Mexican retailers hit by economic woes

ANTAD, the Mexican national retail federation, has altered its same-store sales forecast for 2008 in the wake of the slowing global economic climate.

The organisation has revealed that it is anticipating sales at member retail groups to drop by 1 per cent, as opposed to its initial estimation of 1 per cent growth, according to Reuters.

The fall in sales is a result of soaring food and energy prices and families receiving less money from relatives abroad, resulting in consumers cutting back on spending, the federation said.

ANTAD members include leading supermarket groups Walmart de Mexico, Soriana and Comercial Mexicana.

Same store sales are used to measure comparative sales performance, and are recorded at outlets open for a minimum of 12 months.