El Palacio de Hierro was founded in 1891 in Mexico City by two Frenchmen inspired by the Parisian department store Le Bon Marché. Palacio de Hierro, the country’s largest retail chain, brought progress, and many Mexicans believe it is critical to the country’s national legacy. “Soy totalmente Palacio” (I am Palacio) has become part of the company’s overall ethos.