Shopping centers in Latin America - statistics & facts
The first shopping centers appeared in Latin America in the late 1960s in Mexico and Brazil. Since then, boosted by a growing middle class, the shopping mall industry in the region continued to grow. Contrary to the traditional U.S. model where shopping centers were anchored by major department stores like JC Penney or Macy’s, in many Latin American countries malls are commonly anchored by a variety of businesses such as grocery stores, fitness centers, healthcare facilities, and office space.
In the region, Mexico has the highest number of shopping malls and Mexico City alone held over 7.2 million square meters of shopping center retail estate in 2022. However, Chile had the highest shopping center density, beating Mexico with its seven registered malls per one million population.
When it comes to Colombia, the Unicentro shopping mall in Bogotá registered the highest revenue in 2022. In terms of footfall, however, it was Plaza Imperial that recorded the highest visitor numbers in the capital that year.
Leading shopping centers
Contrary to what might be expected, Latin America’s largest mall is not located in the region’s major economies, but the isthmus land of Panama. Albrook Mall, in Panama City, had over 300 thousand square meters of gross leasable area (GLA), followed by Leste Aricanduva, in São Paulo Brazil, with nearly 250 thousand square meters of GLA.When it comes to Colombia, the Unicentro shopping mall in Bogotá registered the highest revenue in 2022. In terms of footfall, however, it was Plaza Imperial that recorded the highest visitor numbers in the capital that year.
