ELMSFORD, N.Y.--(BUSINESS WIRE)--Party City Holdco Inc. (NYSE:PRTY), as part of its strategy to expand its global retail presence, today announced the opening of its first location in Mexico with its strategic franchise partner Grupo Oprimax. With extensive experience in developing and managing leading retail brands throughout Mexico, Grupo Oprimax has a deep understanding of the Mexican consumer and will bring the Party City format to this market by applying its management expertise and discipline.
Party City already distributes party supplies to department and specialty retail stores throughout Mexico. The opening of the first brick-and-mortar Party City store in Mexico signifies the beginning of an 80-store rollout strategy for this market.
Party City’s first store in Mexico is in the city of Metepec in the Pabellón Metepec shopping center, a premier shopping center with co-tenants including Nike, Sky Zone, Chuck E. Cheese, Starbucks and a Cinemex movie theatre. The store is designed and developed much like a Party City store in the United States, from both a product and appearance perspective. Customers will find the same key programs offered in Party City stores in the U.S. including extensive juvenile birthday licenses, metallic balloons, Color City, Favor City, solids and more. This first store had a soft opening on March 4, 2016 and had the official Grand Opening event this past weekend.
Party City’s second Mexico location is under construction and is scheduled to open on June 20, 2016 in the municipality of Interlomas, located just west of Mexico City.
Jim Harrison, CEO of Party City Holdco Inc. said, “I am very excited to bring our Party City brand into Mexico and this first store is only the beginning of our long-term strategy to grow our presence in Mexico and Latin America over the coming years. We have a strong reception from Hispanic consumers and Mexico is a prime market for our product offering given the country’s festive culture and affinity for throwing large parties. Our wholesale business will begin by supplying approximately 50% of the products sold in these franchise locations which should grow over time.”
About Party City
Party City Holdco Inc. (the “Company” or “Party City Holdco”) is the leading party goods company by revenue in North America and, we believe, the largest vertically integrated supplier of decorated party goods globally by revenue. The Company is a popular one-stop shopping destination for party supplies, balloons, and costumes. In addition to being a great retail brand, the Company is a global, world-class organization that combines state-of-the-art manufacturing and sourcing operations, and sophisticated wholesale operations complemented by a multi-channel retailing strategy and e-commerce retail operations. The Company is the leading player in its category, vertically integrated and unique in its breadth and depth. Party City Holdco designs, manufactures, sources and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery throughout the world. The Company’s retail operations include approximately 900 specialty retail party supply stores (including approximately 180 franchise stores) throughout North America operating under the names Party City and Halloween City, and e-commerce websites, principally through the domain name PartyCity.com.