Bloomberg BusinessWeek, 11/15/2012
In 1970, Enrique Coppel Tamayo introduced a credit card that allowed his working-class customers to buy clothing and furniture at a handful of retail stores he owned in Culiacan, Mexico.
With Mexico’s economy rebounding from the 2009 recession, and unemployment declining, the country’s consumers have more cash to spend on household goods. Coppel’s department stores across the country give the poorer among them the chance to buy a sofa-bed or an iPhone in small payments over six to 18 months. The Coppel empire has expanded despite the surge in violence in their native state of Sinaloa, home to the cartel of Joaquin “El Chapo” Guzman, Mexico’s most-wanted druglord.