As part of the process of economic reactivation, starting October 12, Panama will be allowed to reopen swimming pools, cinemas, theaters, museums, galleries, hotels, casinos and tourist sites with closed structures, at 50% of their capacity.
The National Government issued Executive Decree No. 1142 of October 7, 2020 in the Official Gazette, which authorizes the reactivation, operation and mobilization of people in hotels, motels, rural hostels, lodging sites and complementary services, details an official statement.
As the restriction and quarantine measures taken to prevent the spread of covid-19 in the Central American economies are relaxed, cinema ticket sales are forecast to fall by 6%.
Using a demand-income sensitivity model developed by the Trade Intelligence Unit of CentralAmericaData, it is possible to project the variations that household demand for different goods and services will undergo as the most critical phases of the spread of the covid19 are overcome and the measures restricting mobility in the countries of the region are lifted.
A shopping center is planned to be built in the municipality of Chimaltenango that will house a supermarket, shops, banks, restaurant area and a parking lot with capacity for 750 vehicles.
According to the interactive platform "Construction in Central America" from the Trade Intelligence Unit of CentralAmericaData, Axiomas de Negocios, S.A. submitted to the Ministry of Environment and Natural Resources the Environmental Impact Assessment (EIA) to develop the project called "Centro Comercial Chimaltenango."
On November 8, the Pradera Vistares shopping center was opened in Zone 12 of the capital, which required a $53 million investment.
Pradera Vistares is part of a mixed-use complex, which includes residential spaces. In October 2017 CentralAmericaData reported that Inmobiliaria Vistares, S.A.
In Zacapa, the Multi-Proyectos shopping center opened its doors. It has 77 stores, movie theaters, food court area and other amenities, in a total area of 14,800 square meters.
Directors of Corporación Multi Inversiones (CMI) explained that the construction of the new shopping center took 11 months and required a $16 million investment.
The economic slowdown, together with the growing supply of audiovisual content platforms, explains part of the downward trend that shows the business in Costa Rica since 2016.
Businessmen in the sector believe that another factor affecting the decline in business is that they depend on the production of high quality movies or blockbusting, usually produced by U.S. firms.
The expansion of a Shopping center in the department of Quetzaltenango, contemplates the construction of 16 thousand square meters and is expected to invest about $6.5 million.
Representatives of La Trinidad Shopping center, which is located in the municipality of Coatepeque, reported that the expansion consists of the construction of 25 shops, 14 kiosks and movie theaters, works that will be completed by mid 2020.
Plans are underway to build a 32 thousand square meter shopping center in Managua, which will house around 100 stores, restaurants and a hotel.
Representatives from Grupo Multicentro announced that in two weeks they will start construction of the shopping center called "Centro Mall", which will be located in front of the El Periodistaroundabout and will offer 100 stores, restaurants, cinemas and a hotel.
In the country there are 19 cinema complexes with 142 projection rooms, a figure surpassed in the region by Guatemala and Costa Rica alone, where there are 149 and 144 rooms, respectively.
The number of audiovisual projection rooms or screens could reach 150 at the end of the year, when the new branch of Cinépolis in Costa del Este will be inaugurated.
In Costa Rica an international promotion plan is being developed to position the country as a destination for film production, a sector in which about 200 companies operate locally.
Despite the fact that a process has been under way for several years to create a conglomerate of Costa Rican companies dedicated to this activity in the country, in order to boost business by attracting foreign production companies to make films in the country, a commission has now been created at the governmental level, with a budget for international promotion and a work plan.
After several months of negotiations, Grupo Cinépolis has announced that in an alliance with another Mexican company it has acquired the mall, previously owned by the Waked group.
The transaction comes one year after the US Treasury Department's Office of Overseas Assets Control (OFAC) authorized the inclusion of Soho Mall Panama assets into a trust fund in order to facilitate the sale process.
In the last five years, 25% was growth registered in the number of people who attended the cinema, and new investments in more screen rooms are planned for 2017.
Projections for the end of the year are that over 6 million people will have visited the cinema, thanks to the opening of new rooms, explained Michael Joseph, CEO of United International Pictures (UIP), to Martesfinanciero.com.
A proposal has been made to amend the legislation to improve incentives and increase the number of international producers who choose the country as a location for their films.
A the moment, Law 16 of April 27, 2012 is in effect, which was enacted in order to promote the production of local and international cinema in the country. Data from Anpanama.com indicates that in recent years more than 50 films have been produced, which have generated revenues of around $20 million. The proposal now is to improve incentives, offering "... a return of 15% of the budget to those productions that exceed US $3 million."
The chain Cinepolis plans to open four new theaters in 2015 in Guatemala, one in Honduras, two in Panama and 30 new screens at a shopping center in Costa Rica.
Parallel to this expansion plan in the region, representatives from the Mexican chain Cinepolis said they are evaluating whether to make new investments in El Salvador, where they already have a 43% share in the cinema market.
Construction has begun of a shopping center measuring 2 thousand square meters and containing 146 stores, located in the west of the capital, with an investment of $50 million.
The company Spectrum, in charge of developing the project, estimated that the Naranjo Mall shopping center will be ready in December 2015. This mall will be 27 thousand square meters of retail space and 1,600 parking spaces.