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Economic Challenges Don’t Hold Back Shopping Centers in Costa Rica

Article Summary:

Costa Rica is set to open 8 shopping centers in the greater metroplitan area of San Jose. This move comes at a time when commercial prospects for the country’s economic growth is modest (4%) and also the construction sector, which estimates a 14.2% increase in the number of square meters, compared to 2011. But many investors say this is the right time to serve the pent-up demands of an emerging class of consumers in the Capital.

Photo Credit: Revista Summa

Original Article Text From Revista Summa via Google Translate :

Costa Rica: Eight Shopping Centers Open their Doors this Year

At least eight shopping centers in the greater metropolitan area is ready to open its doors during 2012.

Their sizes range from 4,000 square meters (m²) to 100,000 m².

The stores identified are: Lagunilla, Tower 202, Plaza Carolina (stages 1 and 2), Plaza Tempo, Trivium Center, Lincoln Square, Paseo Plaza Santo Domingo and Metropolis, according to information provided by Danny Quiros, Market Intelligence Manager of Colliers International , real estate consulting firm.

Most work is engaged in trade and services, although there are three that were designed for mixed use, as they have space for offices, shops and warehouses (Tower 202, Plaza Tempo and Trivium).

Randall Murillo, executive director of the Chamber of Construction, explained that there are investors that conditions for growth, such as consumers with unmet needs and areas with development potential.

Just Quirós Paseo mentioned the case of Metropolis, in Carthage, a project of 27,000 m², whose catchment area the province will be foggy. “It’s a growing market that is underserved,” he said.

This move comes at a time when commercial prospects for the country economic growth are modest (4% according to Central Bank) and the construction sector, which estimates a 14.2% increase in the number of square meters, compared to 2011.

One of the firms that bid strongly to growth in 2012 is Real Estate Portfolio, which invests $ 53 million in the construction of Lincoln Square and $ 7.1 million in Tower 202, at Avenida Escazú.

“We did market research that allowed us to identify multiple needs of the residents, but also people who work nearby or are passing,” said Griselda Lara, marketing manager of this firm.

Hooks A common feature of the eight projects is that they have one or more establishments “anchor”.

Businesses of this type are those who, because of its importance, occupy a prominent place in the mall and that, by themselves, generate a large number of people.

Plaza Carolina, in Barrio Dent, McDonald’s has a 1,800 m² and 2,200 m² of Applebee’s, said Alberto Dent, president of the developer.

Walk Metropolis will, in turn, with eight cinemas Cinépolis Mexican chain, a Cemaco Perimercados and said Paola Sanabria, Manager of Marketing Mega Developments, which owns the property.

Meanwhile, Lincoln Square, in Moravia, has contracts tied Yamuni, Magaly Cinemas circuit (CCM), Universal and more x Menos, said Lara.

Dent explained that to ensure success and sustainability of the project focused its efforts represented in making contracts with companies that have experience and points of sale in other areas.

Entrepreneurs like Luis Diego Soto, president of the company in charge of the development of Plaza Santo Domingo, acknowledged that the firm is still in the process of attracting business to ensure a constant flow to the mall.

Randall Murillo said the commercial sector (including malls) last year represented 22% of total construction in the country.

That is, 5.4 million m² erected in 2011, 1.1 million were traded.

Link to Original Article:

From Revista Summa

Latin America Investment News on Viva Tropical