months, rose 8.4% to around $88 billion. For this year, the association estimates that same-store sales will expand 4.8% and total sales by 7.8%.

The association comprises 93 chains including supermarkets, department stores and specialty retailers. The country's biggest retailer Wal-Mart de Mexico, and biggest convenience-store chain operator Femsa, aren't members of the association.


Write to Anthony Harrup at anthony.harrup@wsj.com


(END) Dow Jones Newswires

01-23-24 1804ET