Opportunities exist in times of crisis or big change, evidenced by Elektra’s expansion during one of the most turbulent decades in modern Mexican history, the 1990s. As I already said, at that time, approximately 80% of Mexico’s population had no credit rating and even though they had jobs, they were not considered credit-worthy by large banking institutions or retails chains. As a result they couldn’t borrow money and lacked the opportunity to establish themselves on the socio-economic map. They did not even have the means to purchase household goods from most of the major department stores in Mexico.

Then, when the financial crisis happened in December 1994, unemployment rose to an all-time high, the Mexican banks were sucked dry, ...

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