Mexico: A Destination for Growth - Market opportunities for UK retailers

 
Mexico: A Destination for Growth - Market opportunities for UK retailers
Mexico:
A Destination for Growth
Market opportunities for UK retailers
Mexico: A Destination for Growth - Market opportunities for UK retailers
2   Mexico:
    A Destination for Growth

                               Foreword

                               Mexico is a country full of opportunities - and there has never
                               been a better time to consider it as a business destination.
                               The British perception of Mexico is often inaccurate. In fact,
                               Mexico is a modern country with a dynamic economy. It has
                               a young population of 112 million, with a growing middle class
                               and strong macroeconomic fundamentals. Mexico has an
                               impressive network of Free Trade Agreements (including with
                               North America and the EU), and a strategic location between
                               the US and Latin America. But at the same time, the Mexican
                               Government and local businesses have said they wish to
                               reduce their dependency on trade with the US. So for UK
                               companies, Mexico has the potential to act as a springboard
                               into the Americas, as well as being an attractive market in its
                               own right.

                               British products have a significant presence in the country; our
                               products are generally recognised for their quality, and have
                               performed well in the local market. Yet, while Mexico regularly
                               ranks in the top three emerging markets in which to do
                               business, the UK exports much less to Mexico than many of
                               our major competitors. So, while the opportunity clearly exists,
                               other countries are taking greater advantage of it.

                               For this reason, UK Trade and Investment (UKTI) has
                               produced this report with the help of global research agency
                               Millward Brown. It aims to identify opportunities for UK
                               retailers through a simple yet insightful document, to help
                               British companies make more informed decisions. The report
                               has various sections that outline a range of sectors and
                               industries in Mexico.

                               This report is designed as a useful reference guide for readers
                               to dip in and out of. It should be used in conjunction with the
                               UK Trade & Investment website (www.ukti.gov.uk/mexico),
                               and our other services. The report will guide you through
                               the retail sector in Mexico, while the website will give you
                               regularly updated market and sector information, business
                               opportunities, and details of relevant events.

                               From luxury goods and shopping centres, to food and drink,
                               this report intends to give the UK retailer a real picture of
                               what is happening in Mexico, and why Mexico is an exciting
                               destination for growth.

                               JOHN PEARSON
                               First Secretary, Trade & Investment
                               British Embassy, Mexico City
Mexico: A Destination for Growth - Market opportunities for UK retailers
3

Contents

4           Overview - Meet Mexico
6           Understanding Consumers
8           Understanding Retailers
10          Challenges
12          Mexico’s Retail Sector
16          Apparel
17          Groceries
18          The Big Players
20          Centres of Activity
21          Key markets in Mexico
22          Healthcare
24          Drinks
28          Food
32          Luxury
35          To Keep in Mind

This guide was produced for the UK Trade & Investment team
in Mexico by Millward Brown Optimor Mexico. This project
was developed through consulting primary sources developed
by Millward Brown and its Knowledge Bank, as well as
secondary sources relevant to the project.
Mexico: A Destination for Growth - Market opportunities for UK retailers
4                 Mexico:
                  A Destination for Growth

                  Overview

Meet
                                                         Mexico is the 14th largest economy in the
                                                         world, according to the International Monetary
                                                         Fund (2013):

                                                         US $1,162 billion                                (Real GDP)

                                                         Following a significant decline in the recent

MEXICO!
                                                         economic downturn, the Mexican economy is
                                                         already showing strong signs of recovery.

                                                             $   $   $     $     $         $      $      $         $
You’ve heard of Mexico, but have you                     A HUGE COUNTRY                    CULTURAL RICHNESS
heard it’s a country with a fast growing                 Mexico’s 2 million sq km are      A country rich in art, music,

“                            “
international presence?                                  rich in natural resources and     languages and tradition,
                                                         its 9,330km border with the       Mexico blends the best of
                                                         US gives the country access       European and Amerindian
                                                         to even more.                     cultures.
With Europe’s                Retailing in Mexico
economies                    remains strong.             A HINGE STATE                     FOREIGN TRADE
stagnating, China            Despite the state
                                                         Mexico is a bridge between        Mexico has 14 Free Trade
worrying about               of the international        North America and the vast        Agreements with countries
sustaining growth            economy, Mexico             cultural area of Latin America,   including the US and Canada,
and property bubbles         managed to continue         uniting the distinctive           Japan and the EU. This makes it
and India faltering,         growing in GDP terms        characteristics of both.          one of the countries most open
                                                                                           to foreign trade in the world.
Latin America                and kept inflation
remains one of the           rates under control.
few regions exhibiting       Retailing grew at           LEADING               A BIG                  HAPPY
continued growth             above GDP levels,           PLAYER IN             POOL OF                CONSUMERS
and healthy long-            outperforming in            A GROWING             POTENTIAL              WILLING &
term prospects.              categories such as          REGION                BUYERS                 ABLE TO SPEND
The Futures Company          department stores           Mexico is a leading   A market driven        Despite a complex
                             and specialised             country in Latin      by a huge middle       social situation
                             retailing.                  America, with         class (48.3% of
                                                                               population), yet
                                                                                                      in which criminal
                                                         sound economic                               undertones colour
                             Euromonitor International   indicators that       with important         everyday life, Mexico’s
                                                                               figures for
                                                         show a strong                                recent economic
                                                                               higher and lower
                                                         performance.          socioeconomic          upturn has generated
                                                                               groups.                a sense of optimism in
                                                                                                      consumers.
Mexico: A Destination for Growth - Market opportunities for UK retailers
5

Mexico’s modern                                       Monterrey

retail infrastructure
is concentrated in its                                Mexico City

three largest cities
                                        Guadalajara

 You just need to push the right buttons...
Mexico: A Destination for Growth - Market opportunities for UK retailers
6                   Mexico:
                    A Destination for Growth

                    Understanding Consumers

Mexican consumers are
spending their money across a
smaller number of categories
Average household             WHAT ARE MEXICANS
wealth in Mexico:             SPENDING THEIR MONEY ON?

£6,273                 .89
                    (2012)                     Personal
                                                         Other
                                                             3.6%

                                               care: 8.2%

                                     Education and                       Food, beverages
                                     entertainment:                      and tobacco: 32.7%
                                     13.6%

    11         %
Increase in expenditure
                                       Transport and
                                       communications:
                                       18.5%

                                                                        Housing
                                                                        and fuel:
                                                                                    5.6%
                                                                                           Clothing
                                                                                           and footwear
in the beauty and                                     2.7%
                                                                        9.3%
                                                              6.2%
personal care categories,                  Healthcare
from 2006 to 2011.                                              Household items and services

FACE OF SUCCESS               BEAUTY OF SUCCESS                      BIG BRAND TRUST
Mexican people are looking    Importance is increasingly             In Mexican culture, well-
to turn their aspirations     being placed on the link               known, established brands
of success into reality by    between looks and success.             are seen as reliable and
spending more on beauty                                              trustworthy.
and personal care products.

With disposable incomes rising, Mexicans
are more willing (and able) to invest in
themselves, be it on clothing, health or
beauty products.                                                       $ $                 $ $
Mexico: A Destination for Growth - Market opportunities for UK retailers
7

Understanding Consumers

      INTRODUCING...

 Brands with the highest level of consumer
 engagement in Mexico according to
 BrandZ. Their recipe for success? Taking
 into account four basic principles that
 apply to the Mexican marketplace:

    WELL KNOWN                 FOR EVERYONE
  Brands that command        Accessible brands for
    trust and loyalty.           the majority.

 Consumers know exactly      Brands that create pricing
   what to expect from          strategies to match
     these brands.          consumer spending power.

       EMOTION                     LEADERS
    Brands that create        Brands that inspire.
 a strong emotional bond.

                              They are highly regarded
  Brands that understand       as category leaders, as
  Mexico´s emotional and     innovators, as the brands
     social landscape.      that everyone else follows.
Mexico: A Destination for Growth - Market opportunities for UK retailers
8                    Mexico:
                     A Destination for Growth

                     Understanding Retailers

With a growing population, and a
positive economic outlook, Mexican
consumption (and thus retailing) is
experiencing positive growth

SOLID PERFORMANCE

12% 32,891,810      INCREASE IN THE NUMBER OF HOUSEHOLDS
                                                         BY 2018

3.9% IN MEXICO 2012 GDP GROWTH

8.7%                INCREASE IN RETAIL UNITS
                    MORE THAN 1900 OUTLETS OPENED IN 2012

Solid economic performance has driven retail growth across
the country.

GROWTH ON BOTH FRONTS

                                      £7.33
                                      BILLION
    £119.84             VS         NON•STORE
      BILLION
     INSTORE

    2012 RETAIL SALES            £127.18           BILLION

Mexico’s retail environment is growing and evolving
due to the country’s dynamic economic and
demographic outlook.
Mexico: A Destination for Growth - Market opportunities for UK retailers
9

Understanding Retailers

                                                                 Modern retailers in the country
                                                                 have focused their strategies on
                                                                 expansion through smaller stores
                                                                 and in smaller cities
                                                                 Reflecting social                2. An increased focus on
                                                                 complexity                          the importance of time
                                                                 Mexico’s retail landscape is        and price has driven two
                                                                 made up of brands that serve        main formats: Convenience
                                                                 the country’s social reality,       Stores (which have grown
                                                                 where the richest and poorest       by CAGR+9%), and
                                                                 live side by side.                  Discount Stores ( which
                                                                                                     have grown at CAGR +
                                                                 Leading retailers show
                                                                                                     21%).
                                                                 that they cater for various
                                                                 socioeconomic groups               (Where CAGR is Compound
                                                                 by offering contrasting            Annual Growth Rate)
                                                                 channels and store
                                                                                                  3. S
                                                                                                      tores aim to create
                                                                 formats.
                                                                                                     one-stop shops.
                                                                 Smaller populations
                                                                 Mexico’s economic                4. Complementary services
                                                                 development has reached              are becoming increasingly
                          Nagel Photography / Shutterstock.com   smaller populations across           important.
                                                                 the country (in tier 2 and
                                                                                                  Consumers are
                                                                 3 cities).But this has also
                                                                 happened in big cities: urban    increasingly searching for
                                                                 dwellers that were once          practical options when
                                                                 ignored by retailers are now     buying and retailers are
                                                                 demanding more attention as      responding accordingly.
                                                                 their disposable income rises.
                                                                                                  Mobility on the go
                                                                 Retailers’ answer?               In many ways, Mexican
                                                                 Expansion through the            society is centralised. As
                                                                 construction and opening of      a result, retailers have
                                                                 new, smaller stores near to      historically concentrated
                                                                 these populations.               their efforts in large cities
                                                                                                  and central locations. As
                                                                 The new trend? To get
                                                                                                  these locations have become
                                                                 closer to customers.
                                                                                                  saturated, they have been
                                                                 Consumers change too:            forced to change their
                                                                 Practical consumers              expansion strategies.
                                                                 Retailers have altered their
                                                                 approach to meet the needs       As saturation has been
                                                                 of increasingly practical        reached, most retailers
                                                                 consumers:                       have moved to mid-sized
                                                                                                  destinations or developed
                                                                 1. Grocery retailers are
                                                                                                  new formats to reach
                                                                    opening small discount
                                                                                                  previously inaccessible
                                                                    stores to reach new
                                                                                                  audiences.
                                                                    urban dwellers.
Mexico: A Destination for Growth - Market opportunities for UK retailers
10                     Mexico:
                       A Destination for Growth

                       Challenges

The search for practicality and more
accessible options has pushed
non-store retailing formats

£7.33
PRACTICALITY PUSHES NON-STORE OPTIONS                                           Growth figures (% growth between 2007 and 2012)

                                                              656.4 112.5 60.7 54.2
                                                                                %                            %                  %                  %

                                                                Internet retailing         Vending               Home shopping Direct selling
                                                                                           machines
                                  BILLION (2012)
             Traditional stores and other                                                                                               Sales - 2012
              formats have also grown.                              £1.78bn                 £0.14 bn                 £0.23 bn           £5.17 bn

 INTERNET
                                                                                          User distribution by age              User distribution by
                                                                                                                                socioeconomic group
                                                               46,600,000                 13 - 18                         31    ABC+               51
                                                             internet users
 DOMINATES
                                                                                          19 - 25                    23         C          21
                                                             in the country               26 - 32             15                C-/D+      22
                                                                                          33 - 39        11                     D/E        6
                                                                                          40 - 46        9
                                                                                          47 - 53    6
                                                                                          54 - 70   5

Internauts are currently
concentrated in specific age groups,
but this will change in the future.                            MEXICO’S INTERNET CHALLENGES:
With a growing young workforce, belonging to all
social sectors, Mexico will soon have a population
that is proficient in technology and has increased        • Perceived as            The internet is not
disposable income.                                           unsafe                  a primary channel
By 2030, this workforce - aged between 15 and 64
                                                          • Low credit card
                                                             penetration
                                                                                     for leading retailers.
                                                                                     MercadoLibre.com
                                                                                                                   e-Retailers
years old - will account for 65.7% of the population of
the country.
                                                          • A high figure of
                                                             technological
                                                                                     is the only retailer
                                                                                     to appear on
                                                                                                                   in the country
                                                             illiteracy (55%)
                                                             in adults
                                                                                     Mexico’s Most
                                                                                     Visited Websites.
                                                                                                                   still have some
                                                                                                                   work to do.
11

IMPORTANCE                                                          MEANS OF COMMUNICATION
                                                                    Recurring behaviour online

People are spending more time
on the internet (4 hours 3 minutes
                                                                                  83%
                                                                                   EMAIL
                                                                                                                  68%
                                                                                                                  SEARCHING
per person daily). And there is
increasing usage at home:
87% (2011) VS. 93% (2012)                                                 90%                    48%                    61%
Informal retailing still plays a big part in the Mexican mindset.   of internauts belong   of internauts belong    consider social
Consumers from every socioeconomic group are willing to             to a social network    to a fanpage            media to affect their
                                                                                                                   opinion on brands
consider buying through the internet if it offers clear benefits.
However, when deciding how to purchase, the in-store retail         The internet is a trusted media channel for Mexicans. It
experience is also an important factor.                             is generally seen as a good way to communicate with
                                                                    similar groups.

                                                                                   MOBILITY IS KEY
                                                                                                   of Mexican
                                                                         70%                       internauts
                                                                                                   navigate through
                                                                                                   mobile devices.
                                                                    This is understandable given that most Mexican internauts are
                                                                    young and from higher social groups.

                                                                     Mobile devices should be considered
                                                                     as a way to boost retail strategies.
                                                                    AN UNDERDEVELOPED SALES CHANNEL

                                                                    57%      of internauts have
                                                                             bought or made a
                                                                             payment online

                                                                    21% 6% 15%
                                                                     TICKETS               BOOKS           CLOTHING
                                                                    Despite being an important way to stay in touch with brands,
                                                                    this sales channel remains under-developed.
12    Mexico:
      A Destination for Growth

      Mexico’s Retail Sector

Retail success in Mexico is built on
strong attractive brands across all
sectors, from groceries to luxury goods.
Retail is dominated by a number of
major players and the development
of shopping malls continues to grow.
Increasing competition has seen
retailers develop innovative ways to
differentiate the in-store experience
for consumers.
13

The secret to success is building
strong attractive brands
                                                                      There is no place for
MEXICANS ARE BRAND-ORIENTATED CUSTOMERS                              uncertainty in Mexican
                                                                    culture – brands must be
                             BRAND
                                                                     creative and assertive.
                               A
                                                                    Consumers may consider
                                   ASS                          new brands but they always need a
                        TIVE          E                               compelling reason to
                       A                                                make a purchase.
                                       RT
                 CRE

                                         IVE

         BRAND                                    BRAND
                                                                   44.9% of Mexico’s population
           C                                       B             are in lower income groups. They
                                                                may try new brands but only at the
                                            IVE

                                                                            right price.
                 ST

                    ON
                                       CT
                  R

                         G              R   A
                                   AT T                           The size of the lower and middle
                                                                  classes makes them the natural
                               D
                             BRAND
                                                                target market for brands looking to
                                                                   increase their customer base.

            THE RETAIL SALES FORECAST                               We make
                                                                    it for you
                                                                                    We’re
                                                                                   local to

   +3.1%                               +
                                          16.3            %                          you
                                                                  We know
                                                                  your area
                               6000+
    2012-17 Compounded                    2012-17 Total Value
     Annual Growth Rate                      Growth Rate
                                                                          RETAILERS
                                                                        – KNOW YOUR
STORE-BASED RETAILING SALES                     £287 bn                  CUSTOMER!
NON-STORE RETAILING SALES                       £144 bn
14   Mexico:
     A Destination for Growth

                                BRAND LANDSCAPE
                                & CLASSIFICATION

                                1
                                   ST       Upscale, high fashion
                                            with exclusive designer
                                            merchandise and
                                            excellent customer
                                            service.
                                TIER
                                            Saks Fifth Avenue,
                                            El Palacio de Hierro

                                2
                                       ND Reasonably priced
                                            merchandise with less
                                            of a focus on customer
                                            service.
                                TIER        Sears, Liverpool, Fábricas
                                            de Francia, Sanborns

                                3
                                       RD   Value-orientated
                                            retailers that target
                                            price-conscious
                                            customers.
                                TIER        Electra, Famsa,
                                            Woolworth
15

Mexico’s Retail Sector

The general merchandise retailing outlook
mainly comprises local powerhouses
                                           Outlets                Performance          Strategic focus

                                                                £577.27m
                                                                                       Aggressive growth –
                                                                                       targeting mid-sized cities

The leading department store in
                                              93                 net profit in 2012
Mexico, serving middle-high and
high-income consumers through
affordable prices                        in 56 cities across
                                         the country (2012)

                                                                £842.73m
                                                                                       Discrete expansion

Targeting upper-middle and
                                              12                 net sales in 2012
high-income segments, this is
Mexico’s upscale department
store par excellence                 8 of them in the Greater
                                     Mexico City Area (2012)

                                                                £2.978bn
                                                                                       Full-on accessibility:
                                                                                       Increasing geographical

The leading variety store in
                                             980                 net sales in 2012
                                                                                       presence in mid-sized cities
                                                                                       across the country, while
                                                                                       empowering their financial
Mexico, focusing on offering                                                           department, thereby granting
low-income consumers the                                                               people access to credit options.
chance to acquire at low-prices           (55 new stores
                                             in 2012)

                                                                £1.014bn
                                                                                       Full-on accessibility:
                                                                                       Increasing geographical

A leading variety retailer and
                                             967                 net sales in 2012
                                                                                       presence in mid-sized cities
                                                                                       across the country, while
                                                                                       empowering their financial
financial services provider,                                                           department, to give lower
specialising in furniture and                                                          classes access to credit options.
home appliances                                (2012)

                                                                £1.844bn
                                                                                       A ‘one-stop’ department store
                                                                                       From a restaurant to toiletries,

                                             165                Group profit in 2012
                                                                                       drugstore to jewellery, candy,
                                                                                       gifts, electronics and magazines,
                                                                                       Sanborns is a unique store
An interesting department store mixing                                                 that brings together a wide
characteristics of department and                                                      assortment of products in ‘small’
convenience formats                            (2011)                                  store formats in central locations.
16   Mexico:
     A Destination for Growth

     Mexico’s Retail Sector – Apparel

                                        The market in Mexico
                                        is fragmented and
                                        complex for specialist
                                        apparel retailers

                                                            50
                                                             MORE THAN
                                        HIGHLY FRAGMENTED

                                                                                              retail chains (both
                                                                                              national and
                                                                                              international) make
                                                                                              up the market.

                                                            A complex market in which both chains and
                                                            independent retailers are fighting for business.

                                                                              affordable      Mexican consumers
                                        PRICE HOLDS SWAY

                                                                              fashion         have wide access
                                                                                              to brands, designs
                                                                             not trendy,      and styles, yet price
                                                                             but affordable   is generally still
                                                                                              considered very
                                                                                              important in this
                                                                Brand promises                category.

                                                            Price is seen as an easy way to counteract
                                                            counterfeit and pirated goods.

                                                            Increasingly, specialist apparel retailers are focusing
                                                            on creating more sophisticated store experiences.
                                        RETAIL-TAINMENT

                                                            Visual merchandising is becoming more important, led
                                                            by more fashion-driven competitors such as Grupo
                                                            Axo, a trading company for brands such as Thomas
                                                            Pink, Benetton, Brooks Brothers and Armani.

                                                            Retailers have increased investment in store
                                                            ambience: they are increasingly investing
                                                            in-store ambience, intent on creating
                                                            ‘experience’ destinations.
17

Mexico’s Retail Sector – Groceries

Despite its complexity, the                                                    Walmart de México,
                                                                               Soriana, Chedraui,
Mexican grocery sector is                                                      Comercial Mexicana
dominated by five main                                                         and Oxxo are
                                                                               Mexico’s five key
retail brand owners                                                            retailers…
                                BRAND LANDSCAPE & CLASSIFICATION
HYPERMARKETS       SUPERMARKETS      UPSCALE/        DISCOUNTERS    CONVENIENCE    WAREHOUSE       OTHER
• WALMART         • WALMART        SPECIALISED     • BODEGA      • OXXO         CLUBS           REGIONAL
• SORIANA HIPER   • COMERCIAL      SUPERMARKETS      AURRERA      • 7 ELEVEN     • COSTCO       PLAYERS
• CHEDRAUI          MEXICANA        • SUPERAMA      • MERCADO     • EXTRA        • SAM’S CLUB   • LEY
• MEGA            • SUPER          • CITY MARKET     SORIANA      • SUPER CITY   • CITY CLUB    • H-E-B
                     CHEDRAUI        • FRESKO        • SUPER CHE   • GO MART
                   • SORIANA SUPER   • SUMESA        • BODEGA
                                     • SELECTO        COMERCIAL
                                       CHEDRAUI        MEXICANA
                                                     • MERCADO
                                                       EXPRESS
18                     Mexico:
                       A Destination for Growth

                       Mexico’s Retail Sector – The Big Players

                                                                                                        cuesta menos

                                                       super

Walmart de México is the largest             Having acquired one of their                Chedraui, the third largest
Walmart operation in the world               leading competitors, Soriana                retailer in the country, has
after that of the US and is, by              has become a powerhouse in                  followed trends set by
far, the most influential grocery            the country, with its aggressive            larger competitors.
retailer in Mexico.                          growth strategies.

            Strategic focus                            Strategic focus                              Strategic focus
An aggressive expansion driven               An aggressive expansion through Focus on the development of
by lower income groups.                      complementary formats.          smaller formats.
• Aggressive pricing strategies             • Mercado Express was recently created     • Pushing investment in its discount
   adopted by the rest of the retailers         to compete directly with Walmart’s         format to compete with Walmart’s
   in the country.                              Bodega Aurrerá.                            Bodega Aurrerá.

 NUMBER OF
 OUTLETS           2,275            (2012)
                   +340 outlets in 2012
                                              NUMBER OF
                                              OUTLETS             606
                                              The second largest retail chain
                                                                                (2012)
                                                                                          NUMBER OF
                                                                                          OUTLETS             243      (2012)
                                                                                          mainly focused in the southwest

 NET
 SALES       £17,458.13                       NET
                                              SALES      £5,005.31                        NET
                                                                                          SALES        £2,578.33
                                  billion                                 billion                                        billion

 Walmart has focused on                       Soriana has been traded                     Chedraui stores are mainly
 discounters since 2008.                      publicly on the Mexican                     hypermarkets, accounting for
 Over three quarters of store                 Stock Exchange since 1987                   an 8% share in this format -
 openings are in this format.                 and employs more than                       only surpassed by Walmart.
 Bodega Aurrerá surpassed                     80,000 people.
 1,200 stores in 2012.
19

Having recovered from near                 Oxxo is the leading convenience            Once one of the main grocery
bankruptcy in 2008, Comercial              store in Mexico, having                    players in the country, Grupo
Mexicana has focused on growth             responded to the consumer                  Gigante is a company known for
and expansion, though this has             need for practicality.                     having no financial debts and
been modest when compared                                                             plenty of resources.
to competitors.

           Strategic focus                            Strategic focus                    Historically an important
                                                                                              grocery retailer
Decreasing the company’s                   Rampant expansion, full-city
financial debt, focus on growth.           focus, excellent locations
• One of its latest moves was to sell     • Oxxo continues to focus aggressively
   Costco (its warehouse club format)        on securing the best locations across
   to its American partner (Costco           Mexico.
   Wholesale Corp.)                                                                      In the process of leaving
                                                                                         modern grocery retailing

 NUMBER OF
 OUTLETS            199          (2011)
                                            AGGRESSIVE
                                            EXPANSION
                                                           +
                                                            1000
                                                               NEW STORES
                                                                             (2012)

                                                                                           Increasingly focusing
                                                                                            on other businesses
 NET
               £2,074.64                    NUMBER OF        +10,500
 SALES                                      OUTLETS
                                 billion                        STORES (2012)

 Other than grocery retailing,              Parent company FEMSA                       Grupo Gigante’s last
 the company owns two                       reports more than 8 million                transaction was selling their
 consumer foodservice brands:               transactions a day, which                  50% share in Radioshack’s
 California and Beer Factory.               represents 77% of total                    Mexican operations to their
                                            retail sales.                              American partner.
20                     Mexico:
                       A Destination for Growth

                       Mexico’s Retail Sector – Centres of Activity

The development of
shopping centres in Mexico                                                                                          18           New shopping
                                                                                                                                 centres opened in
                                                                                                                                 2012, covering more
                                                                                                                                 than 10,000 sq km

continues to grow as retail
activity increases                                                                                                  At
                                                                                                                    least
                                                                                                                            40          new
                                                                                                                                        projects are
                                                                                                                                        currently in
                                                                                                                                        development

CONFIGURATION
OF MALLS IN                                       POWER CENTRES                   FASHION MALLS                         OTHER MALLS
MEXICO
Mall configuration in Mexico
fits into three classification
groups. Because of a
                                                 28%             Share of
                                                                 shopping
                                                                 malls         58%                  Share of
                                                                                                    shopping
                                                                                                    malls           14%               Share of
                                                                                                                                      shopping
                                                                                                                                      malls

rising need for practicality,                    • Supermarket                 • Department store                    • Convenience
                                  ANCHOR STORE

these configurations have                        • Hypermarket                 • ‘Big Box’ upscale                  • Bank
merged to some degree                            • ‘Big-Box’ Discounter          specialist (Boutique                • Pharmacy/Drugstore
(for example, malls with                         • ‘Big-Box’ Specialist          Palacio or the like)                • Small Discounter
both grocery retailers and                       • Price Club                                                        • Fast-Food Chains
department stores) or even                                                                                           • Petrol stations
promoted the existence of
stand-alone small format
                                                 • Affordable apparel         • Chains                              • Destination stores such
grocers (especially true for
                                  OTHER STORES

                                                    specialists                • Exclusive international               as dry cleaners.
discounters).
                                                 • Electronics specialists       apparel specialists                 • Independent retailers
                                                 • Independent retailers                                               selling diverse goods.
                                                    selling diverse goods.

Because of
the security                      £478                                            TWO IMPORTANT FIGURES
they represent
                                  million sold annually.
                                                                                    AMF           PNF
for investors,
franchises have                   6.2%
                                  Mexican GDP
                                                                                Mexican Franchising
                                                                                   Association
                                                                             The most important franchising
                                                                                                                       National Franchising
                                                                                                                            Program
                                                                                                                    Founded in 2007, the PNF gives

proven to be a
                                  12%
                                                                             association in the country,            support to Mexican franchisers
                                                                             including a number of important        (loans, coaching) with figures

dynamic set-up                                                               members. In charge of the most
                                                                             important trade fair for the sector.
                                                                                                                    over £330,144 GBP

in the country                    growth in 2012
21

Key Markets in Mexico

The key retail markets in Mexico are
healthcare, groceries, food and drink and
luxury goods. Each sector is driven by a
different set of consumer priorities and
values. As the economy grows, the lifestyles
of Mexico’s consumers are changing and
they are becoming increasingly westernised
in their tastes and aspirations.
22

Mexico’s Retail Sector – Healthcare

Increasing competition
has led this retail
                                                         DEVELOPING
category to try and
                                                         EXPERIENCES
differentiate based on                                   Large chains have stopped competing on price or
                                                         portfolio expansion alone. Instead, they are increasingly

in-store experience                                      investing in sophisticated store formats to create a refined
                                                         customer experience.

                                                         Farmacias        Farmacias        Farmacia        Farmacias
                                                         del Ahorro       Benavides        San Pablo       Guadalajara
              Patent
 MEDICINES

              Generics
              Own-brand generics
              Doctor’s office in-store                                                      Limited

              Home-delivery
 SERVICES

              24-hour service
              Private/public services payment
              (telephone, electricity, mobile bills)

                             Despite the increasing focus on store sophistication,
                             layout and experience, convenience and price are
                             still the main drivers in this category.
                                                         Specialist retailers have been experiencing
             A BATTLE ON MULTIPLE FRONTS                 eroding growth because of the expansion of
                                                         other retailing formats.
                                                         Grocery retailers in the country not only have in-store
                                                         pharmacies, but they have also started to develop or plan
                                                         independent, stand-alone stores that tackle both the health
                    OXXO         WALMART                 and beauty markets.

                   HEALTH AND                             Expansion of portfolios and the geographic
                                  LIVERPOOL               expansion of other ‘generalist’ retail formats
                     BEAUTY
                   SPECIALISTS                            pose a significant risk to specialist health
                                                          retailers in the country.
23

Healthcare

                                                           2.7%                                                                6
The specialist health
retail segment
is particularly
interesting. This                                                                                                        + %
dynamic segment is                                         OF HOUSEHOLD                             This translates       VALUE GROWTH (2012)
currently enjoying                                         EXPENDITURE IS                           into growth for
                                                                                                    specialist health
                                                                                                                          REACHING A VALUE OF
                                                           SPENT ON MEDICINE                                              £8.97 BILLION
increased consumer
                                                                                                    retailers

expenditure.
                                                           Health represents an important part of consumer expenditure.

A FRAGMENTED MARKET                                                                        EIGHT KEY POINTS IN
(YET DECREASINGLY SO)                                                                      MARKET TRANSITION
Not surprisingly,       • Highly fragmented and regional.                                 With the development of retail chains in the specialist health
pharmacies are                                                                             sector, the Mexican market will experience an increase in the
                        • Corporativo Fragua (Farmacias                                   following phenomena:
the main channel
                          Guadalajara) and Farmacias
for this category.
                          Similares are the strongest
                          players overall.
                                                                                           1                               5
                                                                                           Capital will be                 Price wars will probably
                        • No international players.                                       accumulated by                  characterise early
                                                                                           just a few players              market development
GENERIC MEDICINES: IT’S                                                                    2                               6
                                                                                            argaining power
                                                                                           B                               Companies will react
ABOUT RESOURCE ALLOCATION                                                                  will increasingly be            more quickly to their
Mexico’s price-                                                                            concentrated in a               competitors
                          For each patent medicine                                         few players
sensitive population
                                                                                                                           7
has created a boom
in generic medicines                                                                       3                               Expenditure on
on the market.                                                                              mall, independent
                                                                                           S                               marketing will
                                     GENERIC

                                                 GENERIC

                                                             GENERIC

                                                                       GENERIC

                                                                                           players will tend to            increase
                            PATENT

Generics are thought
                                                                                           disappear                       8
                                                                                 GENERIC

to be a viable option
that responds to two
main concerns in the
                                                                                           4                               A dynamic of ‘leaders
population: price and     4.26 generics are sold                                            here will be more
                                                                                           T                               and followers’ will be
resource allocation.                                                                       barriers to entry               established

    Transition to an                           Retail chains are increasingly gaining importance over independent
    imperfect oligopoly.                       stores in this sector. A market transition is taking place.
24                         Mexico:
                           A Destination for Growth

                           Drinks

The alcohol and soft drinks market
is one of the country’s fastest
growing categories
                                                   On-trade and                     A MARKET
                                                   off-trade:
                                                       On-trade value sales         TO KEEP
                                                                                    AN EYE ON
                                                           (GBP million – 2011)

                                                        £6,874.69
      ON THE RISE                                         soft drinks
Alcohol and soft drinks
account for an important
part of Mexican expenditure.
                                                       £8,997.66
Almost 2% of it goes on                               alcoholic drinks
alcohol alone.                                         Off-trade value sales
                                                           (GBP million – 2011)

     Expenditure is increasing…
          (year-on-year growth 2010-2011)              £14,981.82
                                                          soft drinks
               +28.4%
               soft drinks                             £8,922.90
               +41.5%                                 alcoholic drinks
          alcoholic drinks                         Sales of soft drinks in Mexico
       And so is consumption…                      look likely to remain among
     (volume litres per capita 2006-2011 growth)
                                                   the highest in the world in
                +6.0%                              volume terms. They are set
                                                   to reach more than 48 billion
               soft drinks                         litres by 2016, with bottled
                                                   water and carbonated soft
               +16.7%                              drinks set to account for
          alcoholic drinks                         more than 88% of this total.
25

ALCOHOLIC                               For both categories, off-trade
DRINKS:                                 consumption is the single most
                                        important figure to understand.
                                                                                              Formats per share (% off-trade value)
                                        Despite the size of            Small grocers                                       45.1
                                        their gigantic grocery         Specialist retailers
  A MARKET OF
                                                                                                                31.1
                                        counterparts, specialist       Hypermarkets                 9.0

  SPECIALISTS                           retailers still hold an
                                        interesting position
                                                                       Discounters
                                                                       Supermarkets
                                                                                                  6.1
                                                                                                 4.9
                                        in the market.                 Non-store                3.8

                                        Despite a fragmented           The specialist landscape              Example specialist

 ALCOHOL
                                                                       in Mexico is made up of               chains:
                                        landscape, a                   independent stores that sell          • La Europea
                                        series of specialist           alcohol and mixers and a              • Alianza
 SPECIALISTS:
 FRAGMENTED YET IDENTIFIABLE
                                        retailers still remain
                                        identifiable in
                                                                       handful of chain stores.              • La Castellana
                                                                                                             • Vinoteca
                                                                                                             • Vinos América
                                        the market.

  SOFT     DRINKS:
  FRAGMENTED DISTRIBUTION                     68.5                    % of soft drinks sales
                                                                             are off-trade (value)
         Bottled Water                             Soft Drinks                                  Concentrates
Mainly Non-Store Retailing 70.7%        Mainly Store-Based Retailing 99.5%         Store-Based Retailing 100.0%

                                                                  41.1
                                                                  %                           28.6
             70.7
             %                                15.8                                            %              78.1
                                                                                                             %
                                   5.3 6.1    %      6.4 8.O                 7.2 7.3                  8.9

                    %%%%
                    0.5 0.O
                                                     %%                   %%                         %
                 Non- Store         Supermarkets        Discounters           Hypermarkets               Small Grocers
26   Mexico:
     A Destination for Growth

     Drinks

                         BUT WHAT DO
                         MEXICANS DRINK?
                         Strong figures already exist for both the alcohol and soft
                         drinks markets, but the evolution is such that there
                         continues to be opportunities for new products to enter and
                         be successful.
                          Market share by volume off-trade (%-2011)
                                                                      Company shares by total volume (%-2011)
                          Volume growth 2006-11

                          93.9 Beer                        11.1%      52.7 Modelo SA de CV
                          3.0 Spirits                        7.1%     39.1 Heineken NV
                          2.0 RTDs/High Strength           21.7%      1.2 Pernod Ricard Groupe
                          0.9 Wine                         43.9%      0.9 Anheuser-Busch InBev
                          0.2 Cider/Perry                   -6.1%     0.9 Brown-Forman Corp

                          Market share by volume off-trade (%-2011)
                                                                      Company shares by total volume (%-2011)
                          Volume growth 2006-11

                          53.7 Bottled water               28.2%      16.2 Coca-Cola
                          37.4 Carbonates                    0.9%     10.9 Bonafont (bottled water)
                          6.6 Fruit/Vegetable juices 42.2%            9.8 Pernod Ricard Groupe
                          0.9 Sports & energy drinks 6.9%             6.2 Ciel (bottled water)
                          0.6 Concentrates                   2.1%     3.5 Pureza Aga (bottled water)

                                                                      Research shows that
                                                                      consumers have their
                                  The most popular                    favourites. It also shows that
                                 beverages in Mexico                  they are looking for more
                                according to Millward                 sophisticated options.
                                   Brown’s BrandZ:
                                1. Coca-Cola (soft drink)
                                     2. Corona (beer)                 The perceived health
                                    3. Heineken (beer)                benefits of soft drinks and
                                       4. Indio (beer)                sophistication of alcohol
                                      5.Tecate (beer)                 are driving growth in each
                                                                      category.
27
28                    Mexico:
                      A Destination for Growth

                      Food

 AN EXCEPTION IN LATIN AMERICA                                                  MODEST GROWTH

     +
            2.8                                                       +
                                                                            1.8
                                             % increase                                                       % increase
                                             in purchase                                                      in food
                                             frequency                                                        bundle
                                             & ticket                                                         volume
                                             expenditure                                                      growth
                                             KWP (2013)                                                       Nielsen (2013)

      Mexico is one of the few markets in Latin America to
                                                                          Modest growth, explained by rising prices.
      be experiencing an increase in purchase frequency
                                                                         A 4.4% registered price growth for the period.
                        and expenditure.

A MARKET BEST UNDERSTOOD
THROUGH ITS                                                     Natural phenomena,                     have hit the country

COMPONENTS
                                                                and disease in                         and affected the
                                                                poultry and livestock,                 prices of staple foods.

                                                                                                 KEY
FRESH FOOD CANNED FOOD FROZEN FOOD
The staple segment in the        A growing sector associated    There is a negative
country when talking about       with practicality. Growth of   perception of frozen food;
food. It sets the standard, as   2% in volume and 4% in         that it is less nutritious,
it is associated with health     value (Euromonitor 2012).      unnatural, not convenient
and a natural, ‘homely’ taste.   Overall a fairly developed     and more expensive.               COMPETITORS
                                 category, except where fresh
                                 options are cheaper.                                             •Herdez
                                                                                                  •La Costeña
                                                                                                  •Lala
      PREFERRED                      PRACTICALITY                UNDERDEVELOPED                   •Bimbo
                                                                                                  •Kellogg’s
                                                                                                  •PepsiCo
                                                                                                  •Nestlé
                                                                                                  •Mondelēz
                                                                                                   (Kraft Foods)
                                                                                                  •Sigma Alimentos
29

When looking at the food
industry, the first course must
be the country’s culinary habits.
        Breakfast                    OPTIONS TO BUY
“The most important meal of
the day”

                                          37%
Staples such as cereal,
yogurts, fruit or flour-based
products.

          (Lunch)
Seen as compensation for
a poor breakfast. The more        Mexicans mix traditional and
‘filling’ the better.             modern ways of cooking
                                  and eating based on their
Foods such as fruit and           associations. Freshness
yoghurt, or more indulgent        is directly associated with
options such as biscuits and      traditional food, while modern
cereal bars.                      food equals practicality.

  (Afternoon lunch)
Not a formal meal, but a

                                          31%
response to cravings.
Here there is a preference for
crisps, salty snacks and other
indulgent options.

          Dinner
The focus here is on taste        GROWING
and satisfaction.                 MODERNISATION
Anything goes, but the            With the rise in small,
preference is for home            convenient and specialist
cooking and convenience.          stores (such as Comercial
                                  Mexicana’s Fresko, which
                                  is focused heavily on fresh
          Supper                  food), modern retailing is
Enjoyed with family or friends.   increasingly trying to outpace
                                  the traditional.
30                     Mexico:
                       A Destination for Growth

                       Food

With a rich gastronomic 3 KEY ELEMENTS
heritage, Mexican       IN FOOD CHOICE
consumers are very
particular about their
food choices                                                                                       HEALTH

INFORMED
                                                       NO
                                                                                            ENERGY          TASTE

DECISIONS?
As a result of rising obesity, the Government, civil organisations and even
brands have been taking on the role of educator about ‘healthy eating’.
Consumers have found themselves bombarded by contrasting messages
and a lack of consistent, accurate health and nutrition education.

     PICKY DOESN’T MEAN MORE INFORMED                                          A FOURTH DIMENSION: PRICE

      -DESIRE-
                                                                               Thanks to socioeconomic conditions and a
                                                                               fragmented market, Mexicans remain price sensitive
                                                                               in most food categories.

                                                                              BLINDFOLDED APPROACH
                                                                              Most developed             Decisions are based
                                                                              categories 2012:           upon nostalgia. Most
         Feel-good:                                 Impress:                  • Iced tea                 consumers define
     Spoiling myself, taking care              Looking good to impress        • Chilled desserts         home-cooked as the
      of me and my loved ones                           others                • Chocolate bars           better tasting food.

                                                                              Indulgent                  Great taste
                                                                              categories, but            is defined by
                                                                              not particularly           familiarity.
            Energy:                                    Risk:                  healthy.
         Energy for optimal                       Minimising the risk
           performance.                            of becoming ill             These characteristics have pushed
                                                                               two main trends: food practicality
                                                                               and wellbeing.
31

A major trend in Mexico is                                                        With a growing economy comes a
                                                                                  busy lifestyle. The lifestyle of Mexicans,

the shift towards a more
                                                                                  particularly in big cities, has changed.
                                                                                  People have acquired more ‘westernised’
                                                                                  traits - there’s less time but more things

practical approach to life
                                                                                  to do.

                                                                                  People crave opportunities that allow
                                                                                  them more time for themselves and their
                                                                                  loved ones.

WHAT IS PRACTICALITY?                                                             NEED MORE TIME
                                            TRANSLATED
                                            IN THE MARKET AS:
                                                                                  FOR ME
                                                                                  For older age groups more practical means
                                            SMALL                                 ‘less love’ but younger working consumers,
                                            Growth in categories such as
                                                                                  have a different attitude. They’re open to
                                            canned food, especially small
                                                                                  more options, but still see cooking as a way
                                            portions.
                                                                                  to pamper loved ones.

                                            ENRICHED
  PREPARATION
                                                                                  Suppliers have developed ready-to-eat
                                            Products that do more than one        options designed to be combined with
                                            thing. For example, yoghurt is        fresh food. This combines the desire for
                                            filling, rich in calcium, small and   practicality and convenience with the taste

 DISTRIBUTION
                                            readily available.                    of home cooking that Mexicans love.

                                            CLOSE
                                            Convenience stores and small
                                            discounters are the fastest
                                                                                  MORE
                                                                                  PRACTICAL
                                            growing markets.                      = LESS LOVE (?)

                               The second trend is seeing food not just as a means to
WELLBEING                      get energy but as a step towards personal wellbeing

                               ALL ABOUT                             With a culture that is not keen on making sacrifices that

                               BALANCE
                                                                     are seen as unnecessary, Mexicans prefer searching for
                                                                     food or habits they considered ‘balanced’.

                               FOOD WAY  THE EASY                    In the Mexican consumers’ mind a good diet is heavily
                                                                     associated with social success, beauty and health.

Following global trends

                                    OBESITY              + 14% HIGHER                         20 MILLION
on beauty and wellbeing,
Mexican consumers aspire
to a better, healthier, more
natural lifestyle.                  THE BIG ISSUE        THAN THE WORLD AVERAGE               OVERWEIGHT ADULTS
32                              Mexico:
                                A Destination for Growth

                                Luxury

Latin America, including
Mexico, is the most                                                                    BILLIONAIRES

                                                                                       11
                                                                                        & UHNW*: ON THE RISE
imbalanced region in                                                                                  Number of

the world
                                                                                                      billionaires in
                                                                                                      Mexico
                                                                                                      (Forbes, via ECLAC)

     BUT IT’S NOT JUST ABOUT THE SUPER-RICH                                                     3,240
                                                                                                    2013
Mexico’s economic and social landscape has created a wide
spectrum of consumers with enough money to afford luxury goods.
                                                                                                2,900
                                                                                                    2012
  SOCIO
ECONOMIC      Approx no.                    Approx no.           Estimation of total
 GROUPS      of households                 of individuals         monthly income
                                                                                       Mexico’s number of
                                                                                       billionaires may seem
 A/B 1,945,315                             7,586,727                  + £1,997         small compared to those in
                                                                                       developed countries, but
                                                                                       its population of UHNW*
                                                                                       continues to rise.
     C      4,062,276                  15,842,871 £1,249-1,996

                   AND WEALTH IS SPREADING
                                                                                        RETAILERS
                                                                                        ARE FOLLOWING
                                                                                        THE GOLD RUSH
Mexico’s middle and upper socioeconomic groups are spreading                           Luxury goods retailers have
into traditionally poorer regions. These new inhabitants are                           been expanding to smaller
characterised by their youth, income and hunger for the products                       cities.
and services they had in the largest cities.
                                                                                       Their objective? To offer
                                                                                       high income consumers the
                                                                                       opportunity to buy luxury
                                                                                       goods without having to travel
                                                            Monterrey
                                                                                       to other cities or even abroad.
                                                                  Mexico City

                                                                            Cancun &
                                                             Puebla         Cozumel    *“For historic and cultural
                                                                                       reasons, in Mexico, there
                                                                                       has always been a small
 Cabo San Lucas                                                                        but powerful class of Ultra
                                                                                       High Net Worth individuals
                  Guadalajara
                                                                                       (UHNW).”
                                Acapulco
33

Consumer confidence in
these segments is what
drives consumption of
luxury goods

51         %
                                      19.9         % Increase
                Of people view                                in
                their personal                       consumer
                financial situation                    credit granted
                positively or                          by commercial
                fairly positively.                     banks.

 Strong consumer confidence and a strong performance in
 the credit market have given the population the ability to
 buy luxury goods.

£2,448.4 23.1%
Sales of           MILLION            of all luxury goods sold in
luxury goods                          Latin America, by value.
                                      Euromonitor (2013)

WHAT’S LUXURY?                        Luxury is not only a sign of
IF YOU’VE GOT IT,                     social status or trendiness.
FLAUNT IT                             In the Mexican mindset,
                                      luxury is related to a sense
• QUALITY                             of personal fulfillment, of
• DISTINCTION                         distinction.
• NOVELTY
• SUPERIOR SERVICE

TWO TOP TRENDS
        YOUNG AND
       ASPIRATIONAL                       PERSONALISATION
Consumption is being driven
                                         It’s not about having an all-
 by young professionals. For
                                       luxury wardrobe but choosing
them it’s not about price, but
                                             the right garments to
about the exclusivity and way
                                              suggest distinction.
of life that the brand projects.
34   Mexico:
     A Destination for Growth

     Luxury

                                Some luxury British
                                brands in Mexico
                                Aquascutum
                                Alexander McQueen
                                Burberry
                                Chivas Brothers
                                (Brand Owner: Pernod Ricard)
                                Hackett London
                                Jimmy Choo
                                (limited assortment, fragances)
                                Myla London
                                Neil Barrett
                                Paul Smith
                                Stella McCartney
                                Technology UK Ltd.
                                The Rug Company
                                Thomas Pink
                                William Grant and Sons
                                (through brands such as Glenfiddich, Hendrick’s and Tullamore Dew).

                                 Limited
                                 number             = Less
                                                      corporatised
                                The limited number of British      From Smythson’s leather
                                brands in the country may          goods, to Holland &
                                be a reflection on the wildly      Holland’s sporting rifles or
                                different development the          Clothier’s trunks, British
                                British Luxury industry has        Luxury brands have taken
                                followed compared to its           a less corporatised and
                                French or Italian counterparts,    much more local, traditional
                                who have experienced a             and even familiar approach
                                more aggressive process            to commercialisation,
                                of corporatisation.                something which has had
                                                                   a positive impact on their
                                                                   international growth.
35

To keep in mind…

In and out                                                         Mexican adolescence
Mexico is a culture where         insert your brand into the       Mexico is a developing nation and in many ways it can be
individualism is sometimes        group. Sounds complex? It is.    understood as an “adolescent” society. Mexicans depend
collectiveness. You can call it                                    heavily on mother or father figures (being either the family or
‘being a tribe’: my group has     Mexicans are loyal, even         the Government, in many ways) or the opinion of others to
certain conditions that make      fanatically so, but you’ve got   take decisions. They won’t take risks. Mexicans are open to
it unique and better than the     to be assertive and creative.    trying new things, as long as they are are sufficiently “strong”
rest. This highlights a strong    Your offering has to help the    to be considered. This strength comes from references such
difference between ‘us’ and       consumer to communicate          as brands, price or even its position amongst a given social
‘them’: we are not them.          something about his persona,     clique to which they aspire.
                                  and about individual or
To be considered “in” means       in-group progress.               Mexicans rarely save money and are keen to consume. They
to be close, relevant and to                                       try to live life, to live the now and enjoy it as much as they
                                                                   can. The challenge is to enter these dynamics, to create a
                                                                   strong offering that helps them on both fronts: to help them
                                                                   be who they want to be and who they should be in the eyes of
                                                                   everyone else.

                                                                   “Meet Mexico:
                                                                   complex, traditional,
                                                                   yet changing and
                                                                   increasingly savvy;
                                                                   a country willing
                                                                   to spend.”
To find out more, scan this                                                  Copyright
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