Economic Credits is now Crecos

For eight decades, Créditos Económicos was the leading trade name in the sale of household appliances and other products, but after two years of study, its directors decided to shorten those two words and rename the company Crecos, which has opened 11 new stores with investment so far in 2023 of 3.5 million dollars, as part of the expansion plan. However, this new name is not unfamiliar to many customers and suppliers, as it has been the name of the company for many years.

We’ve reduced the two words, which allows us to better reach new customers while maintaining our roots. It helps a lot more in graphic works, especially in digital media

Carlos Andrés Salame, Commercial Vice President of Crecos.

“In the natural evolution of the company, we saw the importance of rejuvenating the brand, maintaining more contact with our young customers, with current and future generations, but taking care to keep our essence, which is to provide the best customer experience anywhere. chain of retail“, explains Carlos Andrés Salame, Commercial Vice President of Crecos.

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The same night that this change was announced (August 3, 2023), all social networks were changed and the next morning the domain www.crecos.com was already with all the migrations of the Economic Credits website. “In the ambitious work of our internal teams, we also changed 19 warehouse signs that night. Currently, 95% of the stores already have a new name and we continue to progress”, adds Salame.

Carlos Andrés and his brother, who is the corporate vice president, belong to the third generation of a visionary family from Guayaquil, where their father is still the executive chairman.

An innovative idea in the 40s

The manager points out that evolution and innovation have always been present from the very roots, because the family business started in 1943 with his grandfather, Domingo Salame Hidrobo, who put into practice a revolutionary idea for that time: the sale of credit coupons that the customer used to buy in to any allied store in town, as if it were cash. “That person paid Economic Credits in installments, he didn’t sell products, he sold coupons equivalent to today’s credit card. Then he became aware of the most popular products that people were looking for, such as household appliances and furniture, in order to bring them and sell them directly”, recalls Carlos Andrés proudly.

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Later, Don Domingo opened the first warehouse building dedicated entirely to the department store, on Luque y Escobedo. Then, says the interlocutor, the first credit card for the specific consumption of household appliances arrived, Credicard, which is still valid, and in 2002 the first transaction site for purchasing household appliances was launched, which is today www.crecos.com.

Currently, this website not only offers the company’s products, but has also become a commercial platform for more than 300 suppliers, who sell their items to the end customer, who can pay with direct credit. So we have more than 10,000 products available in categories such as toys, perfumes, agricultural machinery, tools and more, explains the interlocutor.

Strategic alliance and certificate for a great place to work

A few days ago, Crecos, through the company Tech Led, signed an alliance with Barcelona Sporting Club to sponsor the institution’s electronic scoreboard; In addition, the brand will be on the uniform shorts and on the digital billboards on the field.

In addition, this year the company was certified as the fifth best company to work for in Ecuador, ranging from more than 500 associates; and it is also one of the best places to work for women.

The Price Eater is wearing a new shirt

The green character that was born in the 70s has evolved over time. “Now there is look different to reach children, he is a friend of the little ones who advises families to buy products that suit their needs. Now he has his Crecos T-shirt,” says Carlos Andrés, who remembers that the Price Eater monster had a different form at first. “Then he became a bit more of a child, more of a Martian and closer to his family. In 2020, he had a mask and a vaccine patch due to the pandemic; we also made several apps for Valentine’s Day, La Tri, Christmas and more. Ninja Price Eater is very popular and we use it on Black Friday,” he concludes.

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