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The diversification of department stores in their spaces allows them to offer better services to consumers.
Palacio de Hierro competes in Mexico with stores like Liverpool in the department store segment.
The Future is already in the Palace is the brand’s new proposal.
Since its founding in 1891, the iron palace has become one of the most recognized companies in the world of department stores in Mexico. The store has witnessed a number of changes in the market mexican retailer throughout the years. According to Statista, in 2021, Iron Palace Group generated most of its revenues from its segment of locker room and footwear, which is contrary to the results prior to 2020, when its sales of general merchandise represented the most significant portion of its total sales. This company also has a presence in the market real estate.
It is evident that the firm has a presence in the trade electronic B2Calthough it does not lead it precisely, since the first place is held by Liverpoolin 2021, was the store retail apparel leader in Mexicowith a market share 7 and a half percent. Subsequently it is found Coppel, Suburbia and the iron palace which represented 2.7 percent.
The future in the present
It is known that The Palacio de Hierro has acquired great relevance thanks to the fact that it is always at the forefront, even anticipates proposals, just as it did when dabbling with new services in department stores such as getting a tattoo or paying for your hair. This and more things show that “The Future is already in the Palace”, because even its oldest store, located in the Historic Center, innovates.
The diversification of Palacio de Hierro forces us to review studies such as “Mexican Apparel Insights 2021”, where it is realized that there were at least four chains until 2021 that dominated the number of stores in the sector.
Suburbia was in the lead with 165, while Palacio de Hierro appeared with just 14 stores and Liverpool with 122 branches, which gives us a dimension of the evolution that the El Palacio stores are going to have given the number of these that it has.
This important diversification of traditional spaces in retail has been a constant in marketingWell, we have seen how even Walmart leaves its traditional supermarket formats installed in gigantic spaces and is now betting on mini trucks that serve as stores in vacation centers.
This transformation of retail traditional to new sales models opening space to unexpected places realizes the value of the experience, be it in a tattoo parlor inside Palacio de Hierro or with small Walmart stores in vacation centers.
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