“People are shopping like crazy,” said Mexican fashion expert Anna Fusoni, adding that the trend is surprising everyone, as consumers continue to fill malls and stores.
This is despite two powerful earthquakes hitting the country last month and coming on the anniversary of two earlier and much more devastating ones.
“The trend is euphoric and everyone is spending whatever they can and traveling everywhere,” Fusoni added. “We are not sure why but it looks like people are going to spend until their credit cards run out.”
Amid such buoyancy, the twin quakes on Sept. 19 and Sept. 22 did not stop luxury department store El Palacio de Hierro from opening its latest store in the sprawling Mitikha mixed residential and retail complex, throwing a celebrity-studded bash the night before it bowed to the public on Sept. 23. El Palacio reportedly spent $140 million to erect the five-story store, which measures 430,550 square feet.
The store features a 13,670-square-foot dome (which Palacio executives boast is bigger than the Louvre Museum’s Pyramid in Paris), and hosts shops-in-shop by the likes of Jimmy Choo, Carolina Herrera, Gucci, and Givenchy.
Retail consultant Miguel Angel Andreu said Mexicans have become zealous shoppers following COVID-19 lockdowns, which began to gradually ease in 2021 and shifted into full swing last summer when shops stopped asking customers to wear masks and relaxed health checks.
“People can now shop at major shopping malls like Antara [in Mexico City] and not wear masks,” Andreu said, adding that this relaxation has helped fill stores.
Retail watchdog Antad said last month that same-store retail sales rose 11.5 percent in August but Andreu forecast clothing and footwear turnover will likely grow in the high double digits this year.
Source: El Financiero