While the global economic crisis has slowed down development of shopping centers in Latin America, certain markets like Colombia and Brazil have actually continued as normal, experts say.

”Consumption has decreased, and as a result, most of the retail and shopping center developers have reviewed and in many cases slowed down development,” says Jorge Lizan, director of business development at the International Council of Shopping Centers (ICSC). “Equity and debt infusion in real estate has, if not halted, slowed. So, for many developers it is more difficult finding funding for their projects.”

However, he emphasizes that the situation varies strongly from country to country. “There are some economies which have coped better with the crisis and developers in those countries still are opening and expanding shopping centers,” he says.

Author: BY JOACHIM BAMRUD, latinbusinesschronicle.com

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