Business
PesoRama Provides Growth Strategy and Updates
Executing on store network expansion and focusing on maximizing existing store performance ...
About this update from Pesorama Inc
[{"type":"text","content":"PesoRama Provides Growth Strategy and UpdatesExecuting on store network expansion and focusing on maximizing existing store performanceDiversifying product sources by adding South Asia and Europe for broader product assortment and supply chain risk mitigationExpanding the customer base with a larger product mix at multiple price points that appeals to more customers looking for the discount value proposition on higher valued itemsAnnouncing leadership change in Chief Financial Officer positionToronto, Ontario--(Newsfile Corp. - June 14, 2022) - PesoRama Inc. (TSXV: PESO) (\"PesoRama\" or the \"Company\"), a Canadian company operating dollar stores in Mexico under the JOi Canadian Stores brand, is pleased to provide an update on the Company's growth strategy, recent expansion, how it is enhancing the customer experience to drive organic growth, and its initiatives to further optimize operations. Executing on Store GrowthPesoRama is scaling a sizable network of stores across Mexico in a country where there is no national dollar store chain, unlike the rest of North America where tens of thousands of dollar stores already exist. The value proposition that the Company offers through its JOi Canadian Stores is unparalleled in the Mexican market. Its stores continue to see increased demand as inflation adds financial strain to the everyday consumer. \"We know the business model works, it's been proven in other markets, and we've now brought the concept to the Mexican market with the goal of expanding the store footprint across the country,\" said Erica Fattore, President & Chief Executive Officer of PesoRama.Leveraging PesoRama's first mover advantage to fill the retail gap and meet the demand by the Mexican consumer, the Company recently opened its 19th JOi store in April and its 20th store in May. Its newest store located in Cuemanco, a burgeoning business hub in southern Mexico City, sets the precedent as the Company's first street front location, which expands the Company's store location strategy from stores situated solely within shopping centres to the inclusion of street front and standalone locations. Street front exposure is an important step for the Company as it builds brand recognition and drives customers traffic intentionally versus conveniently when situated in an enclosed mall. \"We have recently seen tremendous s...