LONDON – IGD Retail Analysis reports that Mexico-based convenience retailer OXXO, with more than 12,000 stores, is looking to expand its presence in the Colombia capital city Bogotá. 

The news source notes that OXXO has about 40 stores in Bogotá and plans to add five more stores per year over the next 10 years. Maximilian Zimmerman, spokesman for OXXO, commented that reaching 100 stores in Bogotá would allow the retailer to be much more competitive.

Zimmerman told the news source that before OXXO could expand into other cities in Colombia, it must first strengthen its position as a market leader in Bogotá. The stores in will continue to offer services such as bill payment, mobile phone recharging and lottery.