Grupo Carso Plans $800 Million Investment for 2025

Grupo Carso, the conglomerate led by businessman Carlos Slim, has announced plans to invest approximately $800 million in 2025 to strengthen its business operations across various sectors, including retail and energy. This strategic move aims to boost market presence through new store openings, infrastructure improvements, and operational efficiencies.

Retail Expansion: Focus on Sanborns, iShop, and Dax

A significant portion of this investment will be allocated to Grupo Sanborns, Carso’s primary retail subsidiary, which includes Sears, Sanborns, Dax, iShop, and MixUp. According to Arturo Spínola, CFO of Grupo Carso, the company will focus on optimizing sales floor performance at Sears and Sanborns while expanding the reach of Dax and iShop.

“We are working to improve the efficiency of our retail formats, including Sears and Sanborns,” Spínola said during a conference call with analysts following the release of the company’s Q4 2024 results.

Despite facing a slowdown in consumer spending last year, Grupo Sanborns plans to open between 10 and 15 new Dax stores and around four to five iShop locations throughout the year. This expansion reflects a strategic focus on strengthening high-performing formats.

Why Dax and iShop Are Key to Growth

The planned growth of Dax and iShop is based on their consistent performance. In 2024, Dax — a chain focused on beauty and cosmetic products — added 11 new stores, while iShop, specializing in Apple products, opened six new locations.

However, this expansion comes alongside the closure of several Sanborns and Sanborns Café locations. The company faces the challenge of improving profitability after reporting modest revenue growth of just 0.03% in 2024, with EBITDA and net income declining by 3.5% and 1.2%, respectively.

Despite the expansion, some analysts remain cautious. Marisol Huerta, a financial analyst at Halcones Financieros, noted that the new openings might not translate into immediate sales growth.

“These formats face strong competition, especially Dax. While expansion is positive, it’s unlikely to generate a significant short-term impact on overall performance,” Huerta said.

Investing Beyond Retail

Grupo Carso’s investment strategy extends beyond retail. Spínola confirmed that other key business divisions, including Condumex, Carso Energy, Elementia, and Fortaleza, will also receive capital injections in 2025.

In the energy sector, Carso Energy is considering additional investments in the Zamajal project, aiming to strengthen its presence in oil and gas exploration and production.

“This will be a significant year for capital expenditure, particularly in energy, where we see strong potential for higher returns,” Spínola added.

Grupo Carso has been increasing its involvement in the energy sector in recent years, seeking to diversify its business portfolio and capitalize on new opportunities in oil and gas production.

Tackling Credit Challenges

Another key challenge for Grupo Carso in 2025 will be managing credit risk within its department store financing division. Grupo Sanborns offers in-house credit to customers through store-issued cards but has not disclosed its delinquency rate.

The highest level of delinquency was recorded in 2020, when overdue accounts represented 5.2% of the company’s loan portfolio. Since then, Grupo Carso has implemented stricter financial controls and credit policies to reduce this figure.

“We’ve seen improvements in delinquency rates thanks to adjustments in our credit policies and enhanced management systems,” Spínola explained.

In 2023, the company restructured its customer accounts, which initially affected financial performance. However, the new strategies are expected to provide greater stability and improved profitability in the long term.

Source: https://expansion.mx/empresas/2025/02/20/sanborns-ishop-y-dax-asi-crecera-grupo-carso