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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.
Por: SiiLA News
07/11/2025 Actualmente, menos del 2% de los inquilinos concentra un tercio de las tiendas y la mitad del espacio ocupado en los principales centros comerciales de México. Entre ellos hay dos tipos: quienes, con centenares de locales pequeños o medianos, amplifican el alcance y el tráfico cotidiano del mall; y quienes, con pocos pero vastos espacios, sostienen su rentabilidad.
Según SiiLA, en Ciudad de México, Guadalajara y Monterrey, más de 4,300 inquilinos operan unas 14,000 tiendas que abarcan 5.6 millones de metros cuadrados de área bruta rentable (ABR).
Por número de tiendas destacan América Móvil y AT&T, con más de 130 cada una, seguidas de Starbucks, BBVA y GNC, que operan entre 80 y 100 locales en las principales plazas del país. En conjunto, estos cinco operadores reúnen cerca de 550 tiendas —casi el 4% del total—, pero solo ocupan unos 90,000 metros cuadrados, equivalentes al 2% del ABR.
Aunque comparten presencia masiva, su distribución no es homogénea. América Móvil concentra más del 80% de sus tiendas en centros comerciales; Starbucks mantiene una proporción 50-50 entre malls y locales independientes; y AT&T, BBVA y GNC tienen entre 20% y 35% de sus sucursales dentro de plazas¹.
La estrategia detrás de esta presencia es tan significativa como su volumen. Mientras los centros comerciales canalizan audiencias listas para consumir, los locales a pie de calle insertan la marca en la vida cotidiana, amplifican su alcance omnicanal y consolidan su penetración territorial. La mezcla no es azarosa: unos espacios venden, otros posicionan.
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.
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.
ACERCA DE SiiLA
Fundada en 2015, SiiLA se posiciona como la máxima referencia de la industria para obtener información completa sobre el mercado inmobiliario comercial, ofreciendo insights, noticias y eventos en América Latina. Los innovadores productos de SiiLA potencian la precisión, eficiencia y ventajas estratégicas a los principales actores de la industria inmobiliaria comercial.
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