Multiplan (), one of the largest companies in the shopping center sector in Brazil, opened this Wednesday, 18th, the 6th expansion of MorumbiShopping, in São Paulo. The expansion is the first of the year for the company, but it will not be the last, according to the group’s CFO, Armando d’Almeida Neto.
“We are going to deliver an expansion at BH Shopping and we are going to open a major expansion at Park Shopping Brasília, at the end of the year, in the fourth quarter. But the world doesn’t stop, we are already thinking about the next ones”, he told InfoMoney.
The executive stated that there are currently 160 thousand square meters of expansions mapped within the portfolio. There are also around 865 thousand square meters of sales projects, mainly residential and offices, for development.
In the case of MorumbiShopping, an investment of R$400 million was allocated, including expansion and revitalization. The project increased the mall’s Gross Leasable Area (GLA) by 13,141m2incorporating 40 new stores distributed over two floors, in addition to a third floor with rooftop gastronomic.
With the scenario still of high interest rates and in an election year, what changes for the group is the speed of growth, according to the CFO.
“We will probably grow if interest rates stay high for longer, at a slower speed than we could do, with a smaller capacity to put projects on the streets than we have”, he states. Still, the executive draws parallels with the pandemic period, for example, when interest rates were at 2% but there was no economic activity.
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In his view, there is a combination between the interest situation, growth and retailer appetite for space. Furthermore, factors such as tax and work schedule reform also have the potential to have an impact, both negative and positive.
Internationalization
At the center of the strategy for the new phase of MorumbiShopping is the entry of international brands in Brazil. Among the highlights of the new mix are the debut of Bershka in the country, a brand from the Inditex group, which opens its first national store in the development, and the arrival of Bath & Body Works, a global leader in personal care and home fragrances.
The international expansion mix also includes brands such as H&M, Jo Malone and Michael Kors.
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“It’s that maxim: location, location, location. The brand wants to be in good spots and our portfolio has this option to bring new brands. There are many opportunities for names that are not in Brazil, who want to come and will certainly be looking at our portfolio as this gateway”, he states.
The number of brands currently present, according to the CFO, is still small compared to the companies that want to be in the country.
