According to a statement released on Monday, Mexican retailer and lender Grupo Coppel has announced its intention to invest over 12 billion Mexican pesos ($726 million) this year to expand its store network and decrease its environmental impact.
Owned by the affluent Coppel family, the company disclosed plans to refurbish several of its existing stores while also launching over 100 new outlets across the nation, where it currently maintains a total of 1,782 establishments.
This expansion initiative is projected to generate approximately 8,000 new employment opportunities.
Additionally, Grupo Coppel revealed intentions to allocate an extra 6 billion pesos over the next three years toward improving its digital services.
By the conclusion of 2024, more than 700 stores are expected to be equipped with solar panels, a strategic move aimed at offsetting carbon emissions by an estimated 33,000 metric tons.
Despite being a conglomerate boasting ownership of department stores and a banking division, with a workforce exceeding 120,000 individuals, Grupo Coppel opted to indefinitely defer plans for an initial public offering (IPO) exceeding $1 billion in 2018.
“The operation is not in our organization’s plans at this time,” stated a company spokesperson in response to inquiries regarding the deferred IPO.
Coppel’s product offerings include appliances, electronics, furniture, apparel, and banking services.
($1 = 16.5330 Mexican pesos)
