Our questions will focus on 3B and Mexico, how it's adapting to the environment, and any specificities we should consider. Could we start with your experience interviewing and talking to the management team at 3B, and your perspective from Walmex? Can you discuss what you perceive as the competitive advantage, if any, that 3B has? How do you think Walmex and FEMSA, with their discounter offerings, will respond? What are the strengths and weaknesses of the model at a high level? We can go from there.

Tiendas 3B's model is straightforward. No ecommerce, no fintech, just brick and mortar stores, and opening two or three stores per day. The magic of this plan is simplicity. When you talk with BBB employees, you understand that they leverage Walmart's tactics. For instance, we discussed the real estate and footprint of the stores. They said that Walmart is more intelligent and has more resources, so they wait until Walmart puts in a store, and then they find a place nearby, 500 to 800 meters away.

Our questions will focus on 3B and Mexico, how it's adapting to the environment, and any specificities we should consider. Could we start with your experience interviewing and talking to the management team at 3B, and your perspective from Walmex? Can you discuss what you perceive as the competitive advantage, if any, that 3B has? How do you think Walmex and FEMSA, with their discounter offerings, will respond? What are the strengths and weaknesses of the model at a high level? We can go from there.

They are essentially using Walmart's research for opening stores and copying their strategy. In terms of pricing, they take prices from Bodega Aurrerá, Walmart's banner for that segment. Bodega was a hard discount store about 10 years ago, but not anymore. Tiendas 3B takes Bodega's prices and sets theirs 30% lower, using standard national prices. They aim for simplicity, avoiding complications with regional pricing.

What kind of cost savings does that lead to for both Tiendas and the suppliers they work with?

So, basically, they are inspired by Aldi, which is like the Mecca for Anthony and their team. They have been following that recipe, and here in Mexico, they have about 800 items. In comparison, a Walmart or Bodega Aurrerá standard has five to eight times the number of items. That's one of the things that helps us operate for less.