A growing number of retail outlets have closed their doors in the City of Buenos Aires this year due to higher rents and lower margins, according to a new report from the Buenos Aires Federation of Retail and Industry (FECOBA).
The majority of the retail leases not being renewed this year were originally signed in 2010 or 2011 according to the FECOBA report which offers a breakdown of retail vacancies along some of Buenos Aires’ most high-profile avenues.
Of the 1,125 storefronts including gallerias along Florida Street, there are currently 70 vacancies. That same 6% vacancy rate can be found along Santa Fe between the Plaza San Martin and Pueyrredon Avenue where 29 of 460 stores sit vacant.
Buenos Aires retail vacancies are lower along Corrientes between Alem and Pueyrredon (5%) but slightly higher along Rivadavia between 9 de Julio and Pueyrredon (7.4%) and Pueyrredon between Rivadavia and Las Heras (8.5%).
These single-digit rates are minor compared to the 19% vacancy along Alvear between Montevideo and Roberto Ortiz, the four-block stretch hit hardest by the luxury exodus of brands like Polo Ralph Lauren, Louis Vuitton, Escada and Cartier. (Full Story in Spanish)
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