The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Mexico’s retail sector grew 2.3 percent in the first half of 2021, compared to the same period last year, according to figures from the National Association of Self-service and Department Stores (ANTAD). However, sales remain 6.3 percent below the same period in 2019, prior to the pandemic.
Between January and June of this year, retail sales amounted to 598.3 billion Mexican pesos ($30 billion), while 2020 registered 584.4 billion pesos ($29.3 billion), affected by closures and confinement.
Janneth Quiroz , Deputy Director of Analysis of Grupo Financiero Monex, told Mexican media outlet, La Jornada, that although a recovery in the first half is a sign that consumption continues to come back, it’s returning at a far slower pace than in countries that implemented fiscal and monetary stimulus.
June’s numbers, in particular, show promise. ANTAD reported that the comparable sales of the 68,000 stores in its network shot up 21 percent compared to the same month in 2020, when they fell 17.9 percent year-on-year as a result of the pandemic.
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Further Reading: Unilever’s $275 Million Mexican Investment
Unilever announced on Thursday it would invest 5.5 billion Mexican pesos ($275.2 million) to expand the production capacity of its four manufacturing facilities in the country over the next three years.
Though e-commerce reshaped retailing in the US and Europe even before the pandemic, a confluence of economic, financial and logistical circumstance kept the South American nation insulated from the trend until later.
This week’s round-up of global markets fashion business news also features Korean shopping app Ably, Kenya’s second-hand clothing trade and the EU’s bid to curb forced labour in Chinese cotton.
From Viviano Sue to Soshi Otsuki, a new generation of Tokyo-based designers are preparing to make their international breakthrough.
This week’s round-up of global markets fashion business news also features Latin American mall giants, Nigerian craft entrepreneurs and the mixed picture of China’s luxury market.