Mexican Retailers, Maquilas Face Losses Amid Shutdowns, Lootings

MEXICO CITY — Mexico’s fashion retailers and apparel factories are facing steep losses as the government orders the country to shut down for more than a month to contain the coronavirus and store lootings spike. “We are seeing many global retailers close and forced closures in some regions including Mexico State, where we had to shut our Townsquare mall in Metepec,” said Jaime Fasja, founder and co-chief executive officer of Thor Urbana Capital, who said its plans to build a string of malls, hotels and entertainment centers are so far proceeding on schedule despite the disruptions. Fasja said Townsquare’s international fashion labels — including Inditex’s chains Zara, Bershka and Massimo Dutti as well as Forever 21, Old Navy and Sephora — have shuttered as the state pursues its “healthy distancing” containment campaign to stem the virus. So far, the fast-spreading pandemic has killed six people and infected 475 in the country, which is facing a deep recession as consumption declines in its main trading partner, the U.S. Thor Urbana’s 14 Mexican malls have monthly revenues of about 1.5 billion pesos, or $64.4 million, meaning the shutdowns could trigger losses of that much, Fasja conceded. Other banners are also facing loss from a growing

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