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Investment Fund May Restore Harrods Buenos Aires to Former Retail Glory

On November 7, 2011, In arts & entertainment, foreign investment, lifestyle, real estate, by InvestBA
An abandoned retail icon could get new life and celebrate its 100th anniversary in 2014.

An abandoned BA retail icon could get new life and celebrate its 100th anniversary in 2014.

Omnia Omnibus Ubique…etiam Buenos Aires?  One of the world’s most famous luxury department stores may soon reopen its landmark Buenos Aires location if a UK investment group purchases and restores the seven-story Harrods building at Florida Street and Cordoba Avenue, according to Alfredo Sainz at La Nacion.

While London-based Harrods is best known for luxury retail, real estate, private banking and aviation services in the UK, the company opened Harrods Buenos Aires in March 1914 which was the most traditional department store in the city for eight decades until closing its doors in the late 90′s. Now those doors could re-open in time for the 100th anniversary of the original grand opening.

Sainz says UK asset management firm Optimum Advisors is finishing due diligence on the purchase and restoration of the BA retail icon, a deal valued at US$280 million. Local market conditions including near-100% occupancy at BA shopping centers and the voracious retail appetite of Brazilian tourists bode well for the restoration of such a high-profile department store. The group is also negotiating for the right to take the Harrods brand to Brazil, specifically Sao Paulo.

Among its other real estate holdings, Optimum Advisors manages a residential chacra development north of Jose Ignacio and an Agribusiness Fund with farmland in Arkansas and Argentina. (Full Story in Spanish)

For more information about Buenos Aires investment opportunities, download the new issue of InvestBA Privada.

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As The Real Turns: Brazil’s Impact Felt Daily

On May 24, 2011, In entrepreneurs, foreign investment, by InvestBA
Masters of Food and Wine 2011

This signature event barrel in the lobby of the Park Hyatt Mendoza is covered with "Muito Obrigado."

Of all of the Latin American countries participating in July’s Copa America, neighboring Brazil will undoubtedly send the most fans. After an opening round match in Buenos Aires against Venezuela on July 3, the Verde-Amarela nation will descend on Cordoba, San Juan and Mendoza. Yet, six weeks before the tournament begins, there are no rumors of a Brazilian invasion, because, as La Nacion’s Emilia Subiza reports, Brazil already dominates so many aspects of daily life in Argentina.

In a sweeping analysis of various sectors of the economy, Subiza likens Argentina to a small cog spinning alongside larger Brazilian cogs in the machinery of bilateral trade. Today Brazil, the world’s eighth-largest economy, buys 82% of autos built in Argentina, 42% of all Argentine industrial exports and 21% of total exports. Brazil ranks fourth in terms of DFI in Argentina, and is slowly beginning to dominate certain sectors like banking, beef, cement and shoes. One example: Argentina’s largest bank has 944 ATMs in the country; Brazilian banks now have 755.

The nationwide ATM network is especially convenient for the 863,492 Brazilian tourists that came to Argentina last year, more than double the number from 2009 and possibly on pace to top 1 million this year. A Standard Bank economist tells Subiza, “there  is a relatively new phenomenon which is the enormous quantity of Brazilian tourists that come to Argentina and are having a profound impact on the economy.”

So profound, writes Subiza, that Bariloche is now referred to as Brasiloche and Brazilian airline TAM had to upgrade from Airbus 320s to 330s just to accommodate more inbound Brazilian passengers. Like the cogs in her original analogy, giant Brazilian airlines and banks grinding out tourists and reais, with the smaller, service-oriented Argentine cogs, all too happy to receive them. (Full Story in Spanish)

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Ótima: BA Is Brazilians’ Favorite Destination

On April 7, 2011, In a-bric, foreign investment, tourism, by InvestBA
Brazilian tourists in Buenos Aires

Brazilian tourists in Buenos Aires love the affordable hotels, the shopping, the restaurants & the Quilmes.

We know for a growing number of Argentines, “BA” stands for Brasil Ahora!, a fact that can be validated on the beaches of Florianopolis and the Foz do Iguazu. But the travel and tourism festival de amor works both ways according to new data from Brazil’s Hôtelier News.

Argentina’s Tourism Hotel Association (ATHA) says the number of Brazilian tourists in Argentina rose 85% in 2010 over 2009. Today, Brazilian Portuguese is a familiar chorus in the gallerias of BA, on the slopes of Bariloche and in the vineyards of Mendoza. ATHA confirms that Brazilians now account for 32.6% of all foreign visitors to Argentina. Just two years ago, Brazil trailed Europe, the U.S. and Canada with 18% of international arrivals at Ezeiza (Source: INDEC, July 2009).

As if the news could not get better, Buenos Aires is the number one most preferred destination among Brazilians, according to a poll conducted by Hoteis.com. The website summed up the Holy Trinity of BA’s appeal: “It’s easy (to get there), it’s cheap (because of the strength of the real), and there is a good selection of quality hotels. For what one would pay for a one-star hotel in New York or a two-star hotel in Rio, you can get a four-star hotel in Buenos Aires.” (Full Story in Portuguese)

For more information about real estate investment opportunities in Buenos Aires, download IncomeBA (English, Portugues)

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VanityBA: The Palermo Palace Shopping Outlet in Buenos Aires

On November 15, 2010, In buenos aires events, lifestyle, vanityba, by InvestBA
Hipodromo de Palermo

Fashion and luxury autos take center stage at the Hipodromo's Tribuna Plaza in November

From October 29 through November 14, the Tribuna Plaza at the Hipodromo de Palermo served as the home for The Palace Outlet, a temporary shopping center offering discounted rates on clothing and accessories from more than fifty local and international brands.

International luxury retailers included Hugo Boss, Max Mara, Ermenegildo Zegna, Burberry, Michael Kors, Fossil, Armani, Tommy Hilfiger and GAP. Popular Argentina brands, including La Martina, La Dolfina, Kosiuko, Wanama, Menage a Trois, Cardon, Vitamina, Hermanos Estebecorena, Prototype and Airborn, were present at The Palace Outlet as well. For children and teens, Patisserie, 47 Street, Cook and Como quieres que te quiera also set up shop.

Sergio Blanco of South Evolution, the firm responsible for organizing the event explained, “We had the idea to set up a premium shopping center, with the best national and international brands, in a location that was in accordance with the event. Because it was for a fixed period of 15 days, the brands were able to offer their products in a unique location that did not compete with their retail stores.”

A restaurant, wine shop, and the ice cream parlour Un Altra Volta also opened for the duration of the event. Organizers predicted over 100,000 people visited The Palace Outlet to enjoy deep discounts on pieces from some of today`s most popular brands. Once the fashion caravan has officially departed, Mercedes-Benz will take over the Tribuna Plaza to launch their pre-owned line, “Seleccionados Mercedes-Benz.” Sample vehicles, which are less than five years old and have less than 75,000 miles, will be on display from November 18-28, dates that coincide with the first two weekends of the Palermo Polo Open.

For more information on Buenos Aires shopping and fashion, download the latest issue of InvestBA Privada.

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VanityBA: Tortugas Open Mall Debuts

On November 3, 2010, In buenos aires events, foreign investment, franchises, real estate, vanityba, by laura
Tortugas Open Mall

Pegasus Capital brings the Lifestyle Shopping Concept to BA with the $120MM Tortugas Mall.

Latin America’s largest mall opened yesterday in Pilar, just outside Buenos Aires. Tortugas Open Mall, which is described as a Lifestyle Center, is Argentina’s first mall to incorporate shopping, entertainment, and health and beauty services. The massive 1.6 million square foot mall includes more than 160 boutiques, department stores, a food court, an eight-screen Cinemark and a fitness center.

Developed with a $120 million investment by Pegasus Capital; one of Argentina’s leading P/E firms and the driving force behind Farmacity, Freddo and Musimundo; Tortugas Open Mall is characterized by its open architectural plan, green spaces and water features. TOM retailers include Falabella, Cinemark, Sportclub, Zara,  Nike, Rapsodia, Levis, Prune, Adidas (2 locations), Ayres, Giesso, Puma, Grimoldi, Mimo & Co., Lacoste, Wanama, Kosiuko, Maria Cher, Kevingston, Audi, Winery, Morph, Loccitane, Paula Cahen D’anvers, and Samsonite. In 2012, a Swiss Medical Group clinic and a number of hotels will be added to the long list of offerings at Tortugas. (Full Story in Spanish)

For more on real estate development and investment opportunities in Argentina, search our archives and download the new issue of InvestBA Privada.

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