The Institute of Economy and Business Development (IEDEP), of the Lima Chamber of Commerce (CCL), reported that Peru will have seven new shopping centers for the period between 2023 and 2025, with an investment amount of US$ 192 million.

For this year, the list includes the Shopping Center Gastronomic Plaza de los Reyes in the Center of Lima (US$ 15 million) and Eco Plaza Ate (22 million). However, the opening date has not yet been defined for these two malls.

For 2024 and 2025, the opening of five is estimated malls with greater concentration in the capital.

In Lima, the investments that stand out are Eco Plaza Wilson (US$ 30 million), Lifestyle La Molina (60 million), Las Vegas Plaza Puente Piedra (40 million) and the San Juan de Lurigancho Shopping Center of the Cencosud group (investment to be defined) .

Meanwhile, in the provinces there is the Eco Plaza Piura project, worth US$ 25 million.

Malls postponed

On the other hand, the head of the IEDEP of the CCL, Oscar Chavezpointed out that, to date, six shopping center projects estimated at US$540 million have been postponed, a portfolio that was announced at the end of 2022, but whose opening would last until 2026.

“The fall in GDP and the minimum growth of private consumption “can explain these decisions, in addition to the climate of pessimism that surrounds private investment,” explained the economist.

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In this group are the Central Plaza Los Olivos (US$ 50 million) and Plaza Nicolini (70 million) projects, both belonging to the group of businessmen from Las Malvinas and Polvos Azules.

Also included are the Mall Plaza Cusco (US$ 70 million), the Real Plaza de San Juan de Lurigancho (110 million), Real Plaza Milenia in San Isidro and Real Plaza Higuereta, both from the Intercorp group (US$ 120 million each).

Investment in remodeling and conversions

Likewise, the IEDEP maintained that the trend of investments in malls is more towards remodeling and expansion than towards the construction of new shopping centers.

“In that sense, the pace of expansion over the next two years aims to consolidate the services and experiences of its visitors in already operational venues, by expanding recreational, commercial, service and gastronomic areas”Óscar Chávez said.

He added that, in this way, the firms will seek to consolidate in the medium term a safe mechanism to improve sales levels, as well as reduce costs, given the current scenarios of low growth and high inflation.

Remodeling of the Intercorp Group

This is the approach of Intercorp Group and Arauco Park. The first, with its Real Plaza brand, hopes to remodel five of its 21 shopping centers nationwide in the next two years, a period in which it has indicated it will not open any new malls.

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Although it has not announced which shopping centers will be remodeled, it is known that the changes will add 5,000 to 15,000 square meters (m2) to the leasable area for each shopping complex.

Arauco Park Renovations

For its part, Parque Arauco, since October of this year, converted its El Quinde shopping centers, in Cajamarca and Ica, to the Mega Plaza brand.

In the case of Cajamarca, the improvements bring the modernization of 29,500 m2 of surface and the inclusion of games and recreation areas. Added to this is the largest reconversion and expansion project in its main Mega Plaza Independencia complex, with an investment of 33 million dollars.

Jockey Plaza Shopping Center

At the same time, Jockey Plaza Shopping Center has been working on the remodeling of Asia Boulevard, which consists of three stages and began at the end of September 2022. It is estimated that it will culminate this year, seeking to transform the Boulevard into the hub of commerce, services, entertainment and gastronomy of the south of Lima.

For its part, Real Plaza plans to incorporate a greater number of chargers for electric vehicles at its headquarters in Real Plaza Salaverry (San Isidro), in addition to incorporating new gastronomic formats to the rest of its establishments.

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