By  on September 30, 2013

Don Alberto Baillères, owner of the Grupo Bal conglomerate and among Mexico’s richest entrepreneurs, believes that El Palacio de Hierro transcends retailing. In his eyes, it’s a national institution that make Mexicans proud and has an emotional and cultural connection to the population.

“He is very rich, very private and very normal. I don’t think he thinks that differently from the rest of us,” said José Maria Blanco, chief executive officer of El Palacio de Hierro. “He’s told me that Palacio should not have too many stores. He says, ‘Palacio should be the best store. I don’t want it to be the largest store.’”

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