<SEC-DOCUMENT>0000903423-14-000387.txt : 20140731
<SEC-HEADER>0000903423-14-000387.hdr.sgml : 20140731
<ACCEPTANCE-DATETIME>20140623163016
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000903423-14-000387
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140623

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEXICAN ECONOMIC DEVELOPMENT INC
		CENTRAL INDEX KEY:			0001061736
		STANDARD INDUSTRIAL CLASSIFICATION:	BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			O5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		GENERAL ANAYA NO 601 PTE
		STREET 2:		COLONIA BELLA VISTA
		CITY:			MONTERREY, N.L.
		STATE:			O5
		ZIP:			64410
		BUSINESS PHONE:		528183286167

	MAIL ADDRESS:	
		STREET 1:		GENERAL ANAYA NO 601 PTE
		STREET 2:		COLONIA BELLA VISTA
		CITY:			MONTERREY, N.L.
		STATE:			O5
		ZIP:			64410
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 24pt 0 0"></P>

<P STYLE="font: 18pt Book Antiqua, Times, Serif; margin: 0; color: #333399">Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V.</P>

<P STYLE="font: 9pt Book Antiqua, Times, Serif; margin: 0; color: #333399">Ave. General Anaya 601 Pte., Col. Bella Vista</P>

<P STYLE="font: 9pt Book Antiqua, Times, Serif; margin: 0; color: #333399">64410 Monterrey, N.L. Mexico</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 24pt 0 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">June 23, 2014</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">VIA FACSIMILE AND EDGAR TRANSMISSION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Ms. Tia L. Jenkins</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Senior Assistant Chief Accountant</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Office of Beverages, Apparel, and Mining</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Division of Corporation Finance</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.5pt"></TD><TD STYLE="width: 37.5pt">Re:</TD><TD>Mexican Economic Development, Inc.<BR>
Form 20-F for the Fiscal Year Ended December 31, 2013</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in">Filed April 16, 2014</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">(<U>File No. 001-35934</U>)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Dear Ms. Jenkins:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">By letter dated June
10, 2014 (the &#8220;Comment Letter&#8221;), the staff (the &#8220;Staff&#8221;) of the Securities and Exchange Commission (the
&#8220;SEC&#8221;) provided a comment on the annual report on Form 20-F for the fiscal year ended December 31, 2013, as filed on
April 16, 2014 (the &#8220;2013 Form 20&#45;F&#8221;) by Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V. (the &#8220;Company&#8221;).
We today submit herewith, via facsimile and EDGAR, a response to the Staff&#8217;s comment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For your convenience, we have reproduced below
the Staff&#8217;s comment in bold and have provided the Company&#8217;s response immediately below the comment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><U>Form 20-F for the Year Ended December 31, 2013</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><U>Item 5. Operating and Financial Review and Prospects </U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><U>Liquidity and Capital Resources, page 72</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<OL START="1" TYPE="1" STYLE="margin-top: 0in">

<LI STYLE="margin: 0"><B>Please provide us with, and confirm that you will include in future filings, a more detailed analysis
of the components of the statements of cash flows (i.e., operating, investing, and financing activities) that explains the significant
year-to-year variations in each line item (e.g. explain the significant change in receivables, inventories etc.) for each period
presented. In this regard, please ensure to include robust discussions describing and quantifying the specific effect of the significant
causal factors that contributed to the material changes in your operating, investing and financing cash flows. Refer to Item 5
of Form 20-F and SEC Release No. 33-8350 as it relates to liquidity and capital resources for further guidance. </B></LI>

</OL>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">Ms. Tia Jenkins, page 2</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">In response to the Staff&#8217;s comment
the following discussion provides a more detailed analysis of the components of the statements of cash flows for each period presented.&nbsp;
In addition, pursuant to the Staff&#8217;s request, the Company will, in its next filing on Form&nbsp;20&#45;F for the year ended
December&nbsp;31, 2014 include a similar disclosure covering all periods presented. We will add this similar disclosure after our
presentation of the Principle Sources and Uses of Cash table in the Liquidity and Capital Resources section. &nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 47.25pt">The following is a summary of the principal
sources and uses of cash for the years ended December 31, 2013, 2012 and 2011, from our consolidated statement of cash flows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Principal Sources and Uses of Cash
</B><BR>
<B>Years ended December 31, 2013, 2012 and 2011 </B><BR>
<FONT STYLE="font-size: 7.5pt"><B>(in millions of Mexican pesos)</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net cash flows provided by operating activities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">Ps. 28,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">Ps.&#9;30,785</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">Ps.&#9;21,247</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; text-align: left">Net cash flows used in investing activities</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">(55,231</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">(14,643</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">(18,089</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left">Net cash flows provided by (used in) financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,584</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,418</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,258</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Dividends paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,493</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,186</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,625</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">Our principal source of liquidity has
generally been cash generated from our operations, however we have obtained financing from financial institutions to fund the acquisition
of investments based on our growth strategy. We have traditionally been able to rely on cash generated from operations because
a significant majority of the sales of Coca-Cola FEMSA and FEMSA Comercio are on a cash or short-term credit basis, and OXXO stores
are able to finance a significant portion of their initial and ongoing inventories with supplier credit. In our opinion, our working
capital is sufficient for our present requirements. Our principal use of cash has generally been for capital expenditure programs,
debt repayment and dividend payments. In the last 3 years, Coca-Cola FEMSA has devoted a significant part of its cash to acquire
bottling operations as part of its investment strategy and during 2013, FEMSA Comercio entered into two new markets through the
acquisition of two drugstore businesses and one quick service restaurant chain. &nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">Our net cash generated by operating activities
was Ps. 28,758 million for the year ended December 31, 2013 compared to Ps. 30,785 million for the year ended December 31, 2012,
a decrease of Ps. 2,027 million or 7%.&nbsp; This decrease was primarily the result of lower financing from suppliers in the amount
of Ps. 3,316 million as well as higher amounts of income taxes paid of Ps. 934 million because of higher levels of taxable income,
and increased accounts receivable of Ps. 1,202 million. This was partially offset by an increase of Ps. 2,900 in our cash flow
from operating activities before changes in operating accounts due to our increased sales on a cash basis.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">Our net cash used in investing activities
was Ps. 55,231 million for the year ended December 31, 2013 compared to Ps. 14,643 million for the year ended December 31, 2012,
an increase of Ps. 40,588 million or 277%.&nbsp; This increase was primarily due to the acquisition of Grupo Yoli for Ps. 1,046
million, Companhia Fluminense de Refrigerantes for Ps. 4,648 million, Spaipa S.A. Industria Brasileira de Bebidas for Ps. 23,056
million, other acquisitions of Ps. 3,021 million and an investment in shares of Coca-Cola Bottlers Philippines for Ps. 8,904 million
in 2013.&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">Ms. Tia Jenkins, page 3</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">Our net cash generated by financing activities
was Ps. 20,584 million for the year ended December 31, 2013 compared to net cash used in financing activities of Ps. 3,418 million
for the year ended December 31, 2012, an increase of Ps. 24,002 million or 702%. This increase was primarily due to higher proceeds
from bank borrowings in 2013 of Ps. 78,907 million as compared to Ps. 14,048 million in 2012, offset by higher amounts of payments
on bank loans of Ps. 39,962 million in 2013 as compared to Ps. 5,872 million in 2012 as well as higher dividend payments of Ps.
16,493 million in 2013 compared to Ps. 9,186 million in 2012. Cash generated by financing activities was primarily used to finance
our business acquisitions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">Our net cash generated by operating activities
was Ps. 30,785 million for the year ended December 31, 2012 compared to Ps. 21,247 million for the year ended December 31, 2011,
an increase of Ps. 9,538 million or 45%.&nbsp; This increase was primarily the result of an increase of Ps. 6,565 million in&nbsp;our
cash flow from operating activities before changes in operating accounts due to our increased sales on a cash basis, a lower short
term credit basis causing a reduction in accounts receivable of Ps. 2,244 million, higher credit from suppliers of Ps. 2,469 million,
offset by higher income taxes paid of Ps. 1,596 million because of higher levels of taxable income.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">Our net cash used in investing activities
was Ps. 14,643 million for the year ended December 31, 2012 compared to Ps. 18,089 million for the year ended December 31, 2011,
a decrease of Ps. 3,446 million or 19%.&nbsp; This decrease was primarily due to the acquisition of Grupo Tampico for Ps. 2,414
million and Grupo CIMSA for Ps. 1,912 million in 2011 whereas the only cash outflow for an acquisition in 2012 was for Grupo Fomento
Queretano of Ps. 1,114 million.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">Our net cash used in financing activities
was Ps. 3,418 million for the year ended December 31, 2012 compared to Ps. 6,258 million for the year ended December 31, 2011,
a decrease of Ps. 2,840 million or 45%.&nbsp; This decrease was primarily due to higher proceeds from bank borrowings in 2012 of
Ps. 14,048 million as compared to Ps. 6,606 million in 2012, offset by higher amounts of payments on bank loans of Ps. 5,872 million
in 2012 as compared to Ps. 3,732 million in 2011 as well as higher dividend payments of Ps. 9,186 million in 2012 compared to Ps.
6,625 million in 2011.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>********</I></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">Ms. Tia Jenkins, page 4</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Also, as requested
by the Staff, the Company acknowledges that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 22pt 6pt; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>it is responsible for the adequacy and accuracy of the disclosure in its filings;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 22pt 6pt; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&sect;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT>Staff comments or changes to disclosure in response to Staff comments do not foreclose the SEC from taking any action with
respect to the filing; and</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 22pt 6pt; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&sect;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT>the Company may not assert Staff comments as a defense in any proceeding initiated by the SEC or any person under the federal
securities laws of the United States.</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 28.05pt">Thank you for
your consideration of the Company&#8217;s response. If you or any other member of the Staff has any further questions or comments
concerning the response, or if you require additional information, please do not hesitate to contact Duane McLaughlin at Cleary
Gottlieb Steen &amp; Hamilton LLP at (212) 225-2000.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.25in 3in; text-align: justify; text-indent: 0.5in">Very truly
yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;<U>/s/ Javier Astaburuaga
Sanjines&#9;&#9;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">Mr. Javier Astaburuaga Sanjines</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">Chief Financial Officer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">Fomento Econ&oacute;mico Mexicano, S.A.B.
de C.V.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">cc:&#9;<BR>
Duane McLaughlin<BR>
Aaron Saunders</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.5in"><I>Cleary Gottlieb Steen &amp; Hamilton LLP</I></P>


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