Tucson retailers keeping close eye on strengthening Mexican peso - Tucson News Now

Tucson retailers keeping close eye on strengthening Mexican peso

Many Tucson businesses hope Mexican peso continues to strengthen. (Source: Tucson News Now) Many Tucson businesses hope Mexican peso continues to strengthen. (Source: Tucson News Now)
TUCSON, AZ (Tucson News Now) -

The dollar has been losing strength against the Mexican peso, according to University of Arizona researchers who call it great news for local businesses.

There are lot of Tucson businesses that keep a close eye on the value of the peso because fluctuations in the value affect the bottom line. 

Victoria Gonzalez has been in business more than 20 years.

She owns Xanadu Salon and Spa in Tucson, a popular destination for Mexican visitors.

"I do watch the peso because I'm looking into bringing clients from Hermosillo and Nogales," Gonzalez said.

According to the Arizona-Mexico Commission website, the latest uptick followed a long period where the peso's value suffered against the dollar.

"I know when the peso is doing good because that's when I see more business," Gonzalez said. "When the peso started doing really bad, I haven't seen none of my clients from Mexico--none of them. I just lately started seeing a couple."

Gonzalez says she hopes the peso continues strengthening.

She's not the only one.

"We know that Mexican visitors spend over a billion dollars a year in Pima County alone, here in the Tucson region. Our retailers realize that, our restaurants, our hotels," said Tucson Hispanic Chamber President/CEO Lea Marquez Peterson.

"We had seen a major peso devaluation over the last couple of years. So it's great and I think very positive to see this increase in the value of the peso," Marquez Peterson said.

"Everybody benefits when the peso has a good value," Gonzalez said.

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