Key Points:
- Grupo Coppel, owned by the Coppel family, will invest over $726 million this year to expand its operations and sustainability initiatives.
- The investment will focus on remodeling existing stores, installing solar panels, opening new ones, and creating 8,000 jobs across Mexico.
- Sustainability efforts include installing solar panels in more than 700 stores by 2024, which will offset 33,000 metric tons of carbon emissions.
- Despite previous plans, Grupo Coppel has indefinitely postponed its IPO, citing it is not part of the organization’s current plans.
Mexican retailer and lender Grupo Coppel, owned by the billionaire Coppel family, revealed its ambitious investment plan of over 12 billion Mexican pesos ($726 million) this year. The investment aims to bolster its store network expansion and implement eco-friendly initiatives to reduce its environmental impact.
In a statement released on Monday, Grupo Coppel outlined its investment strategy, which includes remodeling existing stores and opening more than 100 new ones across Mexico, where it currently operates 1,782 stores. Additionally, the company plans to create approximately 8,000 new jobs as part of its expansion efforts.
Furthermore, Grupo Coppel intends to allocate an additional 6 billion pesos over the next three years to enhance its digital services, reflecting its commitment to staying competitive in the rapidly evolving retail landscape.
One of the notable initiatives included in the investment plan is the installation of solar panels in more than 700 stores by the end of 2024. This move is expected to offset carbon emissions by an estimated 33,000 metric tons, demonstrating Grupo Coppel’s dedication to sustainability and environmental stewardship.
Despite previous considerations for an initial public offering (IPO) valued at over $1 billion, Grupo Coppel indefinitely postponed the IPO in 2018. When asked about the status of the IPO plans, a company spokesperson stated that it is not currently part of the organization’s agenda.
Grupo Coppel’s diverse portfolio includes department stores, a banking arm, appliances, electronics, furniture, and clothing offerings. With more than 120,000 employees, the company remains committed to its growth trajectory while prioritizing environmental sustainability and digital innovation.
