El Palacio de Hierro successfully heads its official opening in León

What: El Palacio de Hierro, a luxury department store chain, is set to open a new store in León

Why it is important: This expansion signifies the brand's commitment to growth and enhancing its presence in key markets, catering to the high-end consumer demand in the region

El Palacio de Hierro is on track to inaugurate its new store in León, located inside the Plaza Mayor shopping centre, on September 26, 2024. The luxury department store chain has been developing this project for two years, and the new store will feature over 18,000 square meters across three levels. Currently, a "click&collect" point is operational at the location, allowing customers to access the digital catalog and pick up purchases. With this opening, El Palacio de Hierro will have 14 department stores across Mexico, including in major cities like Mexico City, Puebla, Guadalajara, and Monterrey. The company has reported a net profit of 515 million pesos for the first quarter of 2024, a 39.5% increase from the same period in 2023, underscoring its strong financial performance and strategic expansion efforts.