La Comer: Mexico Consumer Connect: CEO CFO Webinar. Premium Segment Focus; SSS-Driven Algorithm

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La Comer: Mexico Consumer Connect: CEO CFO Webinar. Premium Segment Focus; SSS-Driven Algorithm

J P M O R G A N Latin America Equity Research

01 July 2026

La Comer Neutral

LACOMERUBC.MX, LACOMUBC MM

Mexico Consumer Connect: CEO CFO Webinar. Price (01 Jul 26):Ps35.22

Premium Segment Focus; SSS-Driven Algorithm

LatAm Retail & Healthcare

We hosted a virtual meeting with La Comer’s Héctor De La Barreda (CEO) and Froylan Mendez AC

Rogelio Garza (CFO) as part of our Mx Consumer Connect Forum, where (52-55) 5540-9482

management reinforced the company’s differentiated positioning around the A, B froylan.mendez@jpmchase.com

and C+ consumer anchored in a premium “experience” proposition (service, J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

assortment/variety, and strong fresh/perishables execution). Management also Joseph Giordano

reiterated a disciplined growth algorithm—capacity to open ~6–7 stores per year, (55-11) 4950-3020

but with the majority of growth expected to come from SSS and explicitly not joseph.giordano@jpmorgan.com

“growing at any cost”—while highlighting omnichannel as a key extension of the Banco J.P. Morgan S.A.

customer experience beyond the physical store, the relaunch of Sumesa as the Nicolas Larrain

proximity lever to capture incremental convenience-led occasions, and private (55-11) 4950-3472

label as an additional value/differentiation lever with further runway. See below nicolas.larrain@jpmorgan.com

Banco J.P. Morgan S.A.

our key takeaways from the webinar and a replay of the event will be available on

Guilherme A. Vilela, CFA

our J.P. Morgan Markets page.

(55-11) 4950-3059

guilherme.a.vilela@jpmorgan.com

Key takeaways from the discussion include: Banco J.P. Morgan S.A.

Giovanni Vescovi

(55-11) 4950-2901