French architect Paul Dubois designed the store in art nouveau style, featuring dual stained-glass ceilings by Jacques Grüber[1] (1870-1936) of Nancy, France, and which opened for business on October 14, 1921.

[4][5] Nowadays, El Palacio de Hierro is part of Grupo BAL, a Mexican conglomerate with interests in insurance, mining and retail.

Product lines are broader than those carried by U.S. department stores today, including full ranges of electronics (televisions, laptops, cellphones), large home appliances (white goods, small appliances, furniture and home furnishings and accessories, mattresses, domestics (bed linens, towels), sporting goods, books and magazines, candy, gourmet food, wines, and liquors.

Palacio is the only Mexican department store chain that carries and in many cases, hosts in-store boutiques for, a broad range of global luxury brands.

In late 2023, for example, the chain featured Louis Vuitton, Gucci, Carolina Herrera, Saint Laurent Paris, Alexander McQueen, Dolce & Gabbana, Ferragamo,Givenchy, Chloé, Balmain, Golden Goose Deluxe Brand, Moschino, and Rimowa on its website.

[7] Other brands carried in recent times have included Bvlgari, Bottega Veneta, Hermès, Tiffany's, Cartier, Esprit, Max Mara, BCBG Max Azria, Emporio Armani, Fendi, Gucci, Tory Burch, Prada, Ermenegildo Zegna, Ralph Lauren, Chanel, Versace, Swarovski, Burberry, Escada, Juicy Couture.

But Palacio also carries many upper middle-range brands such as Emilio Pucci, Michael Kors, Tommy Hilfiger, and Spain-based Carolina Herrera, Adolfo Domínguez, Purificación García[es] and Mango.

[12] There are 4 other full-line Palacio branches in Greater Mexico City, and like the Mitikah store, each anchors an upscale mall across the metropolitan area's affluent western half: Perisur (1980), Santa Fe (1993), Satélite (1998), and Interlomas (2011).

In 2001, Grupo Palacio de Hierro opened its first freestanding branded boutiques: Mango in the Centro Coyoacán mall and Springfield in Galerías Monterrey.