Coppel and Home Depot have each come forward with plans to expand their retail operations in Mexico this year.
Grupo Coppel announced on Monday its aim to open 100 new stores in Mexico “in its different formats” and to reduce its environmental footprint by installing solar panels at more than 700 stores by the end of 2024.
To accomplish this, Coppel — which currently has 1,782 stores in Mexico — said it plans to invest more than 12 billion pesos (US $724.3 million) this year.
The Mexican retailer, founded in 1941 and headquartered in Culiacán, Sinaloa, sells appliances, electronics, furniture, shoes and clothing, and also operates a banking arm.
In a separate announcement on Monday, Home Depot said it will invest 2.86 billion pesos (US $172.6 million) in Mexico in 2024 and that it plans to open 12 more stores