Key Actors and Factors in the Evolution and Diversification of Shopping Malls in Mexico City

Mexico stands as an emblematic setting in Latin America for the emergence and evolution of shopping centres. The first venues of this kind in Mexico City appeared in the late 1960s, modestly expanding in their early years of existence. It was in the 1990s that shopping centres experienced a rapid rise, driven by the globalization of commercial brands and the expansion of modern consumption patterns in the capital and its metropolitan area. These commercial spaces became attractive ventures due to the high income generated by leasing commercial spaces within them. Their success triggered intense competition among real estate companies to capture market niches in the metropolis. In this process, real estate firms have adopted various strategies to ensure their positioning in the construction and operation of shopping centres, transitioning from partnerships with department stores to the formation of specialized firms in specific market segments and, subsequently, to financialized schemes. As a result, there has been an innovation process in terms of architectural design, morphology, scale, location, and functions of shopping centres. The outcome of this evolution has been the diversification of these consumption spaces, shifting from the classic model of retail to large complexes with a high content of leisure and entertainment. From there, the evolution extends to thematic models and hybrid formats integrated into mixed-use complexes. The purpose of this work is to account for the key role played by real estate capital firms in the production of shopping centres through their strategies of financialization, dissemination, innovation, and diversification in Mexico City.