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Liquidação: Brazilians Buy “Everything” in BA

On September 3, 2010, In lifestyle, tourism, by InvestBA
Galerias Pacifico in Buenos Aires

Let Us Pay: A Brazilian tourist recently took this photo of Buenos Aires shopping cathedral, Galerías Pacifico.

It was 90 years ago when the phrase “Rich as an Argentine” was coined in Paris. Flush with new-found export wealth, the country’s elite would travel to European capitals for shopping sprees of clothing, fabrics and antiques. By the end of the century, the wealthy were still going abroad in full acquisition mode; however, destinations closer to home—Miami, Punta del Este and Florianópolis—became the playgrounds of choice. Now, only ten years into the new century, and it seems Brazil’s nouveau riche have become the Western Hemisphere’s new shopaholic celebre. The influx of Brazilian tourists to Argentina is well documented here, but Reuters’ Stuart Grudgings digs deeper into the suitcases of returning cariocas and finds they purchased just about “everything” while on vacay in BA.  ”Backed by a booming economy, record job creation and a strong currency, Brazilian consumers are taking wing as they go on a spending spree…Brazilian tourists spent $8.6 billion abroad in the first seven months of 2010, a 56 percent rise on the year before,” writes Grudgings. At one point, he interviews a 54-year-old Brazilian tourist accompanied by twenty of her closest friends at a Buenos Aires galleria and asks what they are buying. “Everything,” she replies. The current Brazilian buying frenzy is fueled by economic strength, availability of cheap credit and exorbitant import tariffs back home. It’s worth noting Argentines face similar tariffs on electronic goods which explains Argentina and Brazil’s #1 and #2 ranking on the global iPod index. (Full article)

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Cultural Warriors: Why BA Loves Her Books

On August 10, 2010, In arts & entertainment, buenos aires events, culture, tourism, by InvestBA
El Ateneo

When you've got bookstores like this, who needs a Kindle? BA's cultural commitment garners praise.

As governments around the globe are seeking ways to curb spending and slash deficits, Andrew Cohen says “cutting culture” is not an option in Buenos Aires. Cohen, the president of Canada’s Historica-Dominion Institute, pens a smart op-ed praising the cultural commitment one sees daily on the streets of BA from the bookstores to the theater to annual gatherings like arteBA and the Feria del Libro. Cohen describes BA as “a city in love with books” where small, independent booksellers are on equal footing with the big box hipermercados thanks to laws requiring books be sold at the same price throughout the country. He then traces Argentina’s modern-day obsession with books back to the cultural priorities and donations of founding fathers like San Martín and Belgrano. The piece concludes with a 1-on-1 conversation with a serious BA cultural warrior, Hernán Lombardi. “If you don’t invest in culture, you go home,” Culture Minister Lombardi tells Cohen adding “In a crisis, we worry about losing identity. That’s when we need to support culture.” When Lombardi was named Minister of Culture, it coincided with a decision to place the city’s tourism promotion arm under the umbrella of culture. At the time of his appointment in 2007, La Nación said it showed the Macri administration’s commitment to attracting more domestic and foreign visitors to BA for major cultural events. The renovation and re-opening this year of the Teatro Colón was another feather in the City’s ever-expanding cultural cap.  (Cultural Capital by Andrew Cohen)

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Winter Goes Out With A Retail, Tourism Bang

On August 4, 2010, In buenos aires events, foreign investment, tourism, by InvestBA
Dot Baires

Shopping centers like Dot Baires are packed with locals and tourists in a buying mood. (Photo: E. Gallelli)

When we look back on 2010 in Argentina from an economic standpoint, the year will be remembered for some key trends that helped lift the country out of the doldrums of 2008/09: consumer confidence, retail spending, housing demand and the record influx of tourists, both domestic (notably BA for the Bicentennial) and international. And while we’re still months away from closing the books on 2010, Alfredo Sainz of La Nación says all of these factors are peaking simultaneously to send winter out with a serious bang of discretionary spending. “The combination of low temperatures,good macroeconomic signals, purchases delayed for two years, the lack of saving alternatives and a massive flood of Brazilian tourists all combined to make the perfect recipe for winter vacations and winter 2010 in general,” writes Sainz adding, “From the shopping centers, the multiplexes, the clothing stores, the tourism agencies and the airlines, this winter season has been the most successful of the last three years.” Retail sales are up 20-50% at Dot Baires, Alto Avellaneda, Paseo Alcorta, Abasto and Unicenter; box office ticket sales are up 65%; and the 20% bump in tourists has pushed average hotel occupancy rates to 90%. On the transportation side, Aerolineas Argentinas just announced a 30% increase in July traffic and a whopping 240% increase in traffic from Brazil. And in a clever case of making limonada out of limões, the country’s early exodus from the World Cup prompted TAM to divert some originally-scheduled South Africa routes down to the ski slopes of Bariloche. (Alredo Sainz’ full article in Spanish)

For more information on local housing demand, retail strength and tourism trends, check out our archives and download the latest edition of InvestBA Privada.

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I♥UY: The PR Gods Are Smiling on Uruguay

On July 27, 2010, In real estate, tourism, uruguay, by InvestBA
I Love Uruguay

So far, 2010 has been a media lovefest for Uruguay. (Pictured: Oceanfront developments in Punta del Este)

If we could dole out awards for the best and worst PR campaigns in the Americas for 2010, the loser by an oily nautical mile would be BP. On the other hand (and hemisphere), the winner would be the Republic of Uruguay. When InvestBA originally launched, we coined the phrase The Tango Coast to encompass opportunities on both sides of the Río de la Plata. For every four stories about Argentina, we would unearth a gem about our Mercosur neighbor; however, pro-Uruguay, pro-investment content has been so fast and frequent this year, we had to finally create our own Uruguay channel. 2010 got off to a good start with a Top 20 ranking in the International Living Quality of Life Index, then Spear’s Wealth Management Survey sized up the tax advantages and dubbed Uruguay, A good place to visit your money. The I♥UY parade continued this spring with two new airline deals (Buquebus and Jazz/Pluna) further linking Uruguay with the world, while The New York Times touted the country as an attractive retirement destination for Americans and other foreign buyers. Then the World Cup kicked into high gear where Diego Forlán & Co. put together an odds-defying performance and silenced the skeptics, including a Miami Herald reporter. Now it seems we’ve come full circle with another glowing International Living piece naming Uruguay, “The New Tourism Leader in Latin America.” Bottom line: If the last six months of 2010 are anything like the first six, Uruguay can look forward to more positive press and an influx of foreign buyers.

For more information about Uruguay investment opportunities and premier luxury properties, download the July edition of InvestBA Privada.

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Brazil Business & Banks Come A Calling in BA

On July 16, 2010, In competitiveness, foreign investment, franchises, by InvestBA
Banco do Brasil

Crescente: Bovespa President Edemir Pinto & Banco do Brasil CEO Aldemir Bendine at this month's offering.

With the 2014 World Cup and 2016 Olympics on the horizon, there’s no question about all eyes being on our neighbor to the north. With the world poised to descend on Brazil in the coming years, it is interesting to note how Brazil is beginning to look beyond its borders and engage with foreign countries. Right now, for example, the slopes of Bariloche are teeming with well-heeled paulistas and cariocas, and lilting Portuguese accents can be heard around BA’s finest restaurants and gallerias. But the Brazilian Foreign Investment Experiment (BFIE for short) is starting to expand well beyond tourism and into the boardroom with Argentina being the logical first step, says the Latin Business Chronicle. “The country’s corporate sector has embraced globalization,” writes LBC, “and many Brazilian companies have chosen neighboring Argentina for their first foreign venture. To date, over 400 Brazilian companies have done JV’s or outright purchases of Argentine companies in sectors ranging from cement to beverages to auto parts manufacturing. Now many olhos brasileiros are focusing on opportunities in the banking sectors. The analysts and professors interviewed by LBC describe the phenomenon of “follow sourcing” as a logical pattern where Brazilian banks are increasingly following their best corporate clients into Argentina to fund the growth and expansion of their Argentina subsidiaries. University of Palermo professor Rodolfo Rapán puts the importance of Brazil’s FDI in context: “Since 2003, an average of about $4 billion in foreign funds has flowed into Argentina each year, and 40 percent of those funds have come from Brazil.”  (Full article in English)

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