Latin American Shopping Center Boom

BY CHRONICLE STAFF

Thanks to increased foreign investment, local pent-up demand and improved economies, Latin America is seeing a boom in new shopping malls, experts say.

"The industry is booming in the region," says Jorge Lizan, director of business development at the International Council of Shopping Centers (ICSC). "There is not a single country in Latin America in which developers and retailers arent active."

Latin America was behind in retail development for decades compared to other regions such as North America and Europe, but now there is a frantic pace in the development of all type of formats of shopping centers, he says.

Roberto "Hobi" Linhares, vice president at Miami, U.S.-based Beame Architectural Partnership, can attest to that. The company is building shopping malls from Brazil to Central America and the Caribbean.

"There has been quite a strong demand in Central America," he says. "That...