- JOi Canadian Stores operating in Mexico, offering discounted general merchandise and everyday high-quality staples at affordable prices, catering to a wide array of client segments.
- JOi Canadian Stores operates as the only true dollar store in Mexico.
- Headquartered in Toronto and Mexico City with 18 stores operating in the metropolitan area, with a focus on high-traffic locations.
TORONTO, ON – (Accesswire – February 23, 2022) – PesoRama Inc. (TSXV: PESO) (“PesoRama” or the “Company“), a Canadian company operating single price-point dollar stores in Mexico, is pleased to announce that its common shares (“Shares”) will commence trading tomorrow (February 24, 2022) on the TSX Venture Exchange (the “TSXV”) under the stock ticker “PESO”. PesoRama operates 18 stores in and around Mexico City under the “JOi Canadian Stores” brand.
“This is a very exciting milestone for our company and we look forward to a bright future where we revolutionize the Mexican discount retail industry, one JOi Store at a time!” said Erica Fattore, President and CEO of PesoRama. “We are passionate about dollar stores and believe JOi Stores offer an unmatched value proposition in the Mexican market. Our goal is to aggressively expand our operations in Mexico over the next five years, which we believe is highly achievable thanks to a growing middle class that demands value and a consistent shopping experience.”
Dollar stores made up almost half of all new store openings in the United States in 2021. The rise of middle income households hunting for value on essentials, combined with an inflationary environment has contributed to the surge of the discount retailers(1). With a population of over 131 million, the Mexican market is ripe for disruption, as the everyday shopper seeks more for less.
Key Investment Highlights
First Mover Advantage: PesoRama has pursued First Mover Advantage for the single price-point store in Mexico to fill a considerable gap in the Mexican retail market. The Mexican retail landscape is fragmented with multi-outlets, malls, independent retailers, and some discount stores, but no significant chain of discount stores across the country and currently no company with a network of single price-point stores.
Large Market Size Potential: PesoRama’s simple, growth-oriented, discount general merchandise business model addresses the gap between local bodegas and big-box retailers. PesoRama views the Mexican retail gap as an opportunity to scale to a sizable network of stores across the country just as dollar stores have scaled into tens of thousands of stores across the United States and Canada. PesoRama estimates the addressable market in Mexico could be as high as 13,700 stores.
Consumer Demand in Mexico: Mexico has a population of over 131 million with a growing middle class seeking value with increasing purchasing power and a youthful demographic that is more money conscious. In addition, Mexico is predominantly a cash-based society with shopping and buying behaviour favouring brick and mortar stores.
Experienced Management Team: PesoRama is founded by successful entrepreneurs with a proven track record in retail, real estate and the dollar store sector. The management team knows how to operate a low price-point retail business end-to-end, from direct sourcing, to managing product assortment, demand forecasting, importation, logistics and transportation, warehousing and inventory management, store location selection and store design, marketing, and investing in its people and the right culture for success.
Connect With Us
To receive news and updates about PesoRama, visit: http://pesorama.ca/.
Engagement with irlabs
PesoRama is also pleased to announce that it has entered into an agreement with IR Labs Inc. (“irlabs”) to provide the Company with investor relations services, particularly with developing and managing a comprehensive investor relations and corporate communications program to generate awareness and attract new potential investors, as well as supporting corporate governance activities, such as ESG disclosure. Either party may terminate the agreement at any time by providing the other party with 30 days’ prior written notice. The agreement is subject to TSXV approval. irlabs has been retained on a month-to month basis at a monthly fee of $12,500 plus reasonable out of pocket expenses for its services.
irlabs is a dynamic investor relations firm that applies innovative strategies to create visibility, drive investor engagement and make an impact. Headquartered in Vancouver, BC with team members located across North America, irlabs is industry and sector agnostic and supports both private and public companies with their investor relations programs, corporate communications and corporate governance. For more information visit www.irlabs.ca.
About PesoRama Inc.
PesoRama, operating under the JOi Canadian Stores brand, is a Mexican value, single price-point dollar store retailer. PesoRama launched operations in 2019 in Mexico City and the surrounding areas targeting high density, high traffic locations. PesoRama’s 18 stores 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 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 relating to the proposal to complete the Proposed Transaction and associated transactions, including statements regarding planned expansion, new store openings and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the PesoRama 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 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.