- Title: Mexico's holiday shopping season, "El Buen Fin", opens in Mexico City
- Date: 19th November 2016
- Summary: MEXICO CITY, MEXICO (NOVEMBER 18, 2016) (REUTERS) SHOP MANAGER COUNTING STOCK BEFORE STORE OPENS PEOPLE RUN INTO STORE VARIOUS OF CONSUMERS LOOKING AT STORE CONSUMERS LOOKING AT TELEVISIONS MORE OF CONSUMERS VARIOUS OF CONSUMERS LOOKING AT SMART PHONES BUYERS WALKING AROUND STORE VARIOUS OF PEOPLE MAKING PURCHASES PORTABLE COMPUTERS BUYER PLACING MERCHANDISE IN CART (SOUNDBITE) (Spanish) VICE PRESIDENT OF SAMS CLUB OPERATIONS, CARMEN KINGSTON, SAYING: "And something interesting we are seeing is that in the past people migrated to the United States to look for offers and now we are seeing a reverse effect that people are staying and taking advantage of the offers that we are offering here in Mexico. And also people are crossing now into Mexico to come to take advantage of Black Friday, so we expect very good results, especially in the north, so the dollar is actually having a very positive effect for us." CARDBOARD THAT SAYS: "TAKE ADVANTAGE, 18 MONTHS WITHOUT INTERESTS" VARIOUS STORE CHECKOUT, FULL OF PURCHASERS VARIOUS OF CASHIER CHARGING FOR MERCHANDISE BUYER LEAVES WITH SCREEN (SOUNDBITE) (Spanish) FELIPE NAVARRO, BUYER, SAYING: "The issue is trying to invest in something because with the price of the dollar, how it has skyrocketed and everything, I think now was a good opportunity to try to invest. Our budgets to find offers are now limited, so I think these are panic purchases because I think we will be faced with a difficult situation." MORE OF BUYERS IN STORE BUYERS LEAVING WITH GOODS
- Embargoed: 4th December 2016 02:37
- Keywords: Black Friday Mexico holiday season shopping
- Location: MEXICO CITY, MEXICO
- City: MEXICO CITY, MEXICO
- Country: Mexico
- Topics: Living/Lifestyle,Society/Social Issues
- Reuters ID: LVA00158Z358J
- Aspect Ratio: 16:9
- Story Text: Mexicans are opening up their wallets on Friday (November 18) as the country's merchants kick off holiday sales during the Revolution Day long weekend.
The "Buen Fin", or "Good Weekend" initiative from November 18 -21, which began in 2011, seeks to stimulate spending and the country's economy while at the same time offering discounted prices to Mexican consumers.
With stores discounting electronic goods such as laptops and big screen televisions as much as 70 percent off and extending retail hours, keen shoppers are packing malls to take advantage of the shopping event in droves.
Purposely timed to take place over a three-day weekend when many of Mexico's middle-class cross the border in search of post-Thanksgiving U.S. sales, businesses in the country are looking to change consumer habits and encourage people to spend their money inside Mexico.
Vice President of Sams Club operations, Carmen Kingston, said a more expensive dollar was having a positive effect on sales.
"And something interesting we are seeing is that in the past people migrated to the United States to look for offers and now we are seeing a reverse effect that people are staying and taking advantage of the offers that we are offering here in Mexico. And also people are crossing now into Mexico to come to take advantage of Black Friday, so we expect very good results, especially in the north, so the dollar is actually having a very positive effect for us," said Kingston.
Mexico's peso fell on Thursday (November 17) after an interest rate increase by the central bank fell short of expectations for stronger action to counter a slide in the currency sparked by Donald Trump's U.S. presidential election win. The Mexican peso weakened almost 1.5 percent to 20.75 per dollar on Friday.
At this Mexico City Sams Club, shoppers filled their carts with electronics, toys and household items.
Among the thousands of businesses participating in the event are Walmart, 7-Eleven, RadioShack, and Sanborns, a restaurant, retail, pharmacy and the department store chain owned by Mexican business magnate Carlos Slim.
Consumer, Felipe Navarro, said the people were panic buying due to tough times ahead.
"The issue is trying to invest in something because with the price of the dollar, how it has skyrocketed and everything, I think now was a good opportunity to try to invest. Our budgets to find offers are now limited, so I think these are panic purchases because I think we will be faced with a difficult situation," Navarro said.
Mexican retail sales rose 0.6 percent in August from July, when adjusted for seasonal swings, the national statistics agency said last month.
The monthly increase was the fourth in a row, according to data from the agency.
Sales increased 8.9 percent in August compared to the same month a year earlier. - Copyright Holder: REUTERS
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