The Caribbean basin has established itself as an attractive market for international retailers. Now more than ever before North American and European companies are opening stores throughout the region. As retail tenants and name brand merchandise have become more global in their recognition and store expansion, they have found the Caribbean market offers attractive exposure to an international customer base. With 30 million tourist visitors annually and a resident population of over 29 million the islands offer great opportunity for continued retail growth. What was ten years ago a very fragmented sector retail is today an area of greater focus serving the resident population and visitors.

As an addition to the variety of reasons that visitors are drawn to the Caribbean, retail shopping has become a recognized amenity that complements a pleasurable tourist holiday. The growth and importance of tourism has helped create the demand for increased retail offerings, and has brought new construction, renovation and expansion of facilities to many islands both large and small. Downtowns, airports, cruise terminals and shopping complexes offering expanded retail locations are attracting these retailers. Tenants in all categories, apparel, footwear, accessories, home furnishings, food and entertainment, etc. are entering the market selling to residents and visitors.

Recognizing the potential to have and draw additional retail tenants is becoming a differentiating factor among countries. Just as there is "friendly" competition between countries to attract tourist visitors, each island must consider the impact of the retail sector in their economies. Acting on the increased demand and interest by retailers many countries have successfully included retail development as part of their tourist and economic growth plans - and the retailers and shoppers are responding. By country, in each of the "prime" retail locations, be that a mall, duty free shopping center, cruise terminal or primary street, demand is very strong with vacancy less than 5% of the available space.

As a generalization, the region, even with the current expansion, is under served in the retail sector, offering opportunity for both additional development and retail tenants in the market.

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Mr. de Winter is the Director of Retail Services for Latin America & the Caribbean for the international real estate firm CB Richard Ellis, Inc. Working through-out the Caribbean region he has spoken with and advised several Government Ministries and property owners on the issues of retail development and attracting international retailers. He has represented a number of retailers in their expansion into the market.

For further information -
phone (212) 207-6047,
fax (212) 207-6095,
e-mail

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See also the directory of companies providing real estate services in, and general real estate information of the Caribbean basin.