Hola Leandro, gracias por hacer público el análisis, ha sido un gusto leerlo.
Tengo una duda que me ha surgido justo al final de la lectura. Cuando dices que "Tiendas 3B is more insulated from this risk for the sole reason that COGS are, to a great extent, dollarized in Mexico. This means that when the dollar depreciates, COGS rise.", esta relación es al contrario y entiendo que hay una errata en el texto? Me refiero, si el dolar se deprecia, los costes bajan también. Si no fuese así, te agradecería que me lo pudieras aclarar
However, I have a different speed for ramping up stores openings so your 2032 numbers aligns with my 2035 (ish)
Seeing management is guiding for 590-620 store openings in 2026 (+6% vs the 574 stores in 2025), do you think it's realistic to forecast 1,000+ per year ?
I do think it's realistic, it just depends on the number of regions they are willing to open. Interestingly, BIM topped at 1,000 per year, so that's why I made the assumption that this is the limit for TBBB!
Hola Leandro, gracias por hacer público el análisis, ha sido un gusto leerlo.
Tengo una duda que me ha surgido justo al final de la lectura. Cuando dices que "Tiendas 3B is more insulated from this risk for the sole reason that COGS are, to a great extent, dollarized in Mexico. This means that when the dollar depreciates, COGS rise.", esta relación es al contrario y entiendo que hay una errata en el texto? Me refiero, si el dolar se deprecia, los costes bajan también. Si no fuese así, te agradecería que me lo pudieras aclarar
Gracias de nuevo por tu trabajo!
Tienes toda la razon! Errata mia!
Great analysis of the business.
I come up with very similar numbers as yours.
However, I have a different speed for ramping up stores openings so your 2032 numbers aligns with my 2035 (ish)
Seeing management is guiding for 590-620 store openings in 2026 (+6% vs the 574 stores in 2025), do you think it's realistic to forecast 1,000+ per year ?
I do think it's realistic, it just depends on the number of regions they are willing to open. Interestingly, BIM topped at 1,000 per year, so that's why I made the assumption that this is the limit for TBBB!