A $65M Canadian company is quietly building what could become the Dollarama of Mexico…

And almost no one is paying attention.

When most investors look at Pesorama they see:

– A small-cap TSX Venture stock
– A company still reporting net losses
– A retailer in an unfamiliar market

And they move on.

But that’s not where the real story is.

Pesorama is attempting to build a scaled discount retail chain in Mexico — a market with ~130 million people and an estimated 13,700 potential dollar-store locations (est. total addressable market).

Today, Pesorama operates 35 JOi Dollar Plus stores (see all of their listings on Google Maps here)

That’s less than 0.3% market penetration.

Is Pesorama in the early innings of becoming a potential retail compounder? The stock was up +180% (~3x) in 2025, and is up +36% YTD 2026. Let’s explore…

1. Store Growth: The Foundation of Everything

The entire thesis starts here.

Retail winners scale locations first, then optimize everything else.

Pesorama store count trajectory:

Year        Stores
2019        1 (founding year)
2020        ~10
2021        18
2022        21
2023        22
2024        25
2025        31
2026E       ~40-45 (35 as of Mar '26)

What this shows:

• Store acceleration is happening now, not later
• The jump from now → 50 stores is where scale starts to matter
• Nearing the phase where retail models can typically inflect

2. Revenue Growth: Proof of Demand

Growth isn’t theoretical — it’s already showing up.

Revenue (CAD)
2023   $14.5M
2024   $20.5M  (+41%)
2025   $23.5M  (+14%)
2026E  ~$25-$30M+  

Sales increased 14% in 2025 to ~$23.45M, continuing strong momentum.

What matters alongside the revenue growth rate:

👉 Growth is paired with margin expansion
👉 Same-store sales are still positive (~5–6%)
👉 Ticket sizes are increasing (~15–20%)

That combination is what separates early-stage retailers doing something right versus “story stocks.”

3. Margin Expansion: The Hidden Engine

Gross margins are continually improving.

Gross Margin
2023   ~40–41%
2024   ~42.4%
2025   ~44.5%
2026E   ~46%+

Margins increased from ~42.4% to 44.5% in 2025, with further expansion estimated to exceed ~46%+ in 2026.

Why this matters:

This is textbook retail scaling:

• Higher volumes → better procurement
• Better procurement → higher margins
• Higher margins → more capital to reinvest in growth

This is the aspirational flywheel.

4. Unit Economics: The Early Tell

Zoom in further.

Per-store performance:

Metric                     Value
--------------------------------------
Revenue/store             ~$750K–$1M
Store-level profit        ~$100K+
Same-store sales          +5–6%
Ticket growth             +15–20%

Total store profits increased +60% in 2025

Interpretation:

Each store is not just:

→ A growth unit
→ But a cash-generating asset

That’s what eventually enables scale without constant dilution (in theory). That said; Pesorama is still funding store growth via debt/share issuance.

5. Valuation vs Peers: Where It Gets Interesting

Let’s compare.

Company         EV / Sales     Growth Profile
----------------------------------------------------
Pesorama        ~3x            Early / high growth
Dollar General  ~1x            Mature / competitive
Dollarama       ~8x            Premium / scaled

Dollarama operates at ~45% gross margins and premium valuation.

What this implies:

Pesorama is currently priced:

• Too high to be “distressed retail”
• Too low to be “proven compounder”

That middle ground is where mispricing can happen.

6. The Flywheel (Visualized)

This is the entire thesis in one aspirational diagram:

New Stores Open
       ↓
Higher Sales Volume
       ↓
Better Procurement
       ↓
Higher Margins
       ↓
More Cash Flow
       ↓
Fund More Stores
       ↓
(REPEAT)

The key question:

👉 Has the flywheel started?

Based on the data, it appears to be just beginning – but needs to prove-out with an inflection point in scale.

7. What Would This Look Like at Scale?

Let’s project directionally (all estimates, not actuals):

Scenario         Stores    Revenue(E)     Outcome
----------------------------------------------------------------
Today            ~35       ~$25M+        Early stage
Near-term        50+       ~$50M         Scale emerging
Mid-term         100+      ~$100M+       Institutional interest
Long-term        300+      ~$300M+       Category player
...

This is not a prediction.

Rather, it’s a framework for thinking about upside.

8. Final Takeaway

If you zoom out:

• Store growth is accelerating
• Revenue is compounding
• Margins are expanding
• Unit economics are proving out

And yet:

• Market cap: ~$65M
• Coverage: minimal
• Institutional ownership: low

The Big Idea

Most investors wait for this:

✔ Profitability
✔ Scale
✔ Institutional validation

But by then, the biggest gains are mostly gone…

The greatest opportunity is usually when there’s broad uncertainty.

Closing Thoughts

Pesorama is not a guaranteed winner. The risks are real.

But it is:

• Early
• Executing
• Underfollowed
• Showing real signals beneath the surface

Disclosure: $PESO.v (own)

Watch a recent interview (2026) with Pesorama’s Founder & CEO: