Business

The retail group says same-store sales in Mexico will grow 10.6% in 2022. According to Reuters



© Reuters. FILE PHOTO: People wait in line to pay at a supermarket due to the coronavirus outbreak in Mexico City, Mexico March 13, 2020. REUTERS / Henry Romero

MEXICO CITY (Reuters) – Mexico’s same-store retail sales rose 10.6% in 2022 from the previous year, as the highest inflation in more than two decades sent prices soaring, the association of retailers said. Mexican retailer ANTAD said Wednesday, with sales expected to decline in 2022. 2023.

In 2022, sales at the retail group’s member stores totaled 1.43 trillion Mexican pesos ($76.08 billion).

The retail group said in a statement that soaring consumer prices were partly to blame for last year’s sales growth, as inflation tops out at 7.82% in December.

However, the sales growth rate has slowed slightly from the 13% increase seen in 2021, a year in which the retail industry began to recover from setbacks due to the pandemic but was thwarted by the pandemic. supply chain troubles.

Same-store figures reflect sales at stores that have been open for at least a year, excluding 1,390 new ANTAD member stores opening in 2022.

ANTAD has nearly 47,000 stores across the country as members, including chains like Soriana and Chedraui, but not including retail giant Walmart (NYSE:) Mexico.

In 2023, ANTAD predicts same-store sales will grow 5.2% year-over-year.

Data released Tuesday by Mexico’s national statistics agency showed headline inflation accelerated in the first half of January, marking the first monthly increase since September and exceeding market expectations. .

Last year ended with a 9.0% year-over-year increase in same-store sales in December.

($1 = 18.7958 Mexican pesos)

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