Satisfying Hispanic Markets
Reworking your business and marketing to better fit your customers’ needs is generally wise–and it looks like Wal-Mart is testing how to better serve Hispanic customers in two markets.
The largest U.S. retailer plans to open two Hispanic-focused supermarkets this summer, dubbed Supermercados de Walmart. The stores will be in Hispanic neighborhoods in Phoenix and Houston. They will have different products, layouts and a bi-lingual staff.
The U.S. Hispanic population has grown by 20% over the last four years, according to a free report from Experian. Some other tidbits from the report:
– The fastest growing Hispanic age group is age 45 to 54 (up 44% since 2004).
– More than 25% of the Hispanic population reports using a credit card 1 to 5 times in the last 30 days.
– Compared to the average U.S. adult, Hispanics are more likely to shop frequently and to buy “in the spur of the moment.”
– Compared to the average U.S. adult, Hispanics care more about brand names and are more willing to pay more for environmentally-friendly products.
Wal-Mart has been one of the few U.S. retailers to see sales increase in recent months. It will be interesting to see if its two new stores prosper or falter. If they are a big hit, you might want to consider expanding into the growing Hispanic market with a tailor-made approach.
Categories: Consumer Marketing hispanic, wal-mart
