Mexico · Business

The retailer’s two formats are moving in opposite directions. And that divide says a lot about who is thriving and who is squeezed in Mexico.

Walmex is watching its two biggest store formats pull apart in Mexico. Its Sam’s Club warehouse clubs are growing, while its Bodega Aurrera discount stores lose shoppers.

What the Walmex Split Shows

Walmex, Mexico’s largest retailer, is watching its two main store formats drift in opposite directions across the country. Sam’s Club is clearly growing, while Bodega Aurrera is quietly losing ground.

The gap opened up in the second quarter of 2026, the three months from April to June. Because the two chains serve very different shoppers, that split tells a much wider story about Mexico.

In short, better-off members are spending more at the warehouse clubs. Meanwhile, price-sensitive families appear to be pulling back at the low-cost discount stores.

Sam’s Club Pulls Ahead

Sam’s Club was the company’s best-performing format during the quarter, according to Walmex. Its paid membership base grew at a double-digit rate, a strong sign of demand.

Moreover, more existing members renewed their cards, and more upgraded to the higher-priced Plus tier. As a result, the warehouse clubs led growth across the entire group.

Walmex did not publish an exact same-store sales figure for the format on its own. Still, executives made clear it ran comfortably above the wider Mexican average.

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What Wal-Mart de México does.Wal-Mart de México, S.A.B. de C.V. owns and operates self-service stores in Mexico and Central America. The company operates discount stores under the Bodega Aurrerá, Despensa Familiar, and Palí names; hypermarkets under the Walmart name; supermarkets under the Walmart Express, Paiz, La Despensa de Don Juan, La Unión, and Más x Menos…

Bodega Aurrera Loses Ground

Bodega Aurrera, the group’s deep-discount chain, told the opposite story this time. The format came in below the company’s own internal expectations for the quarter.

Foot traffic was weaker than a year earlier, and the shoppers who did come filled smaller baskets. This softness was felt most in the larger stores across central Mexico.

Because Bodega Aurrera is built for lower- and middle-income families, its weakness matters a great deal. It suggests the cost-of-living squeeze is falling hardest on the tightest household budgets.

The Numbers Behind the Quarter

Across Mexico, same-store sales rose just 1.8% in the quarter, a slow pace for the giant retailer. Even so, that still beat the retail industry benchmark by 180 basis points.

However, the single headline number hid the sharp split running beneath it. The average ticket, or spend per visit, rose 2.9%, yet the number of transactions fell 1.1%.

In plain terms, people shopped less often but spent a little more on each trip. So fewer visits, rather than bigger crowds, ultimately shaped the whole quarter.

A Tale of Two Customers

The two formats effectively point to two very different Mexican shoppers right now. One is comfortable enough to buy in bulk and pay upfront for an annual membership.

The other is watching every peso and cutting back wherever it is possible to do so. Therefore, the same national economy is being felt in almost opposite ways.

For Walmex, that widening divide is now the central strategic challenge. Because both types of customer still matter, it must serve caution and confidence at the same time.

The Membership Advantage

Membership fees are the quiet engine behind the strong Sam’s Club result. They give the chain steady, predictable income before a single product is even sold.

In addition, members tend to be loyal and to shop with clear intent rather than browsing. As renewals climb and upgrades rise, that base becomes more valuable over time.

Higher Plus upgrades also lift the average amount each member spends per year. Overall, the model rewards Walmex for keeping committed shoppers inside the club.

The Pressure on Discount Stores

Discount stores like Bodega Aurrera work on thin margins and very high volume. So when foot traffic slips even slightly, the pain is felt quickly on the bottom line.

The chain depends on frequent, small, routine trips by budget-minded families. Yet those everyday trips are exactly what softened during the second quarter.

Smaller baskets point to households quietly trimming non-essential items from their lists. In fact, many appear to be prioritizing basic staples over any extras.

What This Says About Mexican Shoppers

Taken together, the split is a revealing snapshot of a two-speed consumer economy. Some households plainly feel steady, while many others feel genuinely stretched.

This pattern is consistent with a trade-up story, although the company did not fully quantify it. Still, the broad direction of travel is hard to miss.

As a result, spending power now looks distinctly uneven across the country. For readers trying to gauge Mexico, that unevenness is the real headline.

The Bottom Line for Walmex

The wider consumer softness eventually reached the company’s bottom line. Net profit came in at about MXN 11.15 billion, or roughly US$637 million.

That was broadly flat against the same period a year earlier, slipping about 0.7%. Meanwhile, group revenue edged up to around MXN 250.95 billion for the quarter.

In Mexico alone, revenue rose 3.1% to about MXN 209.19 billion. Even so, that growth still lagged behind where management had privately hoped to land.

What Comes Next for Walmex

The near-term question is whether the discount slump proves temporary or lasting. Much depends on wages, prices and household confidence over the coming months.

Meanwhile, Walmex will keep leaning on Sam’s Club to carry more of its growth. Because membership income is resilient, the warehouse clubs offer a steadier base to build on.

For everyday shoppers, the split is genuinely worth watching closely from here. In short, it shows exactly where Mexico’s spending strength truly sits today.

Frequently Asked Questions

What is Walmex?

Walmex is Walmart de Mexico, the country’s largest retailer. It runs Sam’s Club, Bodega Aurrera, Walmart and other formats across Mexico and Central America.

Why is Sam’s Club growing while Bodega Aurrera is not?

Sam’s Club is drawing more members and higher spending, while Bodega Aurrera saw weaker traffic and smaller baskets. This points to shoppers splitting by budget.

How did Walmex perform in the second quarter of 2026?

Same-store sales in Mexico rose 1.8%, with traffic down 1.1% and the average ticket up 2.9%. Net profit was about US$637 million, roughly flat.

What does the split say about Mexican shoppers?

It suggests a two-speed economy. Better-off households are trading up to warehouse clubs, while tighter budgets are pulling back at discount stores.

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