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MEXICO CITY — Mexican retailers face sales declines of up to 70 percent this year as COVID-19 continues to rip through Latin America’s second-largest economy with no signs of easing.
“We have started to reopen in phases, but there is still a lot of uncertainty,” said Marcela Muñoz, a retail analyst with Vector Casa de Bolsa brokerage, adding that leading department stores such as Liverpool or El Palacio de Hierro have been hit hard by the pandemic.
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“Department store sales declined 50 percent last month on a same-store basis and they had to stay closed in April and May,” said Muñoz. She added that May turnover recovered compared to April, when it fell 73 percent.
Sales are also expected to gradually increase this month as the government allowed some retailers to resume operations this week after three months of lockdowns.