By Dalila Ical.: The number of visitors to the Corozal Commercial Free Zone has dropped resulting in decreased business for the 350 stores there.
The reason, according to Free Zone Chief Executive Officer Raul Fabian Rosado, is the devaluation of the Mexican peso.
In February of this year, the peso had fallen to a historic low point of 19.44 pesos to the US dollar, making a slight recovery to 17.81 pesos to the dollar in early March.
This, said Rosado, has reduced the buying power of Mexicans. “We have seen a decrease in the amount of visitors we have had before. We understand and we do not shy from the truth that we are going through trying times but, however, we have been trying to see how we could work along with the investors in making sure that together we can find ways to weather this economic instability that we have and make sure that we prepare to better this,” he noted.
Before the devaluation took effect, the zone would see between 1,500 to 2,000 visitors over a weekend. That number has dropped significantly.
A similar situation was weathered in 2010 but business slowly picked up as the peso recovered.
Rosado says that from last year, the board sat down to review the trends in the zone, including importation, visits and sales. The decision was taken to make two major investments, being in infrastructure and marketing. Work has begun on those and it is expected that business will recover soon.
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