Grupo Salinas: A Century of Diversification and Growth
The story of Grupo Salinas is one of strategic evolution, transforming from a local retail venture into a diversified global conglomerate. With roots stretching back to the early 20th century, the organization has expanded its reach across retail, finance, media, telecommunications, and space technology.
The Foundations: From Salinas y Rocha to Grupo Elektra
The origins of the empire date back to 1906 in Monterrey, with the establishment of a store called Salinas y Rocha. Founded by businessmen Benjamín Ricardo Salinas Westrup and Joel Rocha, this venture laid the groundwork for the group's future commercial success.
By 1950, the organization entered a new era with the launch of Grupo Elektra, which initially operated as a radio factory. The company quickly scaled its operations, beginning the manufacture of television sets in 1952 and growing its workforce to 70 employees. By 1954, Elektra shifted toward a direct-to-consumer sales model, and in 1957, it introduced credit programs to make products more accessible to its customers.
The retail expansion was steady and significant. By 1968, Elektra operated 12 stores in the region, a number that grew to 59 by 1987. This growth culminated in 1993 when Grupo Elektra was listed on the Bolsa Mexicana de Valores (the Mexican Stock Exchange).
Expansion into Media and Finance
The 1990s marked a pivotal shift toward mass media. In 1993, Grupo Elektra acquired the government-owned television network Imevisión, rebranding it as TV Azteca. The network's growth was further accelerated in 1997 when it went public via an initial public offering on both the Mexican and New York stock exchanges.
The group also expanded its financial footprint. In 2012, Grupo Elektra acquired Advance America, a payday lender, for an estimated US$780 million, strengthening its presence in the consumer credit sector.
Telecommunications and the Leap to Space
Grupo Salinas ventured into the connectivity market in 2003 by purchasing the telecommunications firm Iusacell and the mobile phone company Unefón. These assets remained part of the portfolio until 2014, when both Iusacell and Unefón were sold to AT&T, subsequently becoming part of AT&T Mexico.
Looking toward the future of global connectivity, Grupo Salinas invested in OneWeb in March 2019. OneWeb is a company developing a satellite internet constellation—a network of satellites designed to provide broadband internet services globally. This investment was part of a larger US$1.25 billion funding round intended to build out the operational system following the successful launch of technology developed since 2015.
Key Facts
- Founded: 1906 with the store Salinas y Rocha in Monterrey.
- Retail Growth: Grupo Elektra grew from a radio factory (1950) to a public company (1993).
- Media Milestone: Acquired Imevisión in 1993 and rebranded it as TV Azteca.
- Financial Acquisition: Purchased Advance America in 2012 for approximately US$780 million.
- Telecom Shift: Sold Iusacell and Unefón to AT&T in 2014.
- Space Venture: Invested in OneWeb's US$1.25 billion raise for satellite broadband in 2019.
The following table summarizes the major milestones in the history of Grupo Salinas.
| Year | Event/Entity | Significance |
|---|---|---|
| 1906 | Salinas y Rocha | Founding of the original store in Monterrey. |
| 1950 | Grupo Elektra | Started as a radio factory. |
| 1993 | TV Azteca | Acquisition of Imevisión and rebranding. |
| 1993 | Bolsa Mexicana de Valores | Grupo Elektra goes public. |
| 2003 | Iusacell & Unefón | Entry into the telecommunications market. |
| 2012 | Advance America | Acquisition of payday lender for US$780 million. |
| 2014 | AT&T Mexico | Sale of Iusacell and Unefón. |
| 2019 | OneWeb | Investment in satellite broadband constellation. |
Frequently Asked Questions
How did Grupo Salinas begin?
The group began in 1906 with the founding of a store called Salinas y Rocha in Monterrey by Benjamín Ricardo Salinas Westrup and Joel Rocha.
What was the original purpose of Grupo Elektra?
Grupo Elektra started as a radio factory in 1950 before expanding into television manufacturing and direct-to-consumer retail.
When did TV Azteca enter the public market?
TV Azteca went public in 1997 with an initial public offering on the stock exchanges of both New York and Mexico.
What happened to Iusacell and Unefón?
Both companies were purchased by Grupo Salinas in 2003 and were later sold to AT&T in 2014, eventually becoming AT&T Mexico.
What is Grupo Salinas' involvement with OneWeb?
In March 2019, Grupo Salinas invested in OneWeb as part of a US$1.25 billion raise to develop a satellite constellation for global broadband internet services.