The third quarter of 2025 confirms a structural change in Mexican retail: while convenience shows mixed signals and pharmacies experience a desired scenario, the Hard Discount emerges as the most dynamic format in the country, with double digit growth and an expansion of previous steps.
For European producers — especially Italians — this behavior offers a clear signal: The Mexican consumer is missing out on valuable brands, competitive prices and essential benefits, exactly the terrain where European industry can compete vigorously.
Convenience: Oxxo stabilizes, Círculo K relegates
The convenience segment continues to be a pillar for immediate consumption, even with a heterogeneous quarter.
Oxxo, dAfter several complicated quarters, Oxxo Mexico finally logs on will grow +1.2% on equal terms. The company has reversed to improve its success for three key moments of the shopper: sed, impulso y reuniones, and the results begin to reflect.
Circle K, This is the opposite case for Círculo K, which records a –4% en ingresos, affected by the cost of its fuel division (28% of its turnover). This data confirms this The convenience store dependent on gasoline is more volatile and less resilient to the change in habits of the consumer.
Pharmacies: Benavides accelerates, Guadalajara maintains pace, YZA en reestructuración
The pharmacy channel — one of the strongest in Mexico — is experiencing a clear polarization:
Guadalajara Pharmacies with a once again positive quarter: +7.5% a tiendas iguales and opening of 21 new branches, reaching 2,944 stores. The company maintains stable growth and capacity for territorial expansion. Farmacias Benavides, ands la que best example presented throughout the sector, growing a double finger in various complicated quarters.
The renovation of the stores and the improvement in the shopper's experience have shown solid results.
The most critical case is YZA who continues the reconstruction process and has achieved 423 tiendas en 12 meses, which generates a desplome de –40.2% en tiendas iguales.
However, thanks to the desempeño in other countries, the total group records a +2.9% in revenue.
In Mexico, without embargo, it continues to be a contracción channel.
Hard Discount: the great ganador of Mexican retail
This is where the most relevant transformation of the market is concentrated.
The 3Q 2025 graph confirms it: total growth of +36.8% (3B) and +31.5% (Bara) position themselves at the hard discount as the country's largest expansion format, very conveniently at the top of supermarkets.
3B (Shops 3B)
– The most dynamic retailer in Mexico.
Opened 131 ties only in the 3rd quarter, reaching 3,162 points of sale y 18 distribution centers.
– Crecimiento total del + 36.8 %, with +17.9% on equal terms.
– In the context of consumer control, 3B capitalizes on the price and basic benefit requirement.
Coffin (FEMSA)
FEMSA's hard discount format also maintains a strong advance:
– Crecimiento total del + 31.5 %
– +10.8% at the same stores
– Opening of 40 new units, arriving to 573 stores
– Baked, frozen and frozen milk show an especially strong desempeño.
The fourth quarter will be decisive, as FEMSA hopes for a peak in consumption that could further strengthen the trend.
What does this mean for the producers?
The behavior of 3Q 2025 sends clear signals for those seeking to enter or expand in Mexico:
1. The Hard Discount will be the priority channel for 2026–2028
The speed of expansion implies greater importance, more space for private brands and a competence based on efficiency and value.
The products capable of guaranteeing quality + price + stable supply chain son los ganadores naturales.
2. The pharmacies are a reconversion channel
– Benavides offers opportunities in premium functional categories.
– Guadalajara maintains territorial solidarity.
– YZA, however, does not represent a channel of expansion at this time.
3. Convenience requires immediate rotation surtidos
Impulses, snacks, drinks, products listed to consume and small formats always have space to maintain competitive prices.
4. Strategic opportunity for Private Label
3B y Bara is aggressively expanding its own brand catalogs.
European testers — especially Italy and Spain — can position themselves as key partners.
