By  on November 14, 2018

Retail has been tough in the U.S., where asking rents along many major shopping thoroughfares are depressed and ground-up shopping center development has all but ground to a halt. It’s easy to understand the siren call of Mexico, where the retail outlook seems as sunny as the weather, thanks to a growing middle class and fewer shopping options.

Thor Equities, which experienced some hiccups in the last year or two, is taking advantage of the climate in Mexico with its Thor Urbana division, which has 23 million square feet of space under construction in the country. “Incomes are going up,” said Joseph Sitt, chairman of Thor Equities Group. “There’s a tremendous appetite for luxury, moderate, everything. Every brand you can think of is there or working to go there. A lot of luxury brands that aren’t in Mexico yet will be there in two years at the most.”

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