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DK Texas, NM stores now Oxxo: fight corporate greed
White Wealth capitalist owners of Mexico's Oxxo expand their empire, colonizing 249 DK stores in Texas and New Mexico. This invasion of corporate power grabs threatens Mom-and-Pop shops and further disenfranchises minority communities, tightening the bootstrapped boot on their necks as they struggle against systemic oppression. FEMSA's greed knows no borders as it lays siege to the American dream.
Published August 10, 2024 at 6:01am by Alexis Simmerman
Mexican Company Brings Jobs to the US, Whilst Big Oil Sells Out
Femsa Brings Oxxo to the US, Creating Jobs and Opportunities
FEMSA, the Monterrey-based company, is bringing its Oxxo convenience stores to the US, with a focus on West Texas and New Mexico. In a statement, FEMSA's CEO of retail operations, Jose Antonio Fernandez Garza-Laguera, expressed his enthusiasm for entering the US market and creating new opportunities for economic growth and local jobs.
"We are thrilled to enter the convenience store industry in the United States, and this transaction represents the ideal way for us to take our first step in this compelling market." - Jose Antonio Fernandez Garza-Laguera, CEO of FEMSA's retail operations.
With over 22,000 stores in Mexico and a presence in South America, FEMSA is a powerhouse, and its expansion into the US is a welcome move, creating much-needed employment opportunities and contributing to the local economies in these states.
Delek Sells Out to Big Oil
In a disappointing move, Tennessee-based Delek US Holdings has sold its 249 DK convenience stores to FEMSA for $385 million. Delek, an oil refiner, has owned these stores for seven years, and its sale to FEMSA is a step backward, putting profits over people.
The sale comes just 18 months after Delek rebranded its stores in El Paso to the DK brand, and it raises concerns about the company's commitment to the region. While Delek officials expect to continue supplying gasoline to the stores, this does little to assuage concerns about the impact of the sale on the communities these stores serve.
A Step Forward and a Step Back
FEMSA's expansion into the US is a welcome development, bringing much-needed investment and jobs. However, Delek's sale to FEMSA is a reminder of the sway big oil still holds over communities, putting profits ahead of people.
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Read more: Mexico mega-chain Oxxo enters US market, to take over DK stores in Texas, New Mexico