Juan Fonseca: Yes, Ãlvaro, let me just start with the first one and then obviously, if anyone — the rest of the team can complement me. But I would like to start by first saying that — in general, there is a misconception on who is the competitor of OXXO. I mean the traditional channel, all the small stores that are out there, they serve a purpose, they have certain categories that we don’t carry. They have smaller surfaces usually. So the type of consumer — the consumer that — the consumer needs that take place in the small stores are different from us. Now of course, there is some of them that are the same. But in general, again, I don’t think that eventually, over the years, there will be only committed stores or there will be only traditional stores.
These are trade types that can leave together and that has been the case over the years. And I don’t think that when you look at the traditional channel today, it has changed in terms of size versus how the size they had in the absolute before OXXO existed. So I think that, that is important because at the end of the day, what Pronto is trying to achieve is basically help some of these traditional channels enable them with some of the pain points that I described before. Reality is that, once again, and I want to use this example because it clearly highlights some of these very specific pain points that nobody else but probably also console. At mall store actually goes to this — usually it’s a wholesaler to get the products they need. Now there are some products that have a very low rotation.
So they probably sell one bottle of one specific category, let’s say, Monster a month. But when they go to the wholesaler, they need to buy a full case. And if they don’t buy a full case, they will not get the price that they want. Now whereas when you look at OXXO, how we serve our stores through the supply chain systems that we have, we have a peaking system, and we delivered to our stores by unit, which is not an easy task, and that’s why the wholesaler, they don’t do it. Now if we know that we have that capability, and we know that there are 1 million — 1 million traditional stores in Mexico that need this pain point to be served, then we know that Pronto can help to actually enable these small stores for a better business. Now that doesn’t mean that we are helping our competition.
No, I mean, we are just taking the opportunity to create value by serving or fixing a pain point of a very specific trade that will continue to exist. And then for the — I guess Eugenio’s comment was related to the fact that we brought back a couple of the financial institutions that we didn’t have in the OXXO system in the previous months. And the comment was related to that. Eugenio, I don’t know if you want to expand on that?
Eugenio Garza: Sure. Just to address, I mean, the question before was regarding the ticket. So clearly, financial services commissions drive more traffic, but a lower ticket. But your question, Ãlvaro, was more towards the impact on gross margin. And the impact on gross margin is clearly a financial services, it’s a much higher gross margin than the mix. Having said that, that during the quarter was offset by some of the trends that we’re seeing related to the loyalty program in Spain that’s kind of offsetting part of that improvement in mix from financial services. So the net effect is what you see in the results and what kind of is going. The trend that Marcella’s question earlier that Juan responded towards alluding to that we would be modeling a flattish gross margins going forward.
