5 May 2022
The Weekly

The retailer is set to open a new store in the mixed Mitikha residential and shopping complex located in the Coyoacán area in southern Mexico City. The chain continues to expand and refurbish stores in addition to the 2bn pesos ($98mn at current exchange) spent to build the Mitikha store and remodel two of its Perisur and Santa Fe locations. The Mitikha complex will open in Q3 2022 and will feature stores by Liverpool, international franchiser Grupo Axo and Zara owner Inditex. The development comes as El Palacio de Hierro posted a 46% jump to 37.2bn pesos in 2021 revenues while earnings before interest, taxes, depreciation and amortization quadrupled to 4.3bn pesos. Online sales grew 43% as the chain boosted traffic through marketing campaigns.