Mallplaza reports strong financial growth in Q1 2025, with 93 million visitors and 42.6% EBITDA increase. The company is expanding through acquisitions and enhancing customer experience in Chile, Peru, and Colombia, eyeing significant growth in the retail market.
Mallplaza is making headlines with its strategic expansion plans across Chile, Peru, and Colombia, as the company continues to achieve impressive financial results. In the first quarter of 2025, the shopping center giant reported a remarkable 29.4% increase in visitor traffic, totaling 93 million. Additionally, the company’s EBITDA surged to CLP 123,847 million, reflecting a substantial 42.6% growth, while adjusted FFO rose by 30.1%. The acquisition of 11 Open Plaza assets in Peru, finalized in December 2024, has further bolstered its position in the Andean region’s retail landscape.
CEO Fernando de Peña elaborated on Mallplaza’s ambitious growth trajectory, with a portfolio now consisting of 37 shopping centers spread across 23 cities and encompassing an impressive 2.3 million square meters of gross leasable area. The company has also revamped its value proposition, allocating 33% of the gross leasable area to essential trade. Specialty retail accounts for 20%, while department stores and food & beverage/entertainment share a further 20% and 14%, respectively. In 2024 alone, Mallplaza added 677 new stores, which brings its three-year total to 1,870, representing 37% of all retail stores within its centers.
In Chile, the company’s strategy emphasizes organic growth and brownfield projects, targeting an addition of 125,000 square meters of gross leasable area. The improvements and renovations are planned for prime locations including Vespucio, Oeste, Norte, Antofagasta, Egaña, La Serena, Iquique, Biobío, and Trébol. Notably, Mallplaza owns a land bank of 550,000 square meters in Chile but has used only about 37% of its construction capacity thus far.
Turning attention to Peru, Mallplaza currently manages 15 properties in nine cities, with former Open Plaza centers progressively rebranding to the Mallplaza identity. These centers account for a noteworthy 80% of the company’s EBITDA in the region. The firm is strategically pivoting from convenience-focused layouts to experience-centric designs, reducing the gross leasable area for convenience from 60% down to 30%, thereby transforming these malls into lively experience destinations.
Meanwhile, in Colombia, Mallplaza is seizing opportunities with new assets as the market matures and is keenly exploring potential mergers and acquisitions. With a market share of 9.2% in both Peru and Colombia, there appears to be significant headroom for growth. Mallplaza’s strong operational platform and alliances with major international brands firmly establish it as a preferred option for tenants, investors, and shoppers alike in the region.
In summary, Mallplaza is defining itself as a key player in the development of shopping centers across South America. With significant expansions underway in Chile, Peru, and Colombia, and a commitment to enhancing customer experience, the company appears well positioned to lead in the Andean region’s retail market. The ongoing growth in store openings and strategic acquisitions further supports its ambitious future plans.
Original Source: gritdaily.com
