INDUSTRY OF SHOPPING CENTERS IN HONUDRAS Essay Example | Topics and Well Written Essays - 1000 words

INDUSTRY OF SHOPPING CENTERS IN HONUDRAS - Essay Example The real estate investment in the country was able to drop by 15 percent, and this drop was due to the contraction of the global credit as well as export market and political crisis. Now Honduras has some of the best shopping malls in the world with modern facilities inside the malls (Ling and Naranjo 3). One of such a kind of mall is San Pedro Sula mall, and this mall has about 150 stores, an Applebee’s restaurant, 23 eateries that offer food products, an arcade, a Cinemark movie theatre, a banking centre, and a parking lot located in the underground. Besides the underground parking lot, the mall also has 1,200 extra parking spaces with 100% air-conditioning system and security cameras. San Pedro Sula shopping mall has a friendly atmosphere as well as stores with international standards, and the services offered here present many clients with opportunities that are only visible to many through television adverts. Some of the international standard stores in this mall are Lady Lee, Puma, Jet Stereo, and Carrion with a modern state of art technologies. The stores have automated systems as well as electromechanical systems for communication, air conditioners, and monitoring of the stores. The latest technology incorporated in this mall made it win an award from International Council of Shopping Centres (ICSC), some of the contributing factors to winning the award besides the latest technology were the best traffic flow design of the mall, and this made it able to compete with other malls in Dubai and Brazil. In 2012, the country’s GDP was 17.97 billion US dollars, and this value represented close to 0.03% of the total world economy. There has been a great improvement in the economy because in 1960, the GDP stood at 4.57 USD up to 2012 and this year GDP, the value has shot up to 17.97 USD. This improvement is practically an indicator of how lucrative the businesses are in the country, and the booming business is the commercial real estate business. T he hiring and renting of commercial real estate in the country are relatively cheap, and most of these commercial real estates have modern designs and technology. They offer a variety of the cool and serene business environment that ensures comfort ability of the occupants. Renting of these apartments is renewal, and the clients are always at liberty to renew the trading contracts with the commercial real estate owners. Most of the tenants in Honduras are American citizens, and the laws and practices that govern real estate ownership in the country are quite different from the ones in America. Because most of the tenants are Americans, some of the insurance firms from the USA have been on the front line to provide title deeds for most of the lands in the country through the help of attorneys from the country (Total Transaction Costs 6). Most of the cases involving land ownership in the country have been prolonged by the judiciary system of Honduras, and this has led to the loss of m oney by many American citizens in their quest to get justice. Besides the long case protocols, most of the Americans have also been frustrated in their quest to settle most of the disputes resulting from land ownership (How High 9). Most of the foreign tenants have been brushed off using violence in some of the disputed cases. The Honduran laws have imposed