Downtown shops feeling effects of peso devaluation

Some local businesses say holiday sales are down.

One factor: The value of the peso has dropped significantly in recent weeks.

Honking and holiday music fill the air as shoppers look for bargains from downtown merchants..

Business owners say they’re already feeling the effects of the peso’s devaluation.

“There’s been very few customers,” said Elizabeth Carrillo.

Carrillo is the manager at Mi Sol.

The shop sells clothes, blankets and hats among other things and although the register keeps ringing Carrillo said, “Right now it’s Christmas. People are still buying
but I have to worry about sales after Christmas.”

“That news is really negative for business,” said Han Park owner of a downtown electronics store.

Park says a slow economy on top of the peso losing value has already begun to affect his business.

“Approximately 15 percent down in sales,” said Park.

Park told ABC-7 during the holidays customers usually look for higher priced items. “Now they are looking for inexpensive items,” said Park.

The slow sales and the declining value of the peso are also concerning Park for the months ahead.

“In January how can I imagine how many people are going to buy merchandise or not. I don’t know,” said Han.

Pesos are trading at nearly 15 per dollar, down from 13 in September.

The worldwide drop in oil prices is blamed for pushing down the currencies of many petroleum-dependent economies.