What: Mallplaza, part of the Falabella group, unveils comprehensive four-year growth strategy across Peru, Chile, and Colombia, focusing on brownfield expansions, digital integration, and retail mix optimisation.

Why it is important: The strategy demonstrates how shopping center operators are evolving beyond traditional retail, with a 215% increase in specialty retail and significant investments in digital infrastructure, setting new standards for the industry.

Mallplaza has announced an ambitious growth strategy for Peru, Chile, and Colombia, marking a significant evolution in its retail real estate portfolio. The company's expansion plan includes a 100,000 m² brownfield development in Peru, aimed at increasing its Tier A urban centers from one to four. This transformation is supported by the successful integration of three former Open Plaza assets and plans to renovate more than 200 stores, including 103 comprehensive remodels. The company's strategic shift in retail mix has yielded impressive results, with specialty retail growing by 215.2%, restaurants by 53.5%, and entertainment venues by 19%, while reducing department store space by 9.3%. Digital innovation plays a crucial role, with the implementation of Click & Collect services that processed 1.2 million packages in 2024, and digital parking initiatives reaching 27% penetration in Chile. The company's commitment to enhancing visitor experience is further demonstrated through partnerships with major payment platforms and targeted marketing campaigns reaching over 10 million customers across the three countries.

IADS Notes: The transformation strategy builds upon Mallplaza's significant market consolidation in 2024. The company's focus on digital capabilities is evidenced by their USD 27 million investment in distribution center automation, enabling one-day delivery in key markets and strengthening their omnichannel presence across the region.

Mallplaza growth plan in Peru