El Palacio de Hierro is on track to open its revamped Polanco flagship on Nov. 5.
“The brands are now fine-tuning their spaces and we expect to deliver consignment and multibrand sections in September when the store will go through merchandising,” said communications director Françoise Lavertu.
The opening of the 637,200-square-foot store, which cost $300 million to triple in size, will be accompanied by a major ad campaign to launch Oct. 26, which will see the 13-strong chain surpass past spending on such initiatives. The blitz will feature three unnamed models in TV, digital, cinema and print spots, Lavertu said. It will be shot in the store and around Mexico City.
The highly watched opening in the city’s well-heeled Polanco quarter is expected to attract senior luxury industry executives as well as celebrities. There is speculation that actor Daniel Craig will attend, since he will be in town the week before to promote his new James Bond movie “Spectre,” which was partly shot in Mexico City. It will also be a busy week as the Formula 1 Grand Prix, which will debut in the city on Nov. 1.
The Polanco opening comes as El Palacio de Hierro is having a good year, with retail prospects brightening in Mexico after a lackluster 2014.
“We are doing super well,” Lavertu said. “We’ve been having 20-plus percent growth since January and the key luxury brands that have always done well are doing even better.”
Lavertu said El Palacio has expanded its consumer credit offer and that while the country’s economy is doing marginally better than last year, “people are feeling more confident after a year and a half of feeling lousy. They are being very resilient. It’s a joy of life.”