Mexico City has 800 shopping centers with 35 million m2

Mexico City has about 800 shopping centers that together cover 35 million m2, according to data from Colliers International, reported by Grupo GICSA.

In its Overview of the Retail Market 2H 2020 CDMX report, Colliers International reports that the commercial market of Mexico City increased its sales floor in shopping centers by more than 381,000 m2 and the occupancy rate averaged 90 percent.

Likewise, the franchise section grew 4%, in addition to the expansion of some companies.

Shopping centers

Colliers International also mentions that 1.6 million m2 under construction and 1.3 million m2 under development were monitored.

At the end of December, there were 800 shopping centers with a profitable surface close to 25 million m2, being Mexico City and the metropolitan area where the largest amount of supply is concentrated, representing about 31% of the total and 28% in the Metropolitan area.

According to the GICSA Group, population growth, improved economic conditions and the consolidation of comprehensive business concepts in the last decade have allowed business activity to become increasingly common in formal spaces in various segments and concepts.

With this, the attributes and prices of commercial spaces have changed from the specifications and requirements of small tenants, to an orientation based on location, accessibility, parking and flow generated by the commercial mix.

During 2019, large companies achieved the incorporation of around 500,000 m² to the inventory of commercial spaces, which represents an annual growth of 2.1% compared to 2018.

In addition, it has the presence of new international luxury brands, opening their first boutiques in large cities or tourist centers such as Mexico City, Guadalajara, Monterrey and Cancun.

From the GICSA Group angle, the Mexico City Metropolitan Area will continue to lead in attracting international brands, mainly luxury brands.

Some examples of expansion by private brands within the Mexican Republic are: Ikea in 2021, H&M, which by the end of 2019 had 45 stores and Grupo INDITEX, which had eight brands and 440 stores in the country.