Cencosud Expands Retail Presence in Peru with New strip Center in Trujillo and Future Residential Growth
Cencosud,a leading South American retail group,is bolstering its presence in Peru with the opening of a new strip center in Trujillo,aiming to introduce a speedy-service,convenience-focused shopping format to the northern region of the country. This initiative mirrors successful models previously implemented in Lima. The project, developed by Cenco Malls, the company’s real estate division, also includes plans for the future construction of two residential towers, creating a mixed-use urban development.
The new strip center is designed to cater to the growing demand for convenient shopping experiences. It represents Cencosud’s continued expansion and modernization strategy within the peruvian market. Sebastian Bellocchio, General Manager of Cencosud’s real estate division, highlighted the company’s progress, stating that the year saw “importent deliveries of projects, with initiatives that passed from development to execution, improvements in our portfolio and advances in how we relate to our customers and tenants.” He also noted a notable year-on-year growth in leasable area in the last quarter,aligning with the company’s long-term growth plan.
Property Value Increase anticipated
Real estate experts predict a significant increase in property values in the surrounding area following the complex’s operation.According to G&S Inmobiliaria, the value per square meter could rise between 10% and 25%. A more optimistic scenario, contingent on the completion of the planned residential towers, suggests a potential increase of up to 80%.
Positive Economic and Urban Impact
Experts in urban planning and real estate, as reported by América Retail, anticipate broader benefits stemming from the development. These include improvements to local infrastructure,enhanced security,the growth of complementary services,job creation,and overall economic stimulation for Trujillo.
Regional Expansion Strategy
Cencosud’s expansion in Peru is part of a broader regional strategy encompassing Chile and Colombia. The company is currently developing large-scale projects in these countries, including Cenco Medellín and Cenco Limonar.The Peruvian market is expected to experience sustained growth in the commercial and retail sectors, driven by diversified formats and innovative shopping experiences.
Cencosud aims to solidify its position as a key player in the evolving Peruvian commercial landscape by focusing on innovation, scale, and territorial diversification, pursuing organic growth and enduring value creation for customers, investors, and the communities it serves.
Sources:
* https://americaretail.com.pe/cencosud-peru-strip-center-trujillo/
* https://www.cencosud.com/inversionistas/resultados-financieros/ (For general company facts and financial results)
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