Background on Tiendas 3B and Remittances
Tiendas 3B, a hard discount retail chain, aims to diversify its operations by venturing into the remittance market. In 2024, Mexico received a record-breaking $64,745 million in remittances from its citizens abroad, according to Mexico’s central bank. These remittances are crucial for the Mexican economy, as they come mainly from over 20 million Mexicans living in the United States.
Tiendas 3B’s Strategy and Vision
Anthony Hatoum, the CEO of Tiendas 3B, highlighted the company’s focus on opportunities with significant impact and low risk. He mentioned that remittance services are among the top contenders for expansion, as they align with the company’s mission of connecting frequently with its clients through three weekly interactions.
Tiendas 3B, known for its “Bueno, Bonito y Barato” (Good, Pretty and Cheap) concept, aims to offer any product or service that meets three primary criteria: a good price-to-quality ratio, operational efficiency, and high demand. Hatoum emphasized that the company is interested only in profitable ventures.
Competitors and Market Position
If Tiendas 3B successfully implements this plan, it will join other retailers like Oxxo and Walmart de México y Centroamérica, which already offer remittance services through MoneyGram or Western Union, Ria, and Xoom.
Recent Remittance Trends
In February 2025, Mexico received $4,459 million in family remittances, showing a 0.8% decrease compared to the same month in the previous year, according to BBVA Research. Despite this slight dip, remittances remain a vital source of income for many Mexican families.
Key Questions and Answers
- What are remittances? Remittances are funds sent by migrant workers to their families in their home countries.
- Why are remittances important for Mexico? Remittances accounted for a significant portion of Mexico’s GDP in 2024, totaling $64,745 million, and are crucial for millions of Mexican families relying on this income.
- Who are Tiendas 3B’s competitors in offering remittance services? Other Mexican retailers like Oxxo and Walmart de México y Centroamérica already provide remittance services through MoneyGram, Western Union, Ria, and Xoom.
- What are the criteria for Tiendas 3B to offer new products or services? The company looks for opportunities that have a significant impact, low risk, good price-to-quality ratio, operational efficiency, and high demand.
