October 3, 2023 | #DatozByDatoz
After four years of construction, in the first days of September, the real estate developer GICSA inaugurated its latest shopping center: Grand Outlet Riviera Maya (Go Riviera Maya). With this GICSA mall, the outlet format that became popular in the 2000s is making a comeback.
The outlet format is characterized by having at least 50% of its gross leasable area (GLA) occupied by stores that offer high-quality merchandise or products, but at lower prices compared to regular retail stores.
In 2001, GICSA introduced the outlet concept in shopping centers in Mexico with the opening of Plazas Outlet Lerma in the State of Mexico, covering 64,260 square meters (m2). This was followed by Plazas Outlet Monterrey in Nuevo León (2004) with 36,400 m2, Plazas Outlet Guadalajara (2005) with 32,174 m2, and Plazas Outlet Cancún (2006) with 21,871 m2. However, these shopping centers are no longer part of GICSA’s portfolio.
Nearly 20 years later, the developer has revived the outlet concept, adding an entertainment component to it. In other words, GO Riviera Maya will feature bodies of water, an amusement park, an ice skating rink, the world’s largest go-kart track, and a hot air balloon, all with the aim of attracting tourism to its shopping center.
Go Riviera Maya will have approximately 61,782 square meters (m2) of gross leasable area (ABR) developed by GICSA, and a total of nearly 90,000 m2 when considering the three hotels that will also be located within the shopping center.
As of June 30, 2023, approximately 67% of the gross leasable area (GLA) at Go Riviera Maya had been leased to prominent global brands. These brands include Armani Outlet, Bath and Body Works, Samsonite, Log-On, Carter’s, Forever 21, Miniso, Tommy Hilfiger, American Eagle, Adidas, Starbucks Coffee, Levi’s, Carl’s Jr., Promoda, Psycho Bunny, Shutz, Chanfle y Recontra Chanfle, Hello Kitty Café, BCBG Maxazria, Joe’s, Guess, True Religion, Original Penguin, Quarry, Faconnable, Adolfo Dominguez, Emenegildo Zegna, Hackett, Lacoste, CH, Purificación García, Vilebrequin, Halston, I Shop, and Hugo Boss.