CEO Fernando de Peña stated that in Chile they are only using 37% of their construction potential, and that in Peru and Colombia they will actively seek acquisitions
In December, Mallplaza finalized the acquisition of 11 Open Plaza assets in Peru, which previously belonged to its parent company, Grupo Falabella. It was the cherry on top of a pivotal year for the shopping mall chain, which closed fiscal year 2024 with an 18% increase in sales—leaving behind the years when the pandemic hit the mall industry hard.
“Mallplaza has the best shopping center portfolio in the region,” said CEO Fernando de Peña, who responded to some of this outlet’s questions in writing. “There is no other company in Latin America with such a number of market-leading assets, consistently increasing foot traffic, and strategically located in large, high-growth potential markets.”
The executive emphasized that they have demonstrated a “clear growth strategy,” consolidating their presence in the Andean region and now operating 37 shopping centers across 23 cities in Chile, Peru, and Colombia, totaling 2.3 million square meters of GLA (gross leasable area).
He also attributed these results to a renewed value proposition that diversified their spaces. “For example, we allocate 33% of our GLA to essential daily-traffic commerce (supermarkets, medical centers, educational institutions, coworking spaces, home improvement, gyms, and public/private services), 20% to specialty retail, 20% to department stores, and 14% to food and entertainment,” explained de Peña.
In 2024 alone, he added, they opened 677 new stores. Over the past three years, that number reaches 1,870—equivalent to 37% of their total store count.
Renovations in Chile
“We’ve set ourselves the challenge of continuing to grow,” the CEO stated. “The most immediate step is to grow within our existing footprint, enhancing the value proposition in the same square meters we already have—bringing in brands that visitors love and improving the overall experience.”
However, he clarified that this is complemented by two other pillars: expansion through M&A (mergers and acquisitions) and organic growth via brownfield projects (redevelopment of existing properties).
Among the latter, in Chile, the company has a plan to grow by 125,000 m² of GLA. The focus of these transformations, de Peña specified, will be Mallplaza Vespucio, Oeste, Norte, Antofagasta, Egaña, La Serena, Iquique, Biobío, and Trébol. In fact, for the latter—located in Talcahuano—the company has already submitted an environmental impact assessment for a US$75 million renovation.
The executive emphasized that they already have room to grow: “We have a land bank of 550,000 m² in Chile and are currently using only about 37% of our construction potential for shopping centers“.
The Former Open Plaza Malls
In Peru, Mallplaza now operates 15 assets across nine cities. The former Open Plaza malls are gradually being rebranded, as has already happened with the properties in Angamos, Piura, and Huancayo. These join Mallplaza Trujillo, Arequipa, Comas, and Bellavista. Together, the seven malls account for 80% of the company’s EBITDA in Peru.
“We have a strong growth plan for these assets over the next four years, starting with enhancing the fashion, social, and leisure offerings,” said de Peña. “We aim to reduce the current 60% of GLA allocated to convenience retail to 30%, in order to strengthen the experience and value proposition of our shopping centers—allowing us to grow in both foot traffic and revenue.”
The goal is to transform the 11 Open Plaza malls in Peru from convenience centers into “experience centers.”
“It’s important to note that we know the Peruvian market very well. We entered in 2006 and have been operating there ever since, evolving alongside our customers and leveraging our M&A transformation expertise. In fact, we already did this with Mallplaza Arequipa, which we acquired in 2014 as a 12,000 m² Open Plaza power center and have since expanded to 42,000 m² with a renewed offering,” de Peña explained.
Going Shopping
As for Colombia, the focus will be on “capturing the maturity of new assets” and continuing to explore new M&A opportunities.
“In Peru and Colombia, we have a market share of 9.2%, so there are still many opportunities for growth, and acquisitions will be the main path forward,” de Peña announced. “We have strong experience in transforming convenience centers into destinations for enjoyment. It’s this know-how and transformation capability—combined with unique value propositions in each market, operational excellence, a healthy financial position, and a solid balance sheet—that allows us to continue growing the company.”
