A Few Giants, Thousands of Small Tenants: The Formula That Shapes Urban Retail

In Mexico’s major shopping centers, concentration doesn’t mean dominance: while a handful of giants support most of the space and income, thousands of smaller tenants drive traffic and variety. This duality—rather than a tension—is the invisible balance that defines the urban retail model.

Daniel Hajj Aboumrad leads América Móvil. Photo: SiiLA.

By: SiiLA News

11/07/2025

Today, less than 2% of tenants account for one-third of all stores and half of the occupied space in Mexico’s major shopping centers. Among them are two types: those who, with hundreds of small or mid-sized shops, amplify the mall’s reach and daily foot traffic; and those who, with just a few but vast locations, sustain its profitability.

According to SiiLA, more than 4,300 tenants operate around 14,000 stores in Mexico City, Guadalajara, and Monterrey, spanning a gross leasable area (GLA) of 5.6 million square meters.

By store count, América Móvil and AT&T lead with more than 130 each, followed by Starbucks, BBVA, and GNC, which operate between 80 and 100 locations across the country’s top malls. Together, these five brands operate close to 550 stores—nearly 4% of the total—but only occupy about 90,000 square meters, or 2% of the GLA.

Despite their widespread presence, their distribution varies. América Móvil keeps over 80% of its stores inside shopping centers; Starbucks maintains a 50-50 split between malls and standalone locations; and AT&T, BBVA, and GNC have between 20% and 35% of their branches located in malls.¹

The strategy behind that presence is as essential as the volume. While shopping centers channel audiences ready to spend, street-level stores integrate the brand into daily life, expand omnichannel reach, and deepen territorial penetration. The mix isn’t random: some spaces sell, others build positioning.

América Móvil and AT&T lead in number of stores across Mexico’s top malls.

At the other end of the spectrum are the anchors—mega and large-format stores. Though they represent just one in every ten locations, they account for seven out of every ten square meters of total commercial space. Leading this group are Liverpool, Cinépolis, Sears, and Walmart.

Beyond their vast footprint, their role in driving foot traffic is crucial. According to Grupo GDI, anchor stores can generate up to 60% of total mall visits. And a 2022 academic study by researchers from HKUST, Cambridge, KAIST, and UChicago—presented at the ASONAM international conference—found that foot traffic to retail stores inside malls can increase by 14% to 26% simply by sharing space with an anchor tenant.

Liverpool, Cinépolis, and Sears top the list of brands with the most retail space in malls.

The polarization between operators with many small shops and those with few large ones becomes even more pronounced when examining the complete inventory structure. SiiLA data shows that nearly 73% of tenants occupy units of up to 150 square meters—classified as small formats—while only 4% lease spaces larger than 1,000 square meters. This latter segment accounts for two-thirds of the GLA in Mexico City, Guadalajara, and Monterrey.

That duality structures not only the space, but also the revenue.

While smaller stores drive foot traffic and variety, it’s the large tenants—due to both size and volume—that sustain profitability. They pay average rents near MXN $500 per square meter per month, compared to over MXN $600 for smaller formats. But since they occupy most of the GLA, they contribute nearly three-quarters of total rental income.

This way, what might seem like an uneven concentration is, in fact, the balance that holds the system together: a few large tenants guarantee income; many smaller ones amplify foot traffic and variety. This duality doesn’t fragment—it anchors, expands, and shapes the commercial heart of cities. And understanding it deeply is key to designing the next generation of retail space.

To learn more about tenants, footprints, and rental data in Mexico’s leading shopping centers, visit SiiLA Market Analytics or contact us at contacto@siila.com.mx.

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¹ Estimate based on the number of stores listed in malls by SiiLA and each company’s official reports or recent statements, considering only locations in Mexico City, Jalisco, and Nuevo León.

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