On Friday, Mexico's biggest retailer Wal-Mart de Mexico (WALMEX) announced that it has started looking to sell its Vips restaurant arm. The move was considered as the company seeks to shed non-core assets in the middle of flagging sales.

Walmex stated that the proposal is still at an early stage and no guarantees were made if it would eventually go on. If it pushes through, the sale would be the first of its kind for the retailer.

The retail company operates various restaurants. This includes chains of VIps, El Porton, Ragazzi and La Finca. Walmex is controlled by Wal-Mart Stores Inc.

Vips has 364 stores and serves 79 million customers annually according to the company. But between 2011 and 2012, it opened just one additional Vips restaurant according to Walmex's annual 2012 report.

Last year, the earnings before interest, taxes, depreciation and amortization represented by Vips was just 1.6%. Vips also represented only 1.7% of the company's revenues.