Important Headlines
📰 FIBRA Uno Aims to Double Entertainment GLA
The largest REIT in Mexico says its new targets for entertainment, food and drink is between 35% to 40%. Currently it stands at 20%, and a decade ago closer to 7%. The properties have more traffic today than in 2019, so the moves aren’t in response to footfall deficiencies. The REIT contains 149 shopping centers with more than 2.8 million m² (i.e., 30.1 million ft²) of rentable area.
📰 Colombia’s Exito is Under Threat From Inflation and Competitors
Exito is the largest retailer and shopping mall owner in Colombia, it is majority controlled by French retail company, Casino. The chain has nearly 500 supermarkets in Colombia. Higher prices from inflation are pushing down Exito’s sales. Discount grocery chain, D1, is taking advantage and plans to invest COP 570 billion (i.e., $125 million) of expansion capital to open 300 more outlets in 2023.
📰 Mexico’s Exports Hit Record $53.6 Billion in March
The record export figure created an unexpected trade surplus as the country continues to benefit from America’s movements to decouple from China. Exports rose 3.2%, imports 1.1%. Leading to a $1.17 billion trade surplus, analysts had predicted a $900 million deficit.
📰 DHL Investing $120 Million to Expand Mexico Air Hub
The expansion will give the air hub sufficient capacity for 20 years. It is part of the $600 million DHL plans to invest in Mexico until 2024. This will be the most modern air hub in all of Latin America.
📰 Waldo’s Investing $117 Million to Open Another 200 Stores
The Mexican retailer aims to sell merchandise not exceeding $1 in price. Store numbers have grown 45% in the last three years, with two store openings a week occurring now. The additional 200 stores will bring the retailer to 1,000, with an eye for 5,000. The retailer is looking to expand into Latin America and America.
📰 South African Minister Says the Quiet Part Out Loud
South African Minister of International Relations announced that the BRICS leaders are discussing a currency alternative to the US dollar. The move has positive potential, but decoupling from the dollar will be challenging for a few reasons.
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💡 Bumps in the Road for Colombia’s REIT Industry
