Proliferation of Malls Shakes up Retail Sector

In Costa Rica the strong growth of retail space within large malls is leading to transfers, remodeling, and new tactics to attract tenants, and an increase in the number of vacant units.

Monday, January 28, 2013

Elfinancierocr.com reports that "The ‘theft’ of tenants by new malls and the exodus of other brands to smaller formats are just two of the effects of the boom in malls in the country."

"... One of the immediate consequences has to do with an increase in the rate of available store spaces in the commercial sector. According to information from Colliers, up to last December, the industry closed with a rate of 2.5%, while a year ago the figure was 2%. The calculation takes into account not only the vacant sites in existing shopping centers, but also those which have not yet opened in the new malls. Though the increase is not alarming, it is significant if you take into account that a worrying level would be close to 5%."

The change in the commercial property sector also has to do with the rise of "plazas", both small and medium sized [shopping centers].

¿Busca soluciones de inteligencia comercial para su empresa?



More on this topic

Shopping Centers: Post Covid-19 Opportunities

January 2021

Designing or adapting properties to be of mixed use, offering more entertainment options and mixing in an adequate way the type of tenants to whom the premises will be rented, are strategies that could give a new boost to shopping centers.

The pandemic drove consumers away from shopping centers, as government home quarantines in the region, the rise of e-commerce, and bans on people from visiting these facilities significantly affected mall operations.

Shopping Centers: Unemployment Rate Concerns

September 2020

As a result of the crisis, in Costa Rica in June of this year the rate of availability of premises in shopping centers climbed to 11.8%, a proportion of concern because a healthy level should not exceed 10%.

The phenomenon, which is not new in the country, has worsened in the context of the covid-19 outbreak, since in mid 2019 it was reported that in the last year the unemployment of commercial premises in Costa Rica was on the rise, a behavior that was explained in part by the country's economic situation and by changes in consumer preferences.

Concern Over Commercial Vacancy Rate

May 2019

In the last year, the number of vacant commercial premises has increased in Costa Rica, behavior that is partly due to the economic situation of the country and changes in consumer preferences.

Figures from Colliers International specify that in the last two years the rate of availability of commercial premises in the country has registered an upward behavior, since in the first quarter of 2017 a rate of less than 4% was reported, and from January to March 2019 that proportion went up to 8%.

More Luxury Shops in El Salvador

May 2012

Grupo Roble has begun the expansion of the Multiplaza shopping centers in Antiguo Cuscatlan and remodeling in Metrocentro in Santa Ana and San Salvador.

"For Multiplaza, which has 250 stores, new stores will open such as Victoria's Secret, Nike Store, Gap, La Senza, Banana Republic, Aldo, CAT, and Converse, among others, explained Alberto Poma, CEO of Grupo Roble.

ok