The value of the Mexican peso has dropped significantly in recent weeks. The currency closed at a little more than 13 pesos to the dollar on the spot market. Several store managers in downtown Brownsville are already feeling the effects of the decreased value of the Mexican peso. They are not selling like they used to because people are just not shopping!

A Friday meant business for Gigante's owner Daniel Hong, but today, it was everything but. His store was nearly empty and he says that's how it has been for the last few days.

“It’s been a significant decrease. You can see a lot less traffic outside as well. It’s visually there.”

In just two days alone, Hong tells us he has seen a significant drop in sales. His sales have dropped 30%. That’s on top of the 30-40% drop he saw last year. With the Mexican peso devaluing, he has now stopped accepting pesos. He says he will continue to turn those customers away until the value increases.

Brownsville resident says she has Mexican pesos but refuses to use them until the value changes. Belen Escamilla went from store to store in downtown Brownsville this afternoon but left with nothing. With prices so high nowadays, she says she has cut back on spending.

But she's not alone because Ana Ramos feels the same. She also has cut back on spending. She says she does not go out to eat or take trips as often as she did in the past.

As downtown stores suffer from the decreased value of the peso, mayor of Matamoros, Erick Silva, tells us Matamoros will benefit. He explains the people that used to cross the border to shop in the U.S. will stay in Matamoros to shop there instead. That will help the economy, especially restaurants and shopping malls.

But Hong hopes this peso crisis is only temporary. he says he has a lot invested in his store and would hate to shut down.