• Most Popular
  • Most Shared

Mexico's Geo to sell homes through retailers

Tue Apr 28, 2009 5:32pm EDT

Stocks

   

MONTERREY, Mexico, April 28 (Reuters) - Mexico's Geo said on Tuesday it has opened in-store shops at two of the country's leading retailers, taking advantage of their heavy store traffic, to boost its sales of homes to low-income earners,

Geo (GEOB.MX), which focuses on homes that sell for under $45,000, plans to open 30 booths at supermarkets owned by Wal-Mart de Mexico (WALMEXV.MX) and 140 more at Elektra (ELEKTRA.MX), the retail arm of the business empire run by tycoon Ricardo Salinas Pliego, this year.

Walmex, a unit of U.S. giant Wal-Mart Stores (WMT.N), is the leading retailer in the Mexican market. It has 1,220 stores across the country and customers visited its supermarkets, restaurants or clothing stores by over a billion times in 2008.

Once a client is deemed credit-worthy, Geo will send a representative to his or her home to work on final documents.

Geo reported on Monday a 3.6 percent rise in first quarter earnings thanks to its reinforced strategy to sell cheap homes, a segment where mortgages are still readily available despite the financial crisis.

Geo shares were up 2.32 percent at 17.61 pesos shortly before markets closed on Tuesday. (Reporting by Gaby Lopez; Editing Bernard Orr)



More from Reuters

A Greenpeace activist dressed as one of the "Four Horsemen of the Apocalypse" rides outside the parliament building during a brief protest in Copenhagen December 13, 2009. REUTERS/Christian Charisius

The face of climate protest

Protesters around the globe called for an end to global warming as climate talks in Copenhagen entered their sixth day.  Video 

    Climate conference
    In this photo reviewed by the U.S. Military, a guard leans on a fencepost as a Guantanamo detainee (L) jogs inside the exercise yard at Camp 5 detention center, at the U.S. Naval Base in Guantanamo Bay, January 21, 2009. REUTERS/Brennan Linsley/Pool

    Life after Guantanamo

    Critics are worried that Gitmo prisoners once dubbed "enemy combatants" will be using prisons as pulpits for anti-American rhetoric once they're moved to U.S. soil.  Full Article 

    U.S.
    Lockheed Martin Chief Executive Robert Stevens answers a question during the Reuters Aerospace and Defense Summit in Washington December 14, 2009. REUTERS/Molly Riley

    Lockheed eyes deals

    The future demands of cybersecurity make that sector one of many the aerospace giant sees as an acquisition target in the coming year.  Full Article 

    Aerospace and Defense Summit