A new Texas mall that's counting on Mexican shoppers to cross the border
By Paul O'Donnell — 2/27/2018
<p><strong>A new Texas mall that's counting on Mexican shoppers to cross the border</strong></p> <p><em>Paul O'Donnell, Business Editor</em></p> <p>CNBC traveled to the U.S.-Mexico border to tell the story of a new shopping mall that's banking on Mexican consumers to support it.</p> <p>The $120 million Outlet Shoppes at Laredo, developed by Horizon Group Properties and CBL & Associates Properties, opened in March on the U.S. side of the Rio Grande with about 60 stores and restaurants.</p> <p>According to CNBC, the mall recently took in $4 million in sales in a two-week period — with about 40 percent of those being cash transactions. CNBC indicated that's a sign of Mexican consumer demand.</p> <p>Gary Skoien, CEO of Horizon Group Properties, told the business news cable network that the outlet center's opening came at a "challenging" time.</p> <p>"It wasn't just the new administration," he told CNBC, in reference to President Donald Trump's tough talk about Mexico trade and immigration and his push to build a border wall. "The peso has been weak for a couple of years now, which has hurt border shopping."</p> <p>Skoien said the developers chose Laredo because of Mexican consumers' affinity for brand names that aren't as readily available in their country.</p> <p>The report also quoted Laredo Mayor Pete Saenz on the importance of Mexican shoppers to his city's economy. The city invested about $20 million to build out the infrastructure around the mall, according to the <em>Laredo Morning Times</em>.</p> <p>"Our local economy is easily 40 percent or more dependent on the Mexican shopper," Saenz told CNBC.</p>
Back to Articles