Word: descuento
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...country's smartest bankers, learned to swim in its prodigious and often corrupt oil industry. But while many of Venezuela's business and financial titans have chafed under the left-wing revolution Hugo Chávez began a decade ago, Vargas and his Banco Occidental de Descuento (Venezuela's fifth largest) have thrived. (See a video clip of Barack Obama meeting Hugo...
...studying their price cuts and pragmatic merchandising. "This is a revolution that is here to stay.'' Jeronimo Arango Jr. wrote his two younger brothers in Mexico City. "We'll go into it when I get back." They did, opening Latin America's first tienda de descuento in Mexico City. Today, having been paid the flattery of imitation by dozens of other Latin American stores, the pioneering Arango brothers-Jeronimo, 37, Placido, 32, and Manuel, 26-are Latin America's biggest discounters, with 1962 sales of $16.6 million. This week their Almacenes Aurrera, or Forward Stores...
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