- Executing on store network expansion and focusing on maximizing existing store performance
- Diversifying product sources by adding South Asia and Europe for broader product assortment and supply chain risk mitigation
- Expanding the customer base with a larger product mix at multiple price points that appeals to more customers looking for the discount value proposition on higher valued items
- Announcing leadership change in Chief Financial Officer position
Toronto, Ontario--(Newsfile Corp. - June 14, 2022) - PesoRama Inc. (TSXV: PESO) ("PesoRama" or the "Company"), a Canadian company operating dollar stores in Mexico under the JOi Canadian Stores brand, is pleased to provide an update on the Company's growth strategy, recent expansion, how it is enhancing the customer experience to drive organic growth, and its initiatives to further optimize operations.
Executing on Store Growth
PesoRama is scaling a sizable network of stores across Mexico in a country where there is no national dollar store chain, unlike the rest of North America where tens of thousands of dollar stores already exist. The value proposition that the Company offers through its JOi Canadian Stores is unparalleled in the Mexican market. Its stores continue to see increased demand as inflation adds financial strain to the everyday consumer.
"We know the business model works, it's been proven in other markets, and we've now brought the concept to the Mexican market with the goal of expanding the store footprint across the country," said Erica Fattore, President & Chief Executive Officer of PesoRama.
Leveraging PesoRama's first mover advantage to fill the retail gap and meet the demand by the Mexican consumer, the Company recently opened its 19th JOi store in April and its 20th store in May. Its newest store located in Cuemanco, a burgeoning business hub in southern Mexico City, sets the precedent as the Company's first street front location, which expands the Company's store location strategy from stores situated solely within shopping centres to the inclusion of street front and standalone locations. Street front exposure is an important step for the Company as it builds brand recognition and drives customers traffic intentionally versus conveniently when situated in an enclosed mall.
"We have recently seen tremendous success with our standalone store at Cuemanco and intend to move forward with the addition of this type of model to our next round of store builds," stated Erica. "Street front and standalone locations provide heightened brand awareness, immediate customer service and an opportunity for a surge in traffic and an increase in customer frequency."
Maximizing In-Store Sales
PesoRama remains committed to its overall store growth strategy while also maximizing its sales strategy in existing stores.
As part of the store maximization strategy, the Company has added various new brands and products to store shelves to better serve customer needs and wants. The Company has also started sourcing products from both South Asia and Europe, as a diversified supply chain is a critically important and proactive step to give customers access to more merchandise and product variety. The Company also recently introduced multi-price points which increases product assortment, customer transaction value, and the opportunity to capture more of the market with higher value items at discounted prices.
"Customer service and the overall customer experience are also at the forefront of our ongoing strategy," continued Erica. "It is critical for our employees to deeply understand all components of the overall dollar store business. We strive to empower our employees and to give them the tools to grow, to deliver outstanding customer service and to be a strong cohesive workforce. Ongoing training enables operational improvements at all levels and allows our employees to deliver an enhanced in-store customer experience. This in turn can translate into further revenue for the Company through a heightened JOi brand experience, the potential for higher sales per trip, and repeat customers."
Transition of Chief Financial Officer
The Company also announces that PesoRama's Chief Financial Officer ("CFO"), Lynn Chapman, has stepped down effective June 13, 2022. Lynn was providing CFO services to the Company on a contract basis and has taken on an advisory role until June 30, 2022 to ensure a smooth transition of this office. A search to fill the CFO role is currently underway.
About PesoRama Inc.
PesoRama, operating under the JOi Canadian Stores brand, is a Mexican value dollar store retailer. PesoRama launched operations in 2019 in Mexico City and the surrounding areas targeting high density, high traffic locations. PesoRama's 20 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 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/127741
