- Introduction of multi-price points to increase product assortment
- Two new JOi Canadian Stores opening this Spring
- PesoRama leverages synergies in supply chain, logistics, shipping transport and trade service levels with strategic partner in the retail sector
Toronto, Ontario--(Newsfile Corp. - April 7, 2022) - PesoRama Inc. (TSXV: PESO) ("PesoRama" or the "Company"), a Canadian company operating dollar stores in Mexico under the JOi Canadian Stores ("JOi") brand, is pleased to announce the introduction of multi-price points at all 18 stores. The Company also announces the opening of two new stores this Spring (store #19 will open in April) and a strategic partnership to leverage synergies across the supply chain.
Multi-Price Points to Enhance Product Mix and Value
The expansion of the Company's value proposition will significantly increase transaction size, drive new traffic into JOi and overall increase revenues and sales per square foot. Additional price points allow the Company to increase product assortment while maintaining high quality and value. The newly added price points will be 30 and 35 pesos and the Company will look to test additional price points in the future. The rollout of multi-price is currently underway and multi-price visibility will increase over the coming weeks as new items arrive.
"We are thrilled to enter this next phase of growth and expansion as PesoRama solidifies its place in the Mexican market," said Erica Fattore, President & Chief Executive Officer of PesoRama. "By pursuing a multi-price point strategy, it positions us to capture more of the market and allows us to offer our customers more of the products they need and want. It allows us to broaden our product range, increase the growth of new categories across all departments, and enables us to add new value for our loyal customers. In addition, multi-price points give us added flexibility in managing costs in an inflationary environment. We will always be the leaders on opening price point. Our customers understand that JOi offers the best value for their money."
JOi Canadian Stores in Mexico
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5801/119532_a2dd411204b86a52_002full.jpg.
Two New Store Openings in Spring 2022
The Company is pleased to reveal that it will be opening two new JOi stores as it continues to grow the only large-scale chain of dollar stores in Mexico. The next store opening will be located in the city of Cuernavaca, the capital of Morelos State. The Grand Opening is planned for this weekend (April 9th and 10th). In addition, the Company will be opening its 20th JOi location in Cuemanco, Mexico City, later this Spring.
JOi offers an unmatched value proposition in the Mexican market. Discounted general merchandise and everyday high-quality staples at affordable prices cater to a wide array of client segments. By strategically targeting high-traffic, easily accessible locations close to established major retailers with a complimenting client mix, the Company is able to attract customers who desire convenience and consistency.
Strategic Supply Chain Partnership
The Company has entered into an arrangement with a strategic partner which enables PesoRama to leverage freight cost efficiencies and service levels in supply chain and distribution logistics.
"This supply chain partnership allows the Company to leverage the economies of scale and service levels of an established retail conglomerate. This is a value creation relationship and significant win for a growing company like PesoRama," said Abdul Bawazeer, Chief Strategy Officer of PesoRama. "An efficient supply chain is critical to any retail consumer goods operation and particularly so with the low price point business model. As supply chain pressures have been felt by everyone around the world, this arrangement is an enhancement to our supply chain core competency that distinguishes us in the Mexican market."
About PesoRama Inc.
PesoRama, operating under the JOi Canadian Stores brand, is Mexico's only true dollar store retailer. PesoRama launched operations in 2019 in Mexico City and the surrounding areas targeting high density, high traffic locations. PesoRama's 18 stores offer consistent merchandise offerings which include items in the following categories: household goods, pet supplies, seasonal products, party supplies, health and beauty, snack food items, confectionery and more.
For further information please contact:
Rahim Bhaloo
Founder & Executive Chairman
rahim@rahimbhaloo.com
416-816-3291
Erica Fattore
President & Chief Executive Officer
erica@joi.mx
Alyssa Barry
Investor Relations
investors@pesorama.ca
Cautionary Note
This press release contains "forward-looking information" within the meaning of applicable securities laws, including, among other things, statements regarding the Company's multi-price point strategy, pricing and sales strategies and forecasts, planned expansion, new store openings and expected future developments and other factors that have been considered appropriate. While the Company believes that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements, including due to changes in consumer behaviour, general economic factors, the ability of the Company to execute its strategies, the availability of capital and the risk factors which are discussed in greater detail in the "Risk Factors" section of the Company's prospectus dated January 31, 2022 and filed under the Company's profile on www.sedar.com. The statements in this press release are made as of the date of this release. PesoRama undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of PesoRama, its securities, or its financial or operating results (as applicable).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/119532
