GICSA: top 10 clients in Mexico

Main clients of GICSA include Grupo Inditex (fashion), Cinemex (entertainment), Unifin (finance), Kavak (automotive) and El Palacio de Hierro (departmental).

Other major clients include Grupo Axo (fashion), Procter & Gamble (consumer goods), Cinépolis (entertainment), Coppel (departmental) and Avon (beauty).

GICSA is a company engaged in the development, investment, marketing and operation of shopping centers, corporate offices and mixed uses in Mexico.

As of December 31, 2022, the company had interests through its subsidiaries in 17 operating properties, consisting of 11 shopping centers, five mixed-use properties and one corporate office building, with a total Gross Leasable Area (GLA) of 950,461 m2 and a Proportional GLA of 811,336 m2.

GICSA’s shopping centers are generally characterized by their large size and the presence of department stores and movie theaters.

The company is a strategic partner of anchor stores such as Liverpool, El Palacio de Hierro, Sears, Sanborns, Cinépolis and Cinemex, as well as prestigious brands such as Adidas, Calvin Klein and Forever 21, and leading retail groups such as Grupo Inditex, Grupo Alsea and Grupo Axo, among others, who participate either as owners of their facilities or as long-term tenants.


As of December 31, 2022, GICSA’s top 10 ABR-based tenants were: El Palacio de Hierro, Grupo Inditex, Cinemex, Cinépolis, Coppel, Grupo Axo, Chedraui, H&M, Kavak and Procter & Gamble.

All of them lease an ABR of approximately 193,000 m2 , representing 26% of GICSA’s ABR.

Individually, none of GICSA’s customers accounted for more than 4.2% of its ABR as of December 2022.

As of December 31, 2022, the company received approximately 71% of its fixed rental income in pesos and approximately 29% in dollars.

Its leases in shopping centers generally have a fixed and a variable rent component. However, when the tenant is a service provider such as banks, government offices, and cellular telephony, the company usually charges only a fixed rental amount.

In other cases, when the company introduces a new shopping center concept or enters a new market, it occasionally charges only a variable amount of rent.

GICSA’s variable rent ranges between 2.3 and 18 of the revenues generated by that tenant.


Redacción Opportimes