Dollarcitya chain of discount stores in several Latin American countries, is preparing its arrival in Mexican territory with the opening of a pilot store in 2026, promoted by its alliance with the Canadian Dollarama.
The store would open under a new entity that will operate under the name Inversiones Comerciales Mexicanas (ICM) and will be controlled 80 percent by Dollarama and 19.95 percent by Dollarcity.
The retail chain (retail or retail trade) offers home cleaning products, personal hygiene, food, toys, hardware, stationery, decoration and a pet department at a unit price.
This concept would make the store compete with Waldo’s -a chain of retail stores of American origin- and 3B Stores.
“We look forward to preparing for entry into Mexico in the near term, a large and dynamic market with untapped potential in the value retail space, guided by the same careful and disciplined approach as with our successful entries in Colombia in 2017 and Peru in 2021,” said Neil Rossy, CEO of Dollarama.
The Canadian also acquired an additional 10 percent shareholding worth a total of $554 million of Dollarama’s common stock, to increase its stake to 60.1 percent in Dollarcity.
It also has the option to purchase an additional 9.89 percent shareholding until December 31, 2027, according to a statement.
The store was founded by Salvadoran Marco Andrés Baldochi Kriete in 2009 when the first branch opened its doors in the Metrocentro of San Salvador.
The success he achieved in the Central American country led him to explore new horizons in Guatemala and Colombia during 2015 and 2017, and six years later in Peru.
Since then – according to various media outlets – it has capital from the Canadian company Dollaramafrom whom Baldochi Kriete was inspired to create his store.
This partnership has allowed Dollarcity to improve its management model and expand its product range, benefiting from the experience of Dollarama and its global supply chain.
“Since initially acquiring a majority ownership stake in 2019, Dollarcity has more than tripled its revenue and significantly increased its presence in key Latin American markets, demonstrating the underlying strength of its business model and appetite for our value proposition,” Neil Rossy said.
When the investment was made, the nephew of Roberto Krietethe largest shareholder of the airline Avianca, had opened 180 stores in Latin America: 44 in El Salvador, 54 in Guatemala and 82 in Colombia.
There are currently 547 stores in three Latin American countries, distributed as follows: 324 are in Colombia, 99 in Guatemala, 72 in El Salvador and 52 in Peru.
Among its plans is the opening of 850 stores by 2029.
