Jüsto Raises $12 Million in Financing for Delivery-Only Stores
MEXICO - Grocery innovations are par for the course nowadays, but that doesn’t mean we here at AndNowUKnow aren’t dazzled by each bit of news that lands in our laps. Most recently, Jüsto, a Mexico City-based, delivery-only grocery store chain, raised another $12 million in financing as it looks to expand its dark store format across the country.
“Despite COVID-19 dramatically accelerating the curve of adoption of e-commerce, the penetration rate of e-grocers is still less than 1 percent [in Latin America],” explained Jüsto Founder and Chief Executive Officer, Ricardo Weder, in a statement. “That means there’s an enormous opportunity—and all the right conditions—to disrupt the grocery industry in Latin America.”
Jüsto sells both local and international brands in a business model that many grocers here in the States have also started trialing, including Whole Foods, Walmart, and Albertsons. Committing to delivery-only across its entire brand, however, is striking and new.
“We have these dark stores and hold the delivery,” remarked Manolo Fernandez, one of the founding members of Jüsto’s team. “At traditional supermarkets, the fill rates are lower and the product is less fresh. One of our core tenets is to reduce waste. We don’t have fruits and vegetables sitting outside in the store.”
Unused real estate and surging e-commerce opportunities prove to be a match made in heaven. How many more dark store formats will we see? AndNowUKnow will continue to report.