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
Mexico’s Polytechnic Institute and local company NC-Tech to create industrial training center 4.0
Mexico, Dec. 14 (Notimex).- The School.
MEXICO TO REGULATE ENTRY AT SOUTHERN BORDER
Mexico ’s top security official said.
Mexico has the potential to become the main supplier of cannabidiol (CBD) in the world
Cannabidiol is a raw material derived.
AMLO asks Mother Earth’s permission to build Maya Train project
Mexican president Andrés Manuel López Obrador.
Mexican model Vanessa Ponce de Leon wins Miss World 2018 beauty contest
A Mexican model and volunteer was.
Christmastime in Mexico is full of traditions
To say that Mexico is a.
Puerto Vallarta Wins 2018 Gay Cities ‘Fun in the Sun’ Award
Puerto Vallarta, Mexico – The warmth Puerto.
Battle between the US & Mexico over the US Dolphin Safe label comes to an end
More than a decade since Mexico.
Mexico will host international Solar Power Fair in 2019
Mexico will host one of the.
Fentanyl lab busted in Mexico City
The Attorney General’s Office (PGR) has.