- PesoRama opening 21st JOi Dollar Plus Store near Mexico City, continuing growth of proven business model focused on a multi-price strategy
- Join the live stream on Instagram on Saturday, December 10, 2022 at 4 PM ET
TORONTO, ON – (December 7, 2022) – PesoRama Inc. (TSXV: PESO)(“PesoRama” or the “Company”), a Canadian company operating dollar stores in Mexico under the JOi Dollar Plus brand, today announces the upcoming grand opening of store #21 on December 10th in the bustling Jardines de la Hacienda neighborhood of San Marcos, one of the most prominent middle-class regions, situated approximately 20 minutes north outside of Mexico City.
The 4,800 square foot store is well-situated in the popular open-air Power Center, serving as the premier hub for shopping, dining, fitness, and entertainment. The Power Center San Marcos, located approximately 32 kilometers from Mexico City and adjacent to three main highways, offers a strong mix of retailers, including Walmart, Home Depot & Office Max. The Power Center San Marcos is the first of its kind in the Cuautitlán Izcalli municipality, which has an increasing population of 500,000 inhabitants.
Erica Fattore, President, and CEO of PesoRama, stated: “We are thrilled to bring our latest JOi Dollar Plus Store to San Marcos, and expand our footprint for Mexico’s customers. Our JOi Dollar Plus Stores showcase innovation in the dollar store industry and are meeting the needs and wants of our customer profile. Our customers are aspirational, they like things that project a sense of “luxury” and “trendiness” but at a deep discount. Our product mix and private labels have proven to serve our customers well, as our stores are becoming busier and more well-known in the markets we operate in today. Our customers keep coming back and are bringing friends and family with them. We are extremely pleased with our visibility and successes achieved to date. This is only the beginning for PesoRama, and we can’t wait to open more stores and continue to expand across Mexico.”
“Our stores are bright, vibrant, organized, and customer-experience driven – something one may not typically expect from a dollar store. Not only are we making our mark in the Mexican market, but we are also bringing a refreshed approach to a segment of the brick-and-mortar retail shopping experience that needs reinvention,” added Erica.
“We are proud to celebrate our 21st store opening at the start of the holiday season,” said Rahim Bhaloo, Founder & Executive Chairman of PesoRama. “As a brick-and-mortar retailer, we’re seeing strong foot traffic in our stores as we focus on prime locations such as great malls and other community hubs for the everyday customer – our Power Center San Marcos location is a perfect example of that. Looking ahead, we remain confident in our expansion plans and continue to see plenty of opportunity to grow our business in Mexico.”
PesoRama’s JOi Dollar Plus Store located outside of Mexico City in The Power Center San Marcos
Join Our Live Stream on Instagram!
A live stream of the ribbon cutting and new store opening celebration will be held on JOi’s Instagram page on Saturday, December 10th at 4 PM ET. Join us in celebrating and follow along on Instagram: joi.canadian.stores.mx_
About PesoRama Inc.
PesoRama, operating under the JOi Dollar Plus brand, is a Mexican value dollar store retailer. PesoRama launched operations in 2019 in Mexico City and the surrounding areas targeting high density, high traffic locations. PesoRama’s 20 stores (21st store opening on December 10th) offer consistent merchandise offerings which include items in the following categories: household goods, pet supplies, seasonal products, party supplies, health and beauty, snack food items, confectionery and more. For more information visit: http://pesorama.ca/.
For further information please contact:
Founder & Executive Chairman
President & Chief Executive Officer
This press release contains “forward-looking information” within the meaning of applicable securities laws, including, among other things, statements regarding the Company’s planned expansion, new store openings and expected future developments and other factors that have been considered appropriate. While the Company believes that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements, including due to changes in consumer behaviour, general economic factors, the ability of the Company to execute its strategies, the availability of capital and the risk factors which are discussed in greater detail in the “Risk Factors” section of the Company’s prospectus dated January 31, 2022 and filed under the Company’s profile on www.sedar.com. The statements in this press release are made as of the date of this release. PesoRama undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of PesoRama, its securities, or its financial or operating results (as applicable).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.