History
Building Experiences
With great enthusiasm and strategic vision, GICSA achieved a significant milestone by entering the stock market. Our offering, which was public in Mexico and private in international markets, stood out as the second most significant initial placement on the Mexican stock exchange, solidifying our presence in the global financial landscape.
To address the real estate crisis and amidst a liquidity shortage in the market, in 2009, we redefined our strategy with key actions that included: shifting away from our focus on the residential business; restructuring our capital through inviting new project-level partners; divesting from various properties; reducing our corporate expenditure; and restructuring our organization.
Global Real Estate Crisis: In 2007, the world faced one of the largest real estate crises on record. Despite this challenge, GICSA not only maintained stability but also managed to forge significant strategic alliances, including an agreement with Liverpool for the construction of five anchor stores in our shopping centers. During this critical period, we not only survived but thrived, inaugurating prominent projects such as "La Isla Acapulco Shopping Village," the first phase of "Forum Buenavista," "Forum Tepic," and "Paseo Arcos Bosques," with the latter becoming an iconic property in Mexico City.
Growth and Accolades: The 2000s marked a period of consolidation and recognition for our company, reflected in the attainment of numerous awards such as the "Innovative Design and Construction of a New Center," bestowed upon our shopping centers "La Isla Shopping Village" in Cancun and "Punta Langosta" in Cozumel. By the year 2006, our portfolio already encompassed approximately 34 stabilized projects and 36 in development, with notable development of 363,000 m2 of residential area in key locations such as Mexico City, Acapulco, Cancun, and Los Cabos, the region in which we decided to realign our market strategy in 2009.
During the challenging years of 1994 and 1995, when Mexico faced one of its most severe financial crises, we not only managed to sustain the stability of our company but also succeeded in expanding our infrastructure with the construction of over 31,000 m2 of office space. Despite the challenges, we inaugurated the "Forum By The Sea" shopping center in Cancun, Quintana Roo. Our drive persisted, and in 1999, we opened "La Isla Shopping Village," an exclusive shopping center located in the hotel zone of Cancun, thus solidifying our growth and presence in one of the country's most important destinations.
In 1989, our founding partners laid the foundation of our operation, and just two years later, in 1991, we erected our first landmark: "Plaza Zentro." This shopping center is located on Presidente Masaryk, the heart of the prestigious Polanco neighborhood, one of the most vibrant and emblematic commercial areas in Mexico.