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Plaza Central is a mid-sized shopping center in San Pedro Sula, Honduras, constructed in 2008 with a gross leasable area of 20,000 square meters across two levels. It houses approximately 80 stores, featuring anchor tenants such as a local supermarket and various clothing retailers. Owned by El Melao S.A., the mall emphasizes a diverse tenant mix spanning five key concepts, including retail, dining, and home goods, with medium store density and high leasing flexibility due to an average space size of 1,600 square meters.
Monthly footfall averages 50,000 visitors, translating to 1.5 million annually, with average dwell time of 1.5 hours; 40 percent of visits are for shopping, 35 percent for dining, and 25 percent for home decor.
Rent levels are approximately 10 USD per square meter monthly, though reported occupancy stands at a low 8 percent, indicating potential challenges in tenant retention amid regional retail vacancy averages of around 8 percent.
Accessibility is favorable with direct entry points, good connectivity to major roads, and 800 parking spaces, though medium traffic levels can pose issues during peak hours. The surrounding demographics include 1.2 million residents within a 20-kilometer radius, with 1.22 percent annual population growth, an average age of 24.4 years, household size of 4.5 persons, and average annual income of 10,000 USD; unemployment is at 7.5 percent.
Consumer spending in the area supports general retail at 2,972 USD per capita annually, with specific categories like apparel at 150 USD and home goods at 200 USD.
Market position is as a community-oriented venue with strengths in diversity and flexibility, but it faces drawbacks from limited family amenities, such as play areas, and narrower options in international dining and trendy fashion, exacerbated by competition from larger malls like City Mall and Multiplaza, which boast higher occupancies of 90-95 percent and broader international tenant mixes. E-commerce growth at 20 percent annually adds pressure, though safety measures including guards and CCTV enhance appeal.
Growth potential is modest at 3 percent, supported by 12 annual marketing events achieving 15 percent engagement.
Leasing advantages include adaptable spaces for local retailers, but risks involve low occupancy signaling market saturation in weaker categories like fashion and potential infrastructure aging after 16 years.
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Hours of Operation
Hours
| Monday | 09:00 AM — 08:00 PM |
| Tuesday | 09:00 AM — 08:00 PM |
| Wednesday | 09:00 AM — 08:00 PM |
| Thursday | 09:00 AM — 08:00 PM |
| Friday | 09:00 AM — 08:00 PM |
| Saturday | 09:00 AM — 08:00 PM |
| Sunday | 09:00 AM — 06:00 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographics and Market Context
The primary trade area for Plaza Central encompasses 1.2 million people within 20 kilometers, characterized by young demographics with an average age of 24.4 years and large households of 4.5 persons on average. Population growth is steady at 1.22 percent annually, supporting retail demand, though average income of 10,000 USD and 7.5 percent unemployment indicate mid-tier purchasing power. Per capita spending reaches 2,972 USD generally, with apparel at 150 USD and home goods at 200 USD, favoring value-oriented tenants. However, 12 percent of the population falls into a lower socioeconomic segment, potentially limiting premium retail performance amid regional economic volatility in San Pedro Sula's industrial hub.
Competition and Tenant Mix
Plaza Central competes with dominant players like City Mall (over 200 stores, 90 percent occupancy) and Multiplaza (diverse international brands, 92-95 percent occupancy), which draw higher footfall through superior entertainment and dining options. Its own tenant mix offers high diversity across five concepts but medium density and limited anchors restrict draw; strengths lie in local supermarket and clothing focus, yet weaknesses include insufficient trendy or sustainable fashion outlets and family entertainment, contributing to low 8 percent occupancy versus regional 90 percent averages. Growing e-commerce at 20 percent erodes physical sales in saturated categories like apparel, advising caution for similar entrants.
Lease Terms and Operational Quality
Base rents at 10 USD per square meter monthly position Plaza Central as affordable for local and mid-market tenants, with high flexibility in space configurations averaging 1,600 square meters enabling quick adaptations. Operational strengths include good accessibility via major roads, 800 parking spots, and robust safety with CCTV and guards, alongside 12 events yearly for 15 percent engagement.
Drawbacks encompass low occupancy at 8 percent, signaling leasing risks from competition and aging infrastructure post-2008 build, potentially requiring investments in amenities like childrens play areas or diverse dining to boost dwell time beyond 1.5 hours and support 50,000 monthly visitors effectively.
Building Details
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City Snapshot
San Pedro Sula
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City Snapshot
San Pedro Sula
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