Over the past five years, Mexico's retail market has experienced unprecedented transformation, largely driven by the COVID-19 pandemic. The global health crisis dramatically altered consumer habits and business strategies, forcing companies to quickly adapt to an uncertain environment and redefine their sales channels. While many businesses had to suspend or downscale their operations, others successfully reinforced their presence through e-commerce and service digitalization, competing in a digital market previously dominated by giants like Amazon and Mercado Libre.

The performance of some of Mexico's leading retail firms, such as Alsea, Liverpool, Suburbia, and Walmart, is a testament to the resilience and adaptability of the industry in the face of unprecedented challenges.

According to SiiLA, these companies rank among the top 15 with the largest gross leasable area (GLA) in the retail sector in Mexico, representing 19% of the GLA in the country's major shopping centers. Since 2019, their total sales have grown between 37% and 205%, with a significant boost in digital sales. According to financial reports from these companies, their digital sales previously averaged around 12% of their total revenue, but that figure has now doubled.

This growth is not an isolated case. Data from the Mexican Association of Online Sales (AMVO) shows that in 2023, Mexico led global growth in online sales. That year, digital sales in the country increased by 24.6%, reaching 658.3 billion pesos (around 37.8 billion dollars). This remarkable progress places the country ahead of emerging economies like the Philippines and Malaysia, confirming that e-commerce, spurred by the pandemic, is not only here to stay but remains an essential driver of retail growth in Mexico.

The retail real estate market has shown significant recovery in this context of adaptation and resilience.

According to SiiLA Market Analytics, current vacancy levels in Mexico's major shopping centers, below 8%, are similar to those in mid-2020, when the pandemic severely impacted global economies, and vacancy rates hovered around 7%. In fact, over the last eight quarters, vacancy rates in these shopping centers have dropped by more than 35%, reflecting an increasingly stable retail real estate market.

The growth of digital sales has not only boosted the retail sector but also driven a significant expansion in the industrial sector. This is evident in the large-scale acquisitions of industrial properties by companies like Amazon, Liverpool, and Mercado Libre. For instance, Liverpool’s first PLAN facility spans a massive 230,000 square meters of GLA, and Amazon and Mercado Libre have established multiple facilities across Mexico, ranging from 20,000 to 95,000 square meters.

Moreover, the transportation and logistics industry has experienced a staggering growth of approximately 53% between the second quarter of 2019 and 2024. This growth is primarily attributed to the surge in e-commerce, which has significantly increased the importance of logistics in the supply chain.

Today, companies seek strategic locations for their distribution centers to reach customers more quickly and efficiently. According to SiiLA, this has led to higher demand for logistics spaces near urban centers and high-consumption areas.