Grupo Elektra reduces the number of its stores by 6.9%
Grupo Elektra registered a 6.9% year-on-year reduction in the number of its stores (contact points) in 2020, to 6,736 units.
The decrease results from the closure of 383 Purpose Financial contact points in the United States -in the context of strategies aimed at boosting online credit operations and strengthening the company’s operating efficiency-, as well as the closure of 318 contact points in Latin America derived, to a large extent, from the sale of Banco Azteca del Peru in the previous quarter.
On the one hand, Grupo Elektra increased 4.2% in the number of its stores in Mexico, to 4,960,
On the contrary, the number of stores in the United States fell 21.5%, to 1,398, and in Central and South America it fell 45.7%, to 378 units.
Grupo Elektra is a leading financial services and specialized trade company in Latin America, aimed at the C +, C, C- and D + socioeconomic levels.
In addition, it is the largest provider of short-term non-bank loans in the United States, targeting the country’s middle class.
Grupo Elektra
The main activities of the company and its subsidiaries are the following:
– Specialized trade (retail sale of goods and services; money transfers).
– Banking services (receiving deposits, accepting and granting loans and credits, attracting resources from the public, making investments in securities, carrying out repurchase agreements, issuing bank bonds and carrying out other multiple banking operations).
– Other financial services
These include: Short-term cash advances in the United States (“payday loans”).
- Insurance and reinsurance services in life and accident and illness operations, in the areas of personal accidents and medical expenses.
- Insurance, coinsurance and reinsurance services in damage operations, in the branches of civil liability and professional risks, maritime and transport, fire, automobiles, miscellaneous, earthquake and other catastrophic risks.
- Administration of resources of individual accounts for the retirement of workers.
- Brokerage house services.
