new stores opened in 2012

The Board of Directors Report
to the Shareholders’ Meeting

We grow,

to be closer

to the

customer.

Mexico is a very extensive country, with a broad base of currently developing middle-class families who constitute the Country’s social and economic foundation.

It is this expanding group that motivates our actions; we envision important potential for growth in locations in which we are already present, as well as in new localities.

During 2012, we opened nine stores in the cities of Villahermosa, Guadalajara, San Juan del Río, Veracruz, Playa del Carmen, León, Ciudad Jardín in the State of Mexico, Campeche and the Ithsmus in the State of Oaxaca.

We also added three more shopping malls –Galerías Acapulco, Zacatecas and Celaya– to our portfolio, bringing it up to 19 units currently in operation.

Liverpool Veracruz El Dorado

Liverpool Puebla

We keep our facilities up-to-date and functional. To this end, during 2012, we expanded Liverpool Insurgentes to include direct access to the Federal District Subway System’s Insurgentes Station; Liverpool Polanco and Santa Fe in Mexico City; Puebla, Metepec and Monterrey Galerías in other Mexican cities; and the Perinorte mall.

We now have 93 stores, plus six more with a duty-free format, located in 56 cities throughout the Country, with a footprint of 1,330,000 square meters of sales floor, which is 12.1% more than in 2011. The gross leasing area in our shopping malls increased to 336,000 square meters, for a 17.0% growth over 2011.

The location of our stores is a very important factor that favors the customers’ visits. Urban spaces in Mexico are becoming more and more extensive and sophisticated, which is why we make an effort to provide our customers with a larger number of choices of shopping destinations.

We recognize and appreciate the Country’s demographic and climatic differences, understanding the customers’ tastes and needs, which is why we have continued to invest resources in the development of models of allocation and assorting of merchandise to the Chain’s stores.

All of the Company’s actions are focused on pleasing the customer. We bring the customer closer to new, high-quality, world-class merchandise, in ever expanding physical and virtual spaces.

1.3

million

square meters
of selling space

336

thousand

square meters of GLA