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Porteño Mills: Outlet Shopping à la BA

On July 18, 2010, In arts & entertainment, lifestyle, tourism, vanityba, by InvestBA
Villa Crespo

Dame Dos: BA's Villa Crespo has quickly become the epicenter of outlet shopping in Argentina.

It used to be that Argentines had to travel roughly 4,500 miles to South Florida or Orlando’s International Drive to indulge in deep discount retail therapy, but it seems the outlet concept has caught on fire in one BA neighborhood. Villa Crespo has long been known as a solid, middle-class residential neighborhood, but the 2001 financial crisis left this BA barrio with several abandoned warehouses and residences. Today, according to Clarín, many of those buildings are being bought for upwards of US$500,000 and converted into the BA equivalent of Sawgrass Mills. The phenomenon began five years ago when several large BA clothing stores started opening their first outlets around Gurruchaga and Aguirre. Today there are over 60 outlets in a four-block zone and close to 100 in a 10-block region. The retail pioneers like Hunor Gobos closed their stores on Avenida Florida five years ago, opened the first VC stores and have watched sales and shoppers grow every year since. Clarín says the Boom de los Outlets has really exploded over the last ten months, and the area is teeming with bargain-seeking tourists, especially Brazilians, Chileans and Uruguayans. Daniel Chain of the Buenos Aires Department of Urban Development says prices in Villa Crespo are still lower than Palermo but says they will continue rising, as Villa Crespo will be one of the prime beneficiaries of GCBA’s new infrastructure to control flooding. As for the name of the new retail zone, some refer to it as Palermo Queens, while others call it Villa Crespo Nuevo. Personally, we like the sound of Porteño Mills. (Full article in Spanish)

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Argentina & Uruguay: A Tale of Two Brackets

On June 25, 2010, In arts & entertainment, competitiveness, lifestyle, by InvestBA

World Cup Round of 16

Argentina and Uruguay are both four wins away from getting a third star for their jerseys.

“Europe in Decline While Latin America Shines” was the headline three days ago, as France, Italy and Greece were on the verge of elimination from the 2010 World Cup. Meanwhile local favorites Argentina and Uruguay took care of business in unselfish, workmanlike fashion, as did other Latin American teams: Brazil, Chile, Mexico and Paraguay will all make the cut. Now Argentina and Uruguay find themselves in Round of 16 brackets that couldn’t be more dissimilar: Argentina’s reads like the Pantheon of Futbol Legends (England, Mexico & Germany) while Uruguay’s reads like a random seating chart at a Model U.N. conference (Ghana, Korea & U.S.A.). One group has tallied 56 World Cup appearances, 17 Top 4 finishes and 6 World Cup victories; the other group’s stats are padded by Uruguay’s World Cup appearances (10) and wins (2). Since InvestBA focuses on investment opportunities in Argentina and Uruguay, we find the level of local fan confidence going into this weekend intriguing to say the least. Despite their Pantheon positioning, confidence runneth over among the Argentine press and fan base. Pictures of Maradona sporting shades, headlines like “Vote of Confidence” and stories of fans of the Albicelestes already pushing back their return flights abound. In stark contrast, the Uruguayan fan base seems more reserved and respectful of their future foes. In fact, you can’t find a single story about the Selección Uruguaya today on the sports page of El País. While Argentina speaks with the swagger of the ‘Canes, Uruguay settles for the occasional tweet from Forlán. Two different teams. Two different approaches. Two different chances to make history. We wish them both well and offer our predictions for this weekend of all weekends.

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The Colón: BA Makes A Sound Investment

On May 7, 2010, In arts & entertainment, buenos aires events, culture, by InvestBA
Mauricio Macri at the Teatro Colon

Buenos Aires Mayor Mauricio Macri surveys the renovation progress at the Teatro Colón.

Once considered one of the world’s top five opera houses, Buenos Aires’ Teatro Colón has played host to musical legends like Igor Stravinsky, Richard Strauss, Luciano Pavarotti and Arturo Toscanini. But when the curtain fell on Swan Lake in October 2006, many wondered if the aging and badly neglected theatre would ever regain its former glory. Shortly thereafter, the City embarked on an ambitious $100 million renovation project to restore something the Colón once boasted: perfect acoustics. A botched mid-80′s mini-renovation changed that and performances over the ensuing twenty years were marred by thin sound and noticeable reverberations. A team of architects, engineers and renovation experts spent the past three years demolishing and then renovating everything from the stage to the balconies to the freight elevators. Unfortunately peeling an onion of that magnitude began to reveal more serious structural problems, so the planned 2008 re-opening (for the 100th anniversary) was postponed until this year’s Bicentennial celebration in Buenos Aires. Despite doubts and criticism from opposition parties, the Government of the City of Buenos Aires persevered and the Colón is finally ready for her debut on May 24. Actually a dress rehearsal was held last night, according to Clarín, for the hundreds of workers involved with restoring the most important cultural symbol in Argentina. Shortly after 8:00, the conductor took the stage and the sounds of Beethoven’s Ninth Symphony soared through the hall. As for the restoration of the once-perfect acoustics, the conductor’s comment says it all, “We cried like little boys.” (Teatro Colón)

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Foreign Banks Rethink BA Branch Strategy

On April 28, 2010, In competitiveness, foreign investment, franchises, us companies, by InvestBA

Next window please: Foreign banks are shifting operations, employees to Miami & Montevideo.

“In Puerto Maderero and Recoleta these days, the executive suits are everywhere. Suddenly, we are seeing more limos and formally-dressed men entering and leaving meetings in cafés and luxury hotels,” says Argentine daily Clarín. And while these meetings—between wealthy Argentines with investments abroad and their financial advisors—used to take place in local offices, new Argentine Central Bank regulations are forcing 14 foreign banks to reconsider their BA presence. In addition to limiting consumer choice and stifling competition, the measures offer a glimpse of what could happen in the U.S. if the federal government succeeds in creating what the Wall Street Journal calls a new “Super Regulator.” The measure in question, A4981/09, began changing the rules of the game for foreign banks providing wealth management services to clients in BuenosAires. In essence, it makes it more difficult for these banks to take new deposits locally and invest them abroad. If they maintained a physical presence with local branches, these foreign banks would only be able to offer financial advisory services to clients who had previously shifted their funds abroad. The subsequent decision by several banks including Wells Fargo, HSBC, Merrill Lynch and Credit Suisse to move employees and operations to Miami and Montevideo should not, however, be viewed as a defeat or even a retreat. On the contrary, videoconferencing and Internet-enabled money transfers will allow the banks equal or better interaction with their clientes bonaerenses, hence a happy ending: creativity and technology trump bloated bureaucracy once again. (Full Story)

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Battle for The Last Jewel in Puerto Madero

On April 7, 2010, In foreign investment, real estate, by InvestBA
The last remaining mega-parcel in Puerto Madero must resolve zoning issues before fetching top dollar.

The last remaining mega-parcel in Puerto Madero must resolve zoning issues before fetching top dollar.

“For Sale. Prime downtown Buenos Aires parcel ideally located in upscale Puerto Madero neighborhood. Approximately 130,000 square feet suitable for prime residential/commercial, multi-phase development. Pending zoning issue needs to be resolved before high-rise construction is possible. Owners of adjacent parcel strongly oppose new development. Estimated asking price: Somewhere between $15 million and $30 million. Serious inquires only.” Such might be the listing description for the last remaining mega-parcel in Puerto Madero which Clarín’s Daniel Gutman describes as “grandmother’s last jewel.” The recent building boom in Puerto Madero prompted many developers to snatch up the largest parcels for high-rise residential, commercial/office complexes and five star hotels. By 2006, 50% of Puerto Madero’s 15 million square feet were already developed or under contract. But the last remaining mega-parcel is mired in controversy that dates back to 1989 when then-President Carlos Menem transferred by decree over 400 acres of land to the Puerto Madero Corporation, the state body which oversees the sale and development of lots.  Back then, when the area was an abandoned port wasteland, zoning and density guidelines were established which probably never envisioned the meteoric rise in the waterfront redevelopment’s popularity. Fast forward to 2010, Gutman says, and those same zoning restrictions are issues which must be resolved before the sale is authorized. Those opposed include the owners of the adjacent Campo de Deportes where approximately 2,000 Buenos Aires schoolchildren practice sports weekly. They fear losing a portion of their playing fields with the mandated construction of parking lots. Current density—the infamous FOT—would also have to be upped by the Legislature to allow high-rise construction. Then, and only then, will grandmother’s last jewel fetch the $25 to $30 million price tag that some envision. Poor abuelita. (Full article)

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