The Latin American retail real estate market is expanding steadily, driven by urbanisation, rising consumer spending and growing demand for mixed-use destinations. Here, Jorge Lizan, Managing Director, Lizan Retail Advisors (LRA) discusses the overall market and how it is reinventing its destinations for a new era of retail.
The myth of the “death of the mall” is false. Across Latin America, shopping centres have evolved by adapting to new consumer demands centred around entertainment, gastronomy, wellness and brand experiences. Consumers – from Generation Z to older generations – continue to enjoy these safe and social environments. Far from disappearing, shopping centres are reinventing themselves. The future of retail destinations will not be defined solely by sales, but by their ability to create memorable moments.
Retail is now measured by experiences, not sales. Stores are no longer simply points of transaction; they are becoming emotional destinations. Across the region, developers are prioritising more open and luminous spaces, green areas, outdoor environments, wellness concepts and stronger integration of local and natural products.
One of the strongest trends shaping Latin American retail is the evolution toward more open, luminous and lifestyle-oriented environments. New developments increasingly integrate green areas, outdoor plazas, wellness concepts, natural light, local gastronomy and curated experiences that encourage longer visits and stronger emotional engagement.
Mexico remains one of the most dynamic retail markets in Latin America, particularly through mixed-use developments. In fact, most major new commercial projects in the country are now integrated into mixed-use environments combining retail, residential, offices, hospitality, gastronomy and entertainment. This model is increasingly becoming the dominant trend across the region.
Projects such as Mítikah, Miyana and ARTZ Pedregal exemplify this transformation. Meanwhile Antara’s expansion with the upcoming Rosewood Mexico City reinforces the growing integration of luxury retail, hospitality and mixed-use development in Mexico City. In addition, in 2027 a highly anticipated mixed-use project will open; Reforma Colón, with approximately 90,000sq m GLA.
Another important trend across Latin America is the resurgence of high-street retail and lifestyle districts. In Mexico City, areas such as Roma Norte, Juárez, Avenida Presidente Masaryk (Latin America’s leading luxury retail corridor), Madero Street and Condesa have become dynamic retail corridors blending fashion, gastronomy, hospitality and experiential concepts. These walkable urban neighbourhoods reflect a broader regional shift toward retail environments that prioritise lifestyle, culture and community-driven experiences.
Other important new retail destinations across Latin America are also redefining the industry, projects such as Ánima Village, Los Cabos, Mexico, are attracting brands like Skims, Alo Yoga and Zimmermann, reinforcing the region’s growing focus on experiential and wellness-oriented retail environments.
Galerías Perisur was selected by Disney for its first standalone store in Latin America, emphasising the importance of immersive and emotional retail experiences. Meanwhile, Plaza La Isla Mérida Malltertainment continues attracting international concepts that combine gastronomy, entertainment and retail within “malltertainment” environments.
Beyond Mexico, expansion activity is also accelerating in emerging regional cities. In Bolivia, Mall Paseo Aranjuez welcomed the first Gap store in Cochabamba.
These openings confirm a broader regional trend: brands are no longer looking only for retail space, but for destinations capable of generating community, experience and emotional connection with consumers.
While not new, several shopping centres remain highly influential retail benchmarks in the region, including Paseo San Pedro (Mexico), BlueMall Santo Domingo (Dominican Republic), Oakland Place (Guatemala) and Multiplaza Pacific (Panama).
The outlet and retail park segment is also accelerating. Punta Norte has great luxury shops and Grand Outlet Riviera Maya that integrates entertainment components including go-karts, an ice-skating rink, a casino and extreme attractions.
Brazil, Colombia, Chile and Peru are also seeing continued investment in open-air retail parks, experiential centres and mixed-use urban hubs that combine convenience with lifestyle-driven experiences.
In an environment where competition is global, economic pressure is constant and consumers are more conscious and demanding than ever, only brands and developers that combine innovation, customer understanding and strategic vision will lead the market. Latin America remains one of the world’s strongest regions for physical retail and the next generation of successful projects will be those capable of blending architecture, emotion, entertainment, gastronomy and community into a single integrated experience.
In this evolving landscape, staying connected to the right people, opportunities and expansion strategies has never been more important. That is why industry leaders from across the region will gather at: Retail Expansion Summit & Expo on 15-16 October in Mexico City: retailexpansion.com
