Chile’s Mall Plaza to build nine Peru malls by 2020



Chile's Mall Plaza to build nine Peru malls by 2020
President Alan Garcías inaugurating a mall in Arequipa. (Photo: Sepres)

Chilean mall developer Mall Plaza SA plans to build at least one shopping center a year in Peru over the next nine years, El Mercurio newspaper reported Friday citing a company executive.

Mall Plaza, which is controlled by local retailer SACI Falabella, on Thursday opened its third mall in Peru, in Arequipa, with an investment of $56 million.

The firm, which already operates a shopping mall in Trujillo and another in Lima, will start building a new $60 million Lima mall in April, according to a Dow Jones Newswire article.

"We are always reviewing and reconsidering our growth plan. If there is an opportunity to build two shopping malls per year…we aim for that," Cristian Somarriva, general manager at Aventura Plaza, the name under which Mall Plaza operates in Peru, told the newspaper.

Aventura Plaza will likely post $470 million in sales this year, which would be some 76 percent higher from last year’s, he added.

Mall Plaza is Chile’s leading shopping mall developer and South America’s second largest mall operator, behind Brazilian shopping-center administrator BR Malls Participacoes SA.