As originally published by the Rio Grande Guardian International News Service, according to the International Council of Shopping centers, despite the struggling Mexican peso, Mexican nationals are continuing to shop in droves all along the Texas border. Regardless of recent rhetoric about further developing the border wall, shopping centers are being built, or expanding, all throughout the Greater Rio Grande Valley.
Tom Fullerton, a professor of economics at the University of Texas El Paso, recently researched the economic contribution of Mexican nationals and found it to be at about $4.5 billion in retail sales. This sheer amount of capital flowing through the region has motivated a plethora of developers to increase their retail presence in cities such as Mission and McAllen.
One of these trailblazing developers is Simon Property Group, who having the foresight to recognize the expected increase in business, has started construction on a 245,000-square-foot addition to its already 1.2-million-square-foot La Plaza Mall. This prominent shopping hub has not only been popular amongst locals, but has continually seen a significant number of international visitors. In fact, nearly 40% of La Plaza Mall clients have traveled in from across the border, with businesses noting that they have received customers coming in from as far away as Monterrey.40% of @LaPlazaMall shoppers are from #Mexico. #McAllen #retail #rgv @SimonPropertyGp Click To Tweet
This new phase at La Plaza Mall is scheduled to open in the fall of 2017, and will include 50 new stores, six restaurants, and two parking decks. Surely, this means that the McAllen-Mission-Edinburg MSA will continue to see a vast number of international clients coming into the region to shop.
But La Plaza Mall isn’t the only destination for these international shoppers. According to Roberto Coronado, senior economist at the El Paso branch of the Federal Reserve of Dallas, one-third of McAllen’s overall retail activity is attributable to Mexican nationals.
The City of Mission is also a popular destination for Mexican National shoppers. Josh Stockel, President and CEO of the Greater Mission Chamber of Commerce, has stated that “ Mission has seen steady growth within the business community. From small locally owned businesses like the Loretto Bistro to larger chains like Five Below, the collaboration between the Chamber, Mission EDC, and the City of Mission has encouraged businesses to choose to invest here in our city. Businesses are seeing value here and we are encouraged by the growth.”“@CityofMissionTX has seen steady #business growth” @JoshStockel Click To Tweet
This is especially noticeable in the Ware/Sharyland Road corridor, which is seeing an uptick in new businesses and growth.
In fact, this area is seeing some more expansion with new retail, hotels, and mixed-use projects popping up at the Palms Crossing, which is exceedingly close to the Mission/McAllen border. There are also plans to add some 200,000-square-feet of new retail space close to the McAllen Civic Center over the next few years.
A little further north in Edinburg, locally based Burns Brothers Co. is developing the 500,000-square-foot, mixed-use Resaca Market. This 45-acre project off U.S. Highway 28 will include 350,000-square-feet of retail, a movie theater, a hotel, a boardwalk, and a man-made lake. Though a little distance away from Mission, this development will undeniably benefit the entire region.
With the population in the Rio Grande Valley swelling to over 1.3 million, large retailers are starting to see a wealth of opportunity in this region. No longer a second-tier market, the booming population growth has been a catalyst for this expansive business growth.
Position Your Business in Mission
With great services that cater to the international market and Spanish-speaking visitors, the Rio Grande Valley, with the McAllen-Mission-Edinburg MSA at the helm, is poised to continue making impressive economic gains that will not only increase retail options, but generally improve the quality of life in the region as well.
Contact the Greater Mission Chamber of Commerce at (956) 585-2727 to help position your business to take advantage of the growing retail opportunities in the RGV.