Global architecture firms are finding new opportunities to build retail centers in Latin America as consumers in the growing market gain more retail savvy and upward mobility. "Whereas 20 years ago you could put up something with cinder-block construction and people would go, now the bar has been raised," the director of Mexico-based Prudential Real Estate Investors said. While such things as less capital control and highly convertible currency make building in the region easier than in other parts of the world, builders do face challenges such as zoning complications and high taxes on international payments.

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