In 2024, sales of shopping centers They grew a little more than double that of the economy and, for this year, it is estimated that the trend would continue. José Antonio Contreras, general manager of the Association of Shopping and Entertainment Centers of Peru (Accep), details the factors behind the sector’s best expectations.
How did they do in 2024?
It was a good year, with growth of around 7%. We could have done better, but the first semester was very weak. The growth came from the months of July onwards. It was a year without any surprises or closures by the municipalities, therefore, the sector has performed in an acceptable manner. We believe that growth could have been greater.
How much do you expect to grow in 2025?
Last year we estimated that sales would have reached S/35,000 million, and for 2025 we still do not have projections like Accep, but I estimate that it could be around 7% as well.
Why is the sector growing more than the economy is advancing?
Indeed. This growth is reflected in more private employment, more money and, therefore, also more consumption. There are sectors that have performed very well, especially clothing. The fashion issue has had a good 2024, as a result of good weather, because, as we remember, in 2023 there was no winter and clothing sales were left hanging, and it was only sold on clearance, with which companies lose a lot of margin. . We also calculate that, as a result of the rebound in the agro-export sector, there is more income and again more consumption. However, in Piura, due to the drought, we did not have as much consumption last year.
And what was the performance in other regions of the country?
In the south, Arequipa and Cusco have been very powerful with the sales behavior of shopping centers. Something that also helped the growth of the sector was the withdrawal of the AFP and access to the CTS, as well as the greater private investment in the second half of the year. We believe that the prospects for 2025 are sustained with the new shopping centers that are targeted to open and build.
Three new shopping centers will open in 2024. For this year how many would there be?
We have the Cencosud shopping center, in San Juan de Miraflores, with an investment of S/900 million, that is, almost US$240 million; There is also talk of a new strip center, Paseo Begonias, from the Urbanova group, with US$13 million; There is Lomas Plaza, in Rímac, with a disbursement of US$21 million. In addition, there are two Eco Plazas, one in Wilson and another in Chorrillos, with US$50 million, and there is Portal F in Trujillo with US$8 million. Additionally, investments in the form of remodeling and expansion are also added. Real Plaza already announced its remodeling in Piura, with around US$30 million. The Cencosud Group has other projects in Lima that have not yet been announced, but which are in the pipeline and are very close to being released.
Besides Trujillo, are there other projects in the interior of the country?
There is always interest in shopping centers, but it also has to be accompanied by an interesting location where there is pedestrian and vehicular flow, and that commercial brand stores accompany that investment.
There was talk at some point about the entry of new operators into the country…
The sector is very dynamic and is managed through the owners, the current shareholders of the shopping centers, who also respond to investment funds, and many times these funds are global. For now we do not have that certainty, but given the dynamism of the sector we believe that this is to come.
Even the name of Walmart was present.
Walmart is in Chile with a major chain and may also be looking at Lima, through the purchase of a chain or to start from scratch. In Peru there is a market to develop.
What is the penetration of shopping centers in the country?
We still have a way to grow. In Peru there are 9.1 square meters of leasable space per 100 inhabitants, versus Chile, which is 22, in Colombia 12, in Mexico 19 and, in general, the average for Latin America is 12.4. That is to say, we are even below average. This gives us a graph of how the sector has to continue growing because there are still spaces to develop both in Lima and in the interior of the country.
Should municipalities take these figures into account?
Progress must be accompanied by good municipal management. Sometimes it is not understood the impact that the shopping center generates in terms of the appreciation of the land, the taxes that are paid, because these businesses become the main taxpayers of a municipality. It is bad news for the investor that these spaces close and that the rules are not respected.
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