There are curently 34 shopping mall projects under construction in Mexico right now comprising a total of 15.8 million square feet of leasable retail space expected to be completed in 2018. That is roughly twice the amount of mall square footage delivered last year, according to MAC Arquitectos, a Mexico City design firm and consultancy.
In the U.S., by contrast, one quarter of the country’s roughly 1,200 malls are expected to close over the next five years, according to a recent Credit Suisse report.
Part of the reason is simple supply and demand. The U.S. is vastly over-retailed, with nearly 2,751 square feet for every 1,000 people in 2017, compared with just 210 square feet per 1,000 inhabitants in Mexico, according to brokerage JLL.
What’s more, a growing middle class in Mexico is gravitating toward more formal retail—shops and malls instead of the urban outdoor markets, also known as tianguis, that dot the cities across the country.
The “shopping Mall” concepto is evolving in Mexico, instead of relying on big department store anchors to drive foot traffic to smaller apparel shops, shopping malls in Mexico have grocery stores, play areas for children, sit-down restaurants, and yes, even roller-coasters.
more recommended stories
Prisma Hotel Group announces investment of 357 million for remodeling hotels nationwide
With the objective of always providing.
Trump’s ‘Tent Cities’: where unaccompanied minors are kept in South Texas
According to Esquire: Beyond the moral and.
“Mayas y Piratas” Festival in Chetumal
The Bay of Chetumal will host.
The current ESAY premises will be turned into the new University of the Arts
“The transformation of the Higher School.
Growth in tourism is expected in Valladolid during the summer holiday season
After carrying out various promotional activities,.
TIME Magazine Powerful Cover: Welcome to America
It is of public knowledge, Donald.
More employment opportunities in Yucatán
Yucatan registered a favorable 18% trend.
PROFEPA seizes wild animals in Motul, Yucatán
During an inspection visit in response.
In press release, CONAGUA discards versions of “water privatization” in Mexico
The ten Water Reserve Decrees published.
Campeche shows the highest growth in FDI at national level
Campeche was the entity that grew.