Mexico’s biggest department store company is counteracting sluggish consumer spending by expanding its financial products and real estate businesses along with new shopper services like manicures and haircuts. While competition has intensified with online retailers such as Amazon.com Inc. and MercadoLibre Inc., Liverpool is betting it can lure shoppers by adding nail salons and barber shops to its stores, which already feature restaurants and beauty bars. 

Liverpool is also expanding its financial services, which have traditionally focused on credit for items purchased in its stores. There is an opportunity to offer products such as personal loans and insurance. This month, Liverpool partnered with Mexican financial group Corp. Actinver to offer an investment and savings account. Customers who maintain a balance of MXN20,000 (about $1,200) can earn interest as well as cashback from Liverpool purchases. The accounts also have access to Actinver investment products, debit cards and wire transfers. A sizable part of Mexico’s population remains outside the traditional banking system. 

Liverpool’s financial services expanded nearly 10% in Q2, far outpacing the company’s overall growth. Financial services make up about 10% of Liverpool’s revenue, which was MXN57bn ($ 3.3bn) last quarter, while retail sales generate 88%. Liverpool’s real estate business is small, generating about 2% of sales, but it’s an area Liverpool is targeting for expansion. The company has more than 2,400 tenants in its shopping centers. It recently assumed complete control of the Galerias Metepec mall located on the outskirts of state capital Toluca, buying up the stakes in the development it didn’t already own.