12 Malls Account for a Quarter of Retail Space in Mexico’s Key Markets: How Big Are These Urban Giants?

Mexico boasts 12 colossal malls, including Centro Santa Fe and Plaza Satélite, spanning over 100,000 square meters. The sheer grandeur of these spaces is something to behold. Have you ever visited one?

These massive properties are so large that some could fit four Zócalos, Mexico City’s central square. Imagine walking more than 1.7 kilometers surrounded by shops and restaurants—chances are, you’ve already done so in one of these retail giants.

Luis and Mauricio Amodio Herrera own the construction company Caabsa, which manages Centro Santa Fe. Photo: SiiLA.

By: SiiLA News

11/26/2024

Visiting a shopping mall might seem like an ordinary activity, but trips to the largest malls in Mexico are actual urban expeditions. In these giants, where endless corridors beckon and every corner is designed to grab your attention, time takes on a different meaning.

According to SiiLA data, Mexico’s major commercial real estate markets—Mexico City, Monterrey, Guadalajara, and Querétaro—host 12 monumental shopping centers with over 100,000 square meters of gross leasable area (GLA). These properties account for a quarter of the retail space in these regions.

The largest, like Centro Santa Fe (198,000 square meters) and Plaza Satélite (183,000 square meters), dominate the urban sprawl around the capital. Each is so immense that they could fit more than four Zócalos and still leave space for ample parking. Walking through their main corridors—without stopping—would take about 30 minutes at a steady pace of 4 km/h. But of course, nobody visits a mall just to walk. Time dissolves among window displays, stores, restaurants, and activities like movies or games, making visits of two, three, or even four hours commonplace. In some cases, a whole day may not be enough to explore everything these massive centers offer.

Did you know that walking the perimeter of these properties equals over 1.7 kilometers? That’s more than four laps around an Olympic track—surrounded by boutiques, cafés, and escalators.

Plaza Satélite. Photo: FIBRA Soma.

It’s no coincidence that Mexico City hosts most of the country’s largest shopping centers. The city’s history with malls began over 50 years ago when the country’s modernization reshaped its urban landscape. Plaza Universidad, Mexico’s first shopping mall, opened in 1969, marking a new way of shopping away from the hustle and bustle of downtown. Plaza Satélite opened in 1971 shortly after, catering to the growing middle-class suburbs. These projects sought to decentralize commercial activities and offer a new urban experience: modern, accessible spaces designed for leisure.

Today, three out of four malls larger than 100,000 square meters are in Mexico City. Nine of the country’s 12 “mega malls” are located in the capital, including giants like Parque Las Antenas, Mundo E, and Mítikah, each with areas ranging from 120,000 to 150,000 square meters. Other notable malls include Parque Tepeyac, Paseo Interlomas, Parque Delta, and Parque Tezontle, each spanning between 100,000 and 120,000 square meters.

Beyond Mexico City, other malls also stand out. Galerías Monterrey in Nuevo León spans over 110,000 square meters, while Guadalajara’s Distrito La Perla and Andares offer luxury, entertainment, and retail spaces of up to 130,000 square meters. While less numerous, these complexes are vital to their regions, serving as urban landmarks and gathering places.

Distrito La Perla. Photo: La Perla.

Did you know that a third of these massive malls were built before the year 2000, between the 1970s and 1990s? These pioneers marked the beginning of modern retail in Mexico. Another third emerged between 2005 and 2011, solidifying the model, while the remaining were delivered over the last five or six years, reflecting a shift towards more integrated and sophisticated formats.

Despite their impact, mega malls are not the norm in the country. According to SiiLA Market Analytics, the average shopping center in Mexico spans about 40,000 square meters, making them medium to large-sized properties. This diversity stems from the variety of formats in the market. Community centers, which account for 38% of the market, are compact and functional, with spaces between 17,000 and 18,000 square meters. Regional malls comprise 21% of the inventory and exceed 60,000 square meters. Finally, with a more exclusive focus, lifestyle centers represent 18% of the market and average around 40,000 square meters.

Smaller than the mega malls, these formats dominate Mexico’s commercial landscape. This reflects strategic diversification: while some properties focus on size and the ability to host multiple businesses, others stand out by redefining the consumer experience with unique concepts.

To learn more about retail trends in Mexico, visit SiiLA REsource or contact us at contacto@siila.com.mx.

Latam

Mexico

National

Retail

Market Analytics

Market Trends

ABOUT SiiLA

Founded in 2015, SiiLA is the industry leading REsource for comprehensive commercial real estate market insights, news and events across Latin America. The SiiLA suite of innovative products drive greater accuracy, efficiency, and strategic advantages for top players in the commercial real estate industry.