Toronto, Ontario--(Newsfile Corp. - April 8, 2022) - PesoRama Inc. (TSXV: PESO) ("PesoRama" or the "Company"), a Canadian company operating dollar stores in Mexico under the JOi Canadian Stores ("JOi") brand, today announces the opening of store #19 in Cuernavaca, Mexico. Cuernavaca is in an easily accessible, high traffic shopping centre with a diverse tenant mix of big box and smaller stores.
"We are excited to announce the opening of a new store in the capital of Morelos state, south of Mexico City," said Erica Fattore, President & Chief Executive Officer of PesoRama. "As we look to strategically expand across Mexico, the Cuernavaca store represents the broad appeal of our brand and expansion potential. As an equal opportunity employer, our stores benefit local communities by hiring women in key roles and offering carefully curated affordable products that appeal to local tastes."
"As the only operator of dollar stores in Mexico, PesoRama has first mover advantage and ambitious growth plans to serve the opportunity presented by the Mexican retail market," said Rahim Bhaloo, Founder & Executive Chairman of PesoRama. "The Mexican retailing gap provides us with an opportunity to significantly scale our stores across the country in the months and years ahead, mirroring the success of dollar stores in Canada and the United States. On the heels of our recent public listing, our expansion shows our strategy is uniquely meeting the needs of the purchasing power of Mexico's growing middle class."
Watch a video of the new JOi store in Cuernavaca: https://pesorama-inc.wistia.com/medias/5ufssqm283
PesoRama's JOi Canadian Store located outside Mexico City in Cuernavaca in Portal D10 Regional Mall
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Join Our Live Stream on Instagram!
A live stream of the ribbon cutting and mariachi band will be held on JOi's Instagram page on Sunday, April 10, 2022 at 3 PM local time in Mexico City (4 PM ET). Join us in celebrating and follow along on Instagram: joi.canadian.stores.mx_
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 19 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/119744
