Grupo Palacio de Hierro SAB de CV engages in the operation of a chain of department stores. It operates through the following business segments: Commercial and Real Estate. The Commercial segment operates department stores, restaurants, and boutiques; also handles credit operations. The Real Estate segment manages the properties such as shops and shopping centers. It also sells clothes, cosmetics, electronics, furniture, and other non-food products. The company was founded by Victor Gassier in 1850 and is headquartered in Mexico City.