The retail outlet boom which started five years ago in Villa Crespo continues to gain support from retailers and bargain hunters, but a neighborhood rebranding initiative should probably be tossed in the damaged goods pile.
A new report from Colliers International shows the number of retail outlets in Villa Crespo has grown to 172. Of those, 153 are currently occupied and the majority are clustered around Aguirre and Gurruchaga Streets. 90% of those outlets are clothing stores which makes the BA barrio a magnet for both porteño shoppers and foreign tourists.
And because every good shopping district needs its own food court, Clarin’s Nora Sanchez says over 130 new bars cafes and restaurants have opened in Villa Crespo over the past few years. She says it all started with classics like Luigi and Garbis around Avenida Estado de Israel and now the mapa gourmet is finally reaching Aguirre and Gurruchaga.
The bust in the whole equation is an apparent attempt by local developers and brokers to rebrand Villa Crespo as Palermo Queens thinking it might somehow boost property values. It may have worked for Palermo Soho, but what exactly is the correlation between a garment district in a 1.5 square mile barrio and the NYC borough and home to the Mets, JFK and La Guardia?
When local reporters can’t even get the name correct in headlines, it’s probably time to move on. At least that’s the consensus of the majority of proud Villa Crespo residents posting in the comments section. (Full Story In Spanish)
For more information about living and investing in Buenos Aires, simply complete the form below.