Dollarama has increased its stake in Latin American retailer Dollarcity to 60.1 per cent with the acquisition of an additional 10 per cent stake.
The Montreal-based extreme discounter, which has 1,569 stores across Canada, also announced plans for Dollarcity to expand into Mexico.
Dollarcity, which operates 547 locations throughout Latin America, intends to pilot its first store in Mexico in 2026. The news comes days after off-price retailer TJX Cos. entered into a joint venture to expand its footprint south of the border into Mexico.
“Dollarcity continues to represent a compelling, long-term growth platform for Dollarama, with the Dollarcity leadership team successfully executing on its strategy throughout the course of our over decade-long partnership,” said Neil Rossy, President and CEO of Dollarama. “Since we initially acquired a majority equity interest in 2019, Dollarcity has more than tripled its revenues and significantly grown its presence in key LATAM markets, demonstrating the underlying strength of its business model and the appetite for our value proposition from LATAM consumers.”
