The news comes to no surprise as downtown businesses have been experiencing a decrease in shoppers due to the weak rate of the peso.
Many shoppers took advantage of the liquidation sale this week as the store was selling all their merchandise at very reduced prices. Many consider the news of the store closing down a sad indication of the future of the retail business downtown. Payless was one of the last remaining large retail chain stores downtown.
According to store management, the six remaining staff members have been relocated to the Mall de las Aguilas location.
Rising prices in Mexico have also attributed to weak retail sales in the border region. The peso has shown some signs of recovery in 2017. The peso rose 0.7 percent against the dollar on Monday; it was the latest leg of the peso’s 16 percent rally against the dollar in 2017. Currently one dollar will buy 17.87 pesos.