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Plaza del Country is a modest commercial plaza situated in the affluent Country Club neighborhood of Tegucigalpa, Honduras, approximately 5 km from the city center. Developed in the late 1990s, it covers about 8,000 square meters and hosts around 15-20 tenants, primarily focused on food and beverage outlets with limited retail space. The tenant mix features casual and upscale restaurants such as sushi bars, international cuisine spots like Izakaya and Canary Wok, alongside a few service-oriented businesses including salons and small boutiques; there is no major anchor like a hypermarket or department store.
In the Tegucigalpa retail market, which has seen growth in modern formats per ICSC reports, Plaza del Country occupies a niche position catering to local high-income residents rather than regional draw. Footfall averages 600-800 visitors daily, significantly lower than flagship malls like Multiplaza (over 25,000) or City Mall (18,000), reflecting its community-oriented scale. Occupancy stands at 85-90%, supported by steady demand in dining categories amid citywide occupancy of 82% as of 2024 Colliers data.
Rent levels range from $18-22 per square meter monthly, below the prime mall average of $30-40, offering cost-effective entry for niche operators.
Accessibility relies on vehicular traffic via the main boulevard to Puerto Real, with ample parking but poor public transit integration, limiting broader appeal. The demographic profile targets upper-middle-class families and professionals, aged 30-50, with average household incomes exceeding HNL 100,000 ($4,000) monthly, drawn from the surrounding exclusive residential zones.
Leasing advantages include low turnover and targeted customer loyalty in a low-competition dining segment, enhanced by the prestige of the Country Club vicinity. However, risks encompass economic sensitivity in Honduras, where GDP growth hovered at 3.5% in 2024 per World Bank, potential access bottlenecks during peak hours, and saturation in casual dining with nearby alternatives like those in Lomas del Guijarro.
Operational quality is functional with recent minor upgrades, but lacks entertainment or events to boost dwell time, potentially impacting sales per square meter estimated at $500 annually versus city average of $800.
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Hours of Operation
Hours
| Monday | 10:00 AM — 09:00 PM |
| Tuesday | 10:00 AM — 09:00 PM |
| Wednesday | 10:00 AM — 09:00 PM |
| Thursday | 10:00 AM — 09:00 PM |
| Friday | 10:00 AM — 10:00 PM |
| Saturday | 10:00 AM — 10:00 PM |
| Sunday | 11:00 AM — 06:00 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographics and Footfall
The core customer base comprises affluent residents of the Country Club and adjacent areas, characterized by high disposable incomes (over 20% above Tegucigalpa average of HNL 25,000 household monthly) and a focus on quality dining and services. Population density in this zone supports consistent but low-volume traffic, with daily footfall of 600-800, rising to 1,200 on weekends; this is 70% below major mall benchmarks, per local retail analytics, due to its localized appeal and absence of mass-market draws. Challenges include seasonal dips during holidays when residents travel, affecting sustained performance.
Competition and Market Position
Competition is moderate, with primary rivals being upscale segments of Multiplaza Mall (5 km away) and emerging food courts in Metrópolis, but Plaza del Country differentiates through intimate, club-like ambiance suited for private events. Market saturation in dining is evident, as Tegucigalpa saw 15% growth in F&B outlets from 2020-2024 per Euromonitor, pressuring margins; however, its niche avoids direct clash with big-box retail. Risks involve indirect competition from home delivery apps eroding 20% of dine-in traffic citywide, necessitating adaptive lease terms for hybrid models.
Lease Terms and Risks
Lease structures typically involve 3-5 year terms with annual escalations of 5-7%, including common area maintenance fees of $5 per sq m, making it accessible for mid-tier tenants compared to premium malls requiring $50,000+ security deposits. Advantages include flexible spaces (50-200 sq m) and high retention (90%), but drawbacks feature vulnerability to macroeconomic factors like inflation at 4.5% in 2024 and currency fluctuations impacting imports. Infrastructure is aging in spots, with occasional power issues common in Honduras, potentially raising operational costs by 10-15%; prospective lessees should negotiate contingencies for maintenance.
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Tegucigalpa
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Tegucigalpa
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