Flat-screen televisions and computers are big sellers at Flexi Compras, a store-within-a-store at the Albertsons off Zafarano Drive.

"All I can say is that we have hundreds of customers already," said store manager Jose Ramirez.

The Texas-based, rent-to-own retailer began leasing about 800 square feet from Albertsons about four months ago. The store's target customers are Hispanic shoppers, especially immigrants familiar with the concept of buying furniture and appliances from a vendor within a food store.

Company founder Howard Hambleton, who lived in Mexico City for three years, saw the format in Mexican grocery stores and brought it home. He opened his first store nine years ago in Dallas. Today, there are about 140 Flexi Compras stores (the name means "flexible purchase") in Texas, New Mexico, Arizona and Nevada. Besides the Santa Fe store, there are two locations in Albuquerque and one each in Las Cruces and Los Lunas. All opened in the past four months. The chain has been growing through partnerships with companies such as Albertsons, Best Buy and Wal-Mart.

Hambleton "saw the Hispanic community was underserved in terms of electronics," said Gene Moll, regional director for Flexi Compras.

Besides creating partnerships with large companies, Hambleton also started offering computer classes in a predominantly Hispanic district in Dallas, Moll said, adding, "Howard is a gringo who has a deep affection for the Hispanic community."

Hambleton also knows that Hispanics have money to spend.

According to a report on the shopping habits and spending patterns of Latinos by market-research firm Packaged Facts, Hispanic consumers accounted for more than 9 percent of total buying power in the U.S. in 2009, compared to only 3.8 percent in 1980. In this study, buying power is defined as "disposable personal income."

Hispanic buying power, currently in excess of $1 trillion, is projected to reach $1.3 trillion in 2015, the study says.

The most influential segment of the Hispanic market comprises Latinos of Mexican heritage. Their buying power is $616 billion, according to Packaged Facts.

But Latino customers don't always have credit cards or the cash to buy an item outright. Flexi Compras allows them to take the item home and pay for it over time. The store verifies the shopper's place of employment and checks personal references, but it does not check credit history.

Customers, however, pay a little more for the convenience of low weekly payments.

For example, a 42-inch plasma television sells for about $650 at Flexi Compras, compared to about $480 at Baillio's Appliance & Electronic Specialists on Cerrillos Road. And Baillio's also has a financing option and a layaway plan, said store general manager Mike Baca.

The rent-to-own option can be a good alternative for people who don't have the necessary credit history or the money, or who need an item immediately, said Mike Mykris, director of the Santa Fe Small Business Development Center at Santa Fe Community College.

For example, the large plasma televisions at Flexi Compras can be purchased in weekly installments as low as $25.

"Companies make money by inflating the price, so they can make three to four times over what they pay for [the item]," Mykris said. "Some people think that's terrible, but for people who can't afford a new refrigerator ... or don't have a credit card, this is an option. Plus, you tend to buy more than you need; $25 a week doesn't seem much, so you buy more."

Mykris said that in order to get the best deal, consumers should shop around, read the contract carefully and do price-comparison shopping before heading to a rent-to-own business.

Store manager Ramirez, who has been in the rent-to-own industry for 15 years, said customer service is another reason Hispanic shoppers choose Flexi Compras.

"My priority is to make them know they are important," he said.

His staff is bilingual, and applications are printed in both Spanish and English. And he pays attention to the entire family. "A lot of the Hispanic clientele [shop] with the whole family," Ramirez said. "I love the fact that they [are] surprised when they see someone is willing to make them a priority. Many have had bad experiences."

It's an "error" to ignore this growing population and its purchasing power, Ramirez added.

Albertsons spokeswoman Christine Wilcox said the partnership with Flexi Compras is an effort to "offer products and services that our customers will enjoy, find useful."

Shopper Miriam Pérez recently stopped by Flexi Compras to look at laptops for her 12-year-old son, César Romo.

"I'm looking for a computer for my son. He needs it for school," Pérez said. "Buying here might work for me because the payments are more affordable."

Jose Marquez, who has purchased at Flexi Compras on three different occasions, visited the store last week and purchased a couch and a love seat.

"I was here shopping for groceries and decided to stop by since I've shopped here before," Marquez said. "I think this is great for the neighborhood."

Contact Sandra Baltazar Martínez at 986-3062 or smartinez@sfnewmexican.com.