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Elektra (stores)

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Elektra, S.A.B. de C.V.
Company typePrivate
IndustryRetail
Founded1950
FounderHugo Salinas Price
HeadquartersMexico, Mexico City
Key people
Hugo Salinas Price (founder)
Ricardo Salinas Pliego (president)
ProductsMobile Devices, Appliances, Toys, Motorcycles, Forniture
BrandsItalika
Banco Azteca
WebsiteOfficial website

Elektra is a Mexican retail chain founded in 1950 by Hugo Salinas Price in Mexico City. The company is part of Grupo Elektra[1] and has nearly 1,300 locations across Mexico, Guatemala, and Honduras.[2] Elektra offers a variety of products, including household appliances, computer systems, consumer electronics, mobile phones, motorcycles, furniture, toys, and money transfer services.[3]

History

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Origins

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The company was founded in 1950 by businessman Hugo Salinas Price as a small appliance store in Monterrey, Nuevo León.[2] Elektra became the first company to produce televisions for the Mexican market.[4][5] Later, it introduced a monthly-payment plan as part of its service offerings.[5]

In 1956, the company opened its first retail store. Over time, new locations for public access began to open, and additional products like furniture and home accessories were added to its catalog. Due to the decrease of wholesale sale, the company shifted its focus to a retail model.[4]

Expansion

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After applying for credit from foreign banks in the early 1960s, the company increased its sales by 40%, expanded the variety of products in its catalog, and extended its operations nationwide.[4] By 1964, the company already operated sixteen stores. Under Hugo Salinas Price's leadership, Elektra grew to 59 points of sale in Mexico.[1]

In the mid-1980s, Hugo Salinas Price passed the management of the company to his son, Ricardo Salinas Pliego, who became Elektra's president in 1987. Since then, the company has expanded internationally, opening branches in several Central and South American countries (which later closed).[1] In 1999, Elektra acquired 94.3% of the capital of Salinas y Rocha, a store chain founded in 1906 by Benjamín Salinas Westrup,[6] through an auction.

To capitalize on the e-commerce sector, Elektra restructured its online store in 2017, transforming it into an e-commerce platform.[7] A year later, the company was awarded the title of e-commerce leader in retail in Mexico by the Mexican Association of Online Sales (AMVO) and the Latin American Institute of Electronic Commerce (eCommerce Institute).[8][9]

Present

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In 2022, Elektra ranked 73rd on Expansión magazine's list of the 500 most important companies in Mexico. A year later, it was included in Time magazine's ranking of the best companies in the world, compiled in partnership with the data provider Statista.

According to the 2022 annual report, the company operates 1,275 points of contact, with 1,167 located in Mexico and 108 in Guatemala and Honduras. It also has twelve distribution centers in Mexico and seven in Central America.[10]

Products and services

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Elektra initially focused on the sale of radio and television equipment,[4] but over time, it expanded its product and service portfolio. At the present, it specializes in household appliances, consumer electronics, furniture, motorcycles, mobile phones, toys, computer systems, bicycles, electronic funds transfers, extended warranties, and more.[3] According to official company data, Elektra sells nearly 1 in 4 televisions, 1 in 5 refrigerators, and 7 out of 10 motorcycles in Mexico.[11]

Elektra's products primarily target the C and D+ segments of the population, representing middle to lower-income groups,[3][12] while the products offered by the Salinas & Rocha chain target the C+ and C socioeconomic levels.[5]

Sustainability and ethical values

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As part of Grupo Salinas, in 2018, Elektra joined the United Nations Global Compact, committing to its ten principles in areas such as human rights, labor, the environment, and anti-corruption.[13] According to official data, the company has invested 113 million Mexican pesos in environmental management, with 35% of the energy used in its processes coming from renewable sources.[14] Elektra also adopted the recommendations of the Task Force on Climate-related Financial Disclosures for the "analysis of climate change risks and opportunities".[15] In 2022, Elektra was recognized with the Socially Responsible Company (ESR, by its Spanish acronym)[16] distinction, awarded by the Mexican Center for Philanthropy (CEMEFI, by its Spanish acronym).

Elektra has worked closely with the Fundación Azteca campaign, a corporate social responsibility organization founded in 1997 by Grupo Salinas, on various social outreach and environmental protection programs in Mexico and Central America.[17][18][19]

Awards and Distinctions

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Year Award and/or Organizer Category Ref.
2018 eCommerce Awards Mexico Leading eCommerce retailer in Mexico [9]
2020 Great Place to Work Part of the list of the best companies to work for in Mexico [20]
2022 ESR Distinctive Part of the list of the leading companies in sustainability [16]
Expansión Magazine Part of the list of the most important companies in Mexico [21]
2023 Time (magazine) and Statista Part of the list of the World's Best Companies in 2023 [22]
Merco Talent Ranking Part of the list of companies with the greatest ability to attract and retain talent [23]
Merco Companies and Leaders Ranking Part of the list of the top 10 self-service and departmental companies [24]

References

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  1. ^ a b c "Cómo se hizo millonaria la familia de Ricardo Salinas Pliego". Infobae. April 29, 2021. Retrieved October 31, 2024.
  2. ^ a b Berwick, Jeff (May 19, 2011). "An interview with Hugo Salinas Price on a return to a Silver Mexican Peso". The Dollar Vigilante (TDV).
  3. ^ a b c "División Comercial". Grupo Elektra. Retrieved October 31, 2024.
  4. ^ a b c d "Hugo Salinas Price y Familia". Centro Ricardo B. Salinas Pliego. Retrieved October 31, 2024.
  5. ^ a b c "Suplemento Definitivo Grupo Elektra" (PDF). Grupo Elektra: 1–35. 2016.
  6. ^ "Salinas y Rocha: Historias de familia". Expansión. September 20, 2011. Retrieved October 31, 2024.
  7. ^ Juárez Escalona, Claudia (August 15, 2018). "Elektra lanza su plataforma de comercio electrónico". El Economista.
  8. ^ Lara, Rosalía (August 14, 2018). "'Las 500' de Expansión: Elektra, el inesperado gurú digital". Expansión.
  9. ^ a b "Se conocieron los Ganadores de los eCommerce Awards México 2018". eCommerce Award. March 17, 2018. Retrieved October 31, 2024.
  10. ^ "Operational Report of Grupo Elektra" (PDF). Grupo Elektra: 1–23. 2022.
  11. ^ "Él es el arquitecto del negocio llamado Elektra". Capital México. August 23, 2018. Retrieved October 31, 2024.
  12. ^ "Elektra: ¿por qué después de 20 años cerró todas sus tiendas en Perú?". La República. June 16, 2023. Retrieved October 31, 2024.
  13. ^ "Grupo Salinas renueva compromiso con el pacto de las Naciones Unidas". ADN40. April 22, 2021. Retrieved October 31, 2024.
  14. ^ "Sustentabilidad de Grupo Salinas". Grupo Salinas. Retrieved October 31, 2024.
  15. ^ "Informe de Sustentabilidad 2021" (PDF). Informe de Sustentabilidad del Grupo Elektra: 1–162. 2021.
  16. ^ a b "Empresas líderes en sustentabilidad reciben el Distintivo ESR 2022". Newsweek. May 23, 2022.
  17. ^ "Red Social Azteca". Fundación Azteca. Retrieved October 31, 2024.
  18. ^ "Fundación Azteca Guatemala destaca en su labor de sostenibilidad". Prensa Libre. August 30, 2022. Retrieved October 31, 2024.
  19. ^ "Fundación Azteca lanza la iniciativa Escuelas del Futuro". Vértigo Político. October 14, 2023. Retrieved October 31, 2024.
  20. ^ "Tiendas Elektra es reconocida como una de las mejores empresas para trabajar en México". Grupo Salinas. Retrieved October 31, 2024.
  21. ^ Echeverría, Mara (July 7, 2021). "Elektra: la evolución de la firma de Salinas Pliego para ganar en el e-commerce". Expansión – via October 31, 2024.
  22. ^ "Empresas mexicanas destacan en el ranking de las mejores compañías del mundo". El Economista. September 19, 2023.
  23. ^ "Elektra escala posiciones en la tabla Merco Talento 2023". ADN40. June 28, 2023. Retrieved October 31, 2024.
  24. ^ "Empresas de Grupo Salinas destacan en los rankings de Merco". Grupo Salinas. Retrieved October 31, 2024.

External sites

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