Multiplan has gained share in total sales in the shopping mall sector in Brazil. The company announced this Tuesday – during a public meeting with investors and analysts – that its market share increased from 8.5% in 2019 to 12.9% in 2025.
“The gain in market share is a reflection of the strengthening of our portfolio, active management of the mix and the consumer’s search for higher quality assets”, stated the president of Multiplan, Eduardo Peres.
According to the company, there is a change in the behavior of consumers and retailers, who are prioritizing dominant shopping malls. This movement, called ‘flight to quality’ (migration to higher quality assets), reflects the preference for larger projects, in central locations and a diversified mix of stores and services.
The movement has intensified since the outbreak of the pandemic. From 2020 (the year in which commerce was closed) to 2025 (full normality of operations), sales in the sector as a whole had a nominal growth of 56% (rising from R$128.8 billion to R$200.9 billion). In turn, sales by retailers in the Multiplan network increased by 151% (from R$10.3 billion to R$25.9 billion)
“The company took off. It grew in sales more strongly, well above the sector average”, added the vice-president of finance and investor relations, Armando D’Almeida.
During the public presentation, Multiplan reiterated its strategy of prioritizing the improvement of the group’s shopping malls through investment in the revitalization of the projects – changing finishes, landscaping, air conditioning, furniture, electrical and hydraulic systems, etc. – and expanding its commercial area. In recent years, around R$3.0 billion has been invested in these initiatives.
Continues after advertising
This investment has generated a concrete return for the company, said Multiplan’s Vice President of Operations, Marcelo Martins. During the presentation, he gave an example of the return obtained from a recent wave of revitalizations that covered the New York City Center, Barra Shopping, Park Barigui, Diamond Mall and Pátio Savassi shopping malls.
Together, they received investments of R$248.6 million between 2023 and 2025 for various revitalizations. In response, the rent obtained in these projects increased by R$23.8 million (not counting inflation) in the last year, which represented a real rental yield of 9.6%. “In addition to having more attractive and modern spaces for consumers, we saw growth in sales and rental revenue,” highlighted Martins.
Long-term growth
Peres once again said that an acceleration in the volume of investments depends on greater clarity about the country’s direction after the elections. According to him, there needs to be a balance in public accounts and a reduction in the economy’s basic interest rates.
Continues after advertising
“We need to understand whether whoever will take over will be responsible for cutting expenses,” said Peres. If there is no improvement in the scenario, Peres mentioned that a possible increase in shareholder remuneration (payout) is an option that could be considered.
In his view, anyone who accelerates investments now may even have difficulties if Brazil goes through a period of public spending cuts, which could generate possible impacts on consumption levels.
The vice president of finance and investor relations, Armando D’Almeida, defended the view that Brazil still has the potential to gain new shopping malls. He mentioned that the country has only 3.2 shopping malls for every one million inhabitants – this average is only the tenth among Latin American countries, far behind the top of the list, which has Colombia (5.1), Mexico (7.6) and Puerto Rico (20.6). “Brazil still has low shopping mall penetration,” he declared.
Continues after advertising
The company also opened up the growth potential of its set of real estate projects over time, involving shopping malls, offices and land. In total, there is space for 157.3 thousand m² of expansions; 864 thousand m² of mixed-use projects; and 1.48 million m² of computable area.
Upcoming projects
At this moment, Multiplan has three more shopping malls with expansion works already being carried out and with the deliveries of the new areas scheduled for 2026. They are: BH Shopping (first semester), Barra Shopping and Park Shopping Brasília (both in the second semester). Together, they will have another 13 thousand m², equivalent to around 70 new stores.
Furthermore, the company is studying the launch of expansion projects for three more shopping malls: São Caetano, Jundiaí and BH, totaling another 30 thousand m².
Continues after advertising
In terms of real estate development, Multiplan is preparing the launch, in June, of the residential Lake Baikal, a condominium with two towers and a general sales value (PSV) of R$400 million. The residential is part of the private neighborhood called Golden Lake, in Porto Alegre.
