Mexico’s retail association ANTAD will miss its 2014 sales target as the economy sputters, the president of the group said on Tuesday.
Get our news delivered to your inbox every morning. Click here to signup
The group, which includes department stores and major chains such as Wal-Mart de Mexico and Soriana , posted a combined same-store sales increase of 0.6 percent through October, compared with a target of 1.7 percent for the year, group President Vicente Yanez said.
“We’re not going to meet the target that we established at the beginning of the year…we’re far from that,” Yanez said during an interview on Radio Formula.
Last week Mexico’s central bank Governor Agustin Carstens said the bank would adjust its economic growth forecast for this year, following many analysts who have already scaled back their expectations and voiced concerns about the impact a flare up of violence in the country may have on the economy. (Reporting by Adriana Barrera; Editing by Alan Crosby)