Mallplaza continues to post positive financial results. In 1Q2025, the company reported solid growth in visitor flows, which reached 93 million (+29.4%), EBITDA of CLP 123,847 million (+42.6%), and adjusted FFO growth of 30.1%. With outstanding growth and a strengthened position as a market leader in the Andean region’s shopping center industry, the company completed the acquisition of 11 Open Plaza assets in Peru (December 2024), consolidating its unique, experience-driven platform across Chile, Peru, and Colombia.
CEO Fernando de Peña discussed Mallplaza’s clear growth strategy, which has resulted in a portfolio of 37 shopping centers in 23 cities and a total of 2.3 million m² of gross leasable area. The company’s renewed value proposition has diversified its spaces, dedicating 33% of GLA to essential trade, 20% to specialty retail, 20% to department stores, and 14% to food & beverage and entertainment. In 2024 alone, Mallplaza opened 677 new stores, bringing the three-year total to 1,870, equivalent to 37% of all stores in its centers.
In Chile, Mallplaza is focusing on organic growth and brownfield projects, aiming to add 125,000 m² of GLA through enhancements and remodels at key locations such as Vespucio, Oeste, Norte, Antofagasta, Egaña, La Serena, Iquique, Biobío, and Trébol. The company already holds a land bank of 550,000 m² in Chile, using only about 37% of its construction potential.
In Peru, Mallplaza now operates 15 assets in nine cities, with the former Open Plaza centers gradually adopting the Mallplaza brand. These centers represent 80% of the company’s EBITDA in Peru. The company is shifting its focus from convenience to experience, aiming to reduce GLA dedicated to convenience from 60% to 30% and turn these malls into vibrant experience centers.
In Colombia, Mallplaza is capturing the maturation of new assets and exploring further M&A opportunities. With a market share of 9.2% in Peru and Colombia, the company sees a wide leg room for expansion. Mallplaza’s robust platform and strategic partnerships with major global brands continue to set it as the leading choice for tenants, investors, and visitors in the region.
Visit Mallplaza’s website to learn more.
Greg Grzesiak is an Entrepreneur-In-Residence and Columnist at Grit Daily. As CEO of Grzesiak Growth LLC, Greg dedicates his time to helping CEOs influencers and entrepreneurs make the appearances that will grow their following in their reach globally. Over the years he has built strong partnerships with high profile educators and influencers in Youtube and traditional finance space. Greg is a University of Florida graduate with years of experience in marketing and journalism.
