PesoRama Announces Construction of 21st Store

  • PesoRama's 21st store is under construction and is expected to open in December 2022
  • Located in a busy neighbourhood Power Center in San Marcos, situated approximately 20 minutes outside of Mexico City
  • Other anchor tenants in the Power Center include Walmart, Home Depot & Office Max

Toronto, Ontario--(Newsfile Corp. - November 3, 2022) - PesoRama Inc. (TSXV: PESO) ("PesoRama" or the "Company"), a Canadian company operating dollar stores in Mexico under the JOi Dollar Plus brand, today announced that the Company's 21st store in Mexico is under construction. This new store is situated in the bustling Jardines de la Hacienda neighbourhood of San Marcos. This busy middle-class neighbourhood's premier shopping destination, Power Center San Marcos, offers a strong mix of retailers in an outdoor mall setting.

"After launching operations in 2019, we have targeted prominent neighbourhoods in Mexico City for our store locations as we continue to strengthen our brand awareness. The vibrant Jardines de la Hacienda neighbourhood in San Marcos fits our neighbourhood shopping model well, making this our 21st store location," said Erica Fattore, President & Chief Executive Officer of PesoRama. "The Power Center San Marcos is high traffic, easily accessible, and close to established major retailers, attracting customers who desire convenience, and consistency. Thank you to the entire team at PesoRama - we can't wait to celebrate the opening with you this December."

"We are excited that our 21st store is under construction and currently on track to open in the heart of the December holiday shopping season in Jardines de la Hacienda," said Rahim Bhaloo, Founder & Executive Chairman of PesoRama. "Our strategy is uniquely meeting the needs of Mexico's growing middle class, offering an unmatched value proposition in the Mexican market. As we continue to significantly scale across the country, we can celebrate the success of our growth-oriented business model and the opportunity that the Mexican market presents."

The store is located at Av Chalma 281, Jardines de la Hacienda, Cuautitlán Izcalli CP 54720, and is expected to open in December 2022.

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The Power Center San Marcos

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Aerial view of the Power Center San Marcos

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About PesoRama Inc.
PesoRama, operating under the JOi Dollar Plus brand, is a Mexican value dollar store retailer. PesoRama launched operations in 2019 in Mexico City and the surrounding areas targeting high density, high traffic locations. PesoRama's 20 stores offer consistent merchandise offerings which include items in the following categories: household goods, pet supplies, seasonal products, party supplies, health and beauty, snack food items, confectionery and more.

For further information please contact:

Rahim Bhaloo
Founder & Executive Chairman
rahim@rahimbhaloo.com
416-816-3291

Erica Fattore
President & Chief Executive Officer
erica@joi.mx

Alyssa Barry
Investor Relations
investors@pesorama.ca

Cautionary Note
This press release contains "forward-looking information" within the meaning of applicable securities laws, including, among other things, statements regarding the Company's planned expansion, new store openings and expected future developments and other factors that have been considered appropriate. While the Company believes that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements, including due to changes in consumer behaviour, general economic factors, the ability of the Company to execute its strategies, the availability of capital and the risk factors which are discussed in greater detail in the "Risk Factors" section of the Company's prospectus dated January 31, 2022 and filed under the Company's profile on www.sedar.com. The statements in this press release are made as of the date of this release. PesoRama undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of PesoRama, its securities, or its financial or operating results (as applicable).

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142848

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