The offer in this store is complemented by luxury brand boutiques, such as Gucci, Hermes and Burberry, which are located within the department store facilities. In addition, a terrace is added that increases the sales space by 30%, reaching a total of 37,000 square meters of construction. In the culinary field, the restaurant offering is local and is available in this new configuration.
“With this renovation we hope to grow our customer base and offer a better shopping experience,” Arroyo said.
El Palacio de Hierro opened its first store in Mexico in 1891, located in the historic center of Mexico City. Since then, the company has maintained a focus on renewing its stores and its business model.
“Store remodeling is a constant process. From time to time, it is necessary to renew itself, offer diverse experiences and attract a younger audience, in order to remain relevant to our customers,” said Arroyo.
The Satélite store remodel took approximately 33 months to complete. The architectural design incorporates elements that reflect the identity of the area and encourage the creation of a community. This is manifested in the four columns of the central atrium, which rise to more than 20 meters high and refer to the iconic Satellite Towers. Likewise, the signage uses elements that evoke the arrows of the circuits in the area.
The architectural design was carried out by Palacio de Hierro in collaboration with TPG Architecture. Arroyo explained that with the remodeling, the department store was also able to improve its spaces intended for specific brands, adapting them to the particular needs of these brands to provide a more satisfactory shopping experience to customers, who now spend more time in the stores.
This unit adds to the previous remodeling carried out in the Coyoacán and Santa Fe stores in Mexico City. Soon, the remodeling of the store in Monterrey will take place.
While the company adjusts its strategy in the area of sales in physical stores, the company’s consolidated income for the period from January to September reached 33,182 million pesos, which reflects an increase of 12.1% compared to the same period of the year. last year.
According to the information provided in its most recent financial statement, the commercial division’s revenue experienced an increase of 11.1%, while the real estate division’s revenue increased by 10.0% compared to 2022.
Next year, the company plans to open a new store in Guanajuato. Although no specific details were provided, the company said it will continue to look for opportunities to improve its sales areas.