Mexico Retail Market Report and Forecast 2024-2032

Mexico Retail Market Outlook

The Mexico retail market size is projected to grow at a CAGR of 4.8% between 2024 and 2032. The market is being driven by the expansion of existing retail spaces and the rising emphasis on providing a memorable shopping experience.

Key Takeaways:

• The organised sector is expected to dominate the Mexico retail market share in the forecast period.

• 800,000 square feet of new shopping centres were established in 2023 in Mexico.

• The vacancy rate declined from 10% in the previous year to 8% in 2023.

The expansion of existing retail spaces is expected to drive the Mexico retail market growth. This is because the retail sector plays a critical role in promoting employment opportunities in Mexico and its growth has a favourable impact on other industries like security, technology, and cleaning, among others.

Moreover, the emphasis on providing a memorable shopping experience is driving sales of various products, contributing to the market expansion. Rising investor confidence is prompting increasing investment in the retail sector, which is enabling businesses to develop innovative brands and concepts in Mexico. Over time, this is expected to lead to Mexico retail market development.

The increasing construction of community centres and small and mid-size shopping complexes is one of the key Mexico retail market trends. Shopping centres located in major cities like Monterrey, Guadalajara, and New Mexico City have recorded a decrease in the availability of retail space, pointing towards the strong economic recovery of the sector post-COVID-19 pandemic.

The strategic location of retail spaces in Mexico and the increasing focus on personalised shopping experiences is driving the Mexico retail market growth. It is expected that 330,000 square feet of additional retail space can be created in Mexico in 2024.

Market Segmentation

Mexico Retail Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

• Food, Beverage, and Grocery 

• Personal and Household Care 

• Apparel, Footwear, and Accessories 

• Furniture and Home Decor 

• Industrial and Automotive

• Electronic and Household Appliances

• Pharmaceuticals

• Luxury Goods

• Others

Market Breakup by Sector

• Organised

• Unorganised

Market Breakup by Distribution Channel

• Hypermarket and Supermarket

• Convenience Stores

• Speciality Stores

• Department Stores

• E-Commerce

• Others

Market Breakup by Region

• Baja California

• Northern Mexico

• The Bajío

• Central Mexico

• Pacific Coast

• Yucatan Peninsula

The key Mexico retail market players are Walmart Inc., Amazon.com, Inc, El Palacio de Hierro, SA de CV, El Puerto de Liverpool, Fomento Economico Mexicano, SAB de CV, Tiendas Soriana, S.A. de C.V., COPPEL, SA DE CV, Sears Operadora México S.A. de C.V., Auchan Holding, and Costco Wholesale Corporation, among others.

Key Highlights of the Report