A new luxury experience
The new store, which is the anchor department store of the Torre Mítikah shopping center, has a sales floor of 38,000 square meters, 6,000 more than the previous complex. About 1,000 people work in the complex, whose construction required an investment of 140 million dollars.
“Now we are evolving towards this store, always looking to the future and with a lot of investment to renew ourselves and maintain ourselves as the luxury reference in Mexico. It is a legend that is being born today”, said Rafael Arroyo, director of Marketing at Palacio de Hierro, in an interview with Expansion.
The manager acknowledges that there is great nostalgia for the store that closed the curtain, however, he assures that this concept of stores store-in-storewhere luxury brands have their own space, is the way to connect with customers, which adds to the experience offered when walking through the five levels of this complex.
Luxury brands such as Jimmy Choo, Carolina Herrera, Gucci or Givenchy are housed in this store.
It is the beginning of a great time for me
Alejandro Bailleres Gual, president of Grupo Bal
With this opening, the departmental company makes it clear that its strategy points towards omnichannel: the combination of physical and digital formats that seek to offer the same shopping experience.
Palacio de Hierro registered a 27% growth in sales in the second quarter of the year, compared to the same period in 2019, and closed its turnover at 10,236 million pesos. In the quarter, revenues from the commercial division increased 26.1% compared to 2021 and 32.5% compared to fiscal year 2019, improving pre-pandemic levels.
“bigger and prettier”
The new Palacio de Hierro has design codes that nod to the Coyoacán neighborhood. For example, the perfumery area is inspired by the house of Dolores del Río, the barbershop is called Emilio “El Indio” Fernández and the restaurant pays homage to Miguel Ángel de Quevedo.
There are also familiar phrases by Alberto Bailléres González in some places in the complex. “My only merit is my great love for Mexico,” reads the sides of the escalators. Words that the businessman pronounced in 2015, upon receiving the Belisario Domínguez Medal, which the Senate awards to illustrious Mexicans.
It also has Hello Yellow, a merchandising area of the company, with iconic phrases from its advertising, such as the famous “I am totally Palacio”.
“The project sought to rejuvenate, restructure and improve an area,” Javier Sordo Madaleno, the architect who was in charge of building the store, told the media. “Everyone on the team has always liked each place to feel part of the community and for the community to feel part of them,” he declared as he left the inauguration event.