Mallplaza Reports Strong Growth, Plans Expansion in Chile, Peru, and Colombia
Mallplaza reports strong financial growth in Q1 2025, with visitor numbers up 29.4% and EBITDA growing by 42.6%. The strategic acquisition of Open Plaza assets enhances their presence in Peru, and plans for expansion in Chile and Colombia highlight their commitment to growth. CEO Fernando de Peña emphasizes an experience-driven approach for future developments.
Mallplaza, the well-known shopping center operator, has recently marked a solid financial performance amidst its plans for geographical expansion. In the first quarter of 2025, the company reported an impressive 93 million visitors, which is a significant jump of 29.4%. Additionally, the EBITDA came in at CLP 123,847 million, marking a 42.6% increase, along with adjusted FFO growth soaring at 30.1%. The organizations’ recent purchase of 11 Open Plaza assets in Peru highlights its strengths in the Andean region’s shopping center market.
Fernando de Peña, CEO of Mallplaza, elaborated on the company’s clear growth strategy, which currently encompasses 37 shopping centers across 23 cities, providing a total gross leasable area of 2.3 million square meters. His remarks emphasized the company’s evolving value proposition that diversifies shopping spaces—allocating 33% of GLA to essential trade, 20% to specialty retail, another 20% to department stores, and 14% to food, beverage, and entertainment. The growth is underscored by the opening of 677 new stores in 2024 alone, raising the total count in three years to 1,870, which constitutes roughly 37% of all stores in these centers.
In Chile, the focus remains sharply on organic growth along with brownfield projects. The company plans to enhance and remodel key mall locations, which will add 125,000 square meters of GLA in notable areas like Vespucio, Norte, and Iquique among others. To note, Mallplaza possesses a land bank of 550,000 square meters, utilizing only about 37% of its full construction potential thus far.
The company’s presence in Peru is growing, with 15 assets in nine cities, where former Open Plaza locations are being rebranded into Mallplaza. These centers contribute a staggering 80% of Mallplaza’s EBITDA in Peru. Here, the strategy shifts to create vibrant experience centers, notably reducing the space allocated to convenience from 60% to just 30%.
In Colombia, Mallplaza is poised to take advantage of its newly matured assets and eyeing potential mergers and acquisitions. With a notable 9.2% market share in both Peru and Colombia, there’s a substantial room for growth ahead. The strategic partnerships with globally recognized brands further reaffirm Mallplaza’s status as a preferred destination for tenants, investors, and shoppers throughout the region.
To find out more about Mallplaza’s latest updates and expansion strategies, interested parties can visit their official website for additional information.
In summary, Mallplaza is on a notable growth trajectory, bolstered by impressive financial results and strategic expansion in Chile, Peru, and Colombia. With a commitment to enhancing customer experience and diversifying its properties, the company is well-positioned for future growth in the Andean region. CEO Fernando de Peña’s insights illustrate a clear vision for Mallplaza as it seeks new opportunities and continues to solidify its market presence.
Original Source: gritdaily.com
