Mallplaza reported strong Q1 2025 results with increased visitor flows, EBITDA, and adjusted FFO. The company acquired 11 Open Plaza assets in Peru, enhancing its position as a market leader in the Andean shopping center industry. Plans are in place for expansion in Chile, Peru, and Colombia, focusing on organic growth and transforming centers into vibrant experience hubs.
Mallplaza has reported strong financial results for the first quarter of 2025, showing growth in several key metrics. Visitor numbers surged to 93 million, reflecting a 29.4% increase. The company also noted an EBITDA of CLP 123,847 million, which is a significant 42.6% rise, and a 30.1% growth in adjusted FFO. These results reflect Mallplaza’s strengthened position within the Andean shopping center market following the acquisition of 11 Open Plaza properties in Peru last December.
According to CEO Fernando de Peña, Mallplaza’s growth strategy has led to a diverse portfolio of 37 shopping centers across 23 cities, covering approximately 2.3 million square meters of gross leasable area. The company has diversified its offerings, allocating 33% of GLA to essential retail, 20% to specialty shops, another 20% to department stores, and 14% for food, beverage, and entertainment. In 2024, it opened 677 new stores, which contributes to a three-year total of 1,870 stores, making up 37% of all retail locations in Mallplaza centers.
Focusing on Chile, Mallplaza plans to enhance its organic growth alongside brownfield developments, with aims to add 125,000 square meters of GLA through remodels and upgrades. Key sites for these improvements include Vespucio, Oeste, Norte, and several other cities. Notably, the company has a land bank of 550,000 square meters in Chile but has utilized only 37% of its construction potential so far.
In Peru, Mallplaza operates 15 shopping centers in nine cities, with the integration of former Open Plaza centers under its brand ongoing. These centers now contribute 80% of the company’s EBITDA in Peru. Mallplaza is transitioning from a focus on convenience shopping to delivering enhanced experiences, planning to drop GLA dedicated to convenience from 60% to just 30%.
As for Colombia, Mallplaza is taking advantage of its expanding assets and is on the lookout for more mergers and acquisitions. Holding a 9.2% market share in both Peru and Colombia, the company views significant potential for further growth. The solid platform and ongoing partnerships with global brands continue to make Mallplaza a prime destination for tenants, investors, and shoppers in the Andean region.
Mallplaza’s recent strategic moves and consistent financial growth underscore its leadership in the Andean shopping center market. With fresh openings, a focus on enhancing customer experiences, and expansions planned in Chile, Peru, and Colombia, the company is positioning itself for substantial continued success. As it integrates new assets and cultivates its brand, Mallplaza seems poised for a bright future in the retail sector.
Original Source: gritdaily.com
