Same-store sales in Mexico to rise 10.6% in 2022, Reuters says

© Reuters. FILE PHOTO: People stand in line as they wait to pay at a supermarket due to the coronavirus outbreak in Mexico City, Mexico, March 13, 2020. REUTERS/Henry Romero

MEXICO CITY (Reuters) – Retail sales in Mexican stores rose 10.6% in 2022 from a year earlier, as the highest inflation in more than two decades pushed up prices, Mexico’s trade association ANTAD said on Wednesday, and sales are expected to decline in 2023.

In 2022, sales in the retail group’s member stores amounted to 1.43 trillion Mexican pesos ($76.08 billion).

The retail group said in a statement that rising consumer prices were partly responsible for last year’s sales growth, as headline inflation reached 7.82% in December.

Still, sales growth slowed slightly from the 13% increase seen in 2021, a year when retail began to recover from a pandemic setback but was hampered by supply chain issues.

Same-store data reflects sales at stores that have been open for at least one year, excluding the 1,390 new ANTAD member stores that opened in 2022.

ANTAD counts nearly 47,000 stores nationwide as members, including chains like Soriana and Chedraui, but not including retail giant Walmart (NYSE: ) Mexico.

ANTAD predicts that in 2023, same-store sales will grow by 5.2% compared to last year.

Data released Tuesday by Mexico’s national statistics agency showed headline inflation accelerated in the first half of January, the first monthly increase since September and beating market expectations.

Last year ended with an annual same-store sales increase of 9.0% in December.

($1 = 18.7958 Mexican pesos)

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