Mexico’s biggest mall closes after six years of building
Mexico’s largest mall, El Rancho del Sol, has shut its doors, saying the government is not willing to pay the $300 million price tag to buy it back.
El Rancho, built in 1999, is a symbol of Mexico’s transformation from a poverty-stricken mining town to a prosperous city with some of the world’s best-paid workers.
But the Mexican government says the mall will never return, despite promises from Mexico’s Congress to do so in 2018.
The mall was built on an undeveloped parcel of land adjacent to a resort resort that has since been transformed into a shopping center.
Mexico’s government says it will spend $3.5 billion on the project.
But El Ranchos popularity was waning in the wake of corruption scandals.
Its founder was found guilty of embezzlement, and more than 60 people were convicted of crimes related to corruption.
Mexico’s President Enrique Pena Nieto was elected in 2014 promising to close the mall, but he did not get re-elected and its closure was delayed until 2018.