Plaza Santa Catalina and Royal Plaza: The State of Two Malls and Future Plans

In 2019 Plaza Santa Catalina opened its doors to the public, four years later, what is the situation of the shopping center?

There is a 25% increase in sales during the first quarter of this year compared to the same period in 2022. We have an occupancy of around 90%. We have taken the time to find the ideal tenants, even when there is interest from various brands to be in the area.

Do they have priority for any particular item?

We are looking for a chicken shop and a cafe. We are analyzing well who will finally be the ones who will enter this year. Our interest is in expanding the offer a little more.

Is the gastronomic offer still limited in this shopping center?

There is an important gastronomic component, which is around 20% in terms of square meters (of the total, which is 7,398 m2 of leasable area). But the remainder are other businesses such as cinema, gym and fashion brands, health, among others.

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So, would you seek to cover the 10% vacancy in stores with gastronomy?

We seek to grow in gastronomy and, in addition, some entertainment for children.

In the short term, do you have investments ready for Plaza Santa Catalina?

The format of the shopping center today does not allow for additional growth. On the other hand, we are interested in continuing to diversify the offer and continue increasing monthly sales that are above S/ 3.5 million with a flow of approximately 250,000 visitors per month.

And in the Royal Plaza, what has been the outlook in this first quarter?

We are around S/5 million in sales per month. And we have returned to the level of visits that we had in the pre-pandemic stage, of approximately one million people per month. On the other hand, in occupancy we are close to 95%. The first quarter that was quite important because an increase in sales of more than 30% was achieved compared to the previous year.

What drives this growth?

During the past year, Bata and Aruma entered, whose brands are consolidated in the fashion and beauty markets. And on the gastronomy side, there is Salchichería Alemana and Madame Crepe, with which we have already consolidated the food court.

Do you have new income in brands?

In process is the incorporation of a cafe, which would open in the next 30 or 45 days and that is something that the mall does not have. Additionally, we will strengthen the children’s entertainment area with a 200-square-meter store, which should open in the next three months.

With these additions, would the occupation of the mall be fully covered?

No. We still have a small store on the second floor. In general, there are approximately 9,000 square meters, of which there is only a 5% vacancy.

Will there be new disbursements in this mall?

Not in increase of leasable square meters. Yes, with regard to actions that we have already carried out before, such as improvements to the facades, internal and technological equipment, lighting renovation and the like.

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more business

In addition to the two malls, Dormeson has a leasable offer in Peru in commercial premises, offices and industrial premises…

Yes. As part of the Emefin Group, our portfolio is made up of five types of assets: shopping centers, logistics centers, offices, various commercial premises, and industrial premises. This offer between Peru and Ecuador has a leasable area of ​​170,000 square meters with a representation of close to 60% in Peru and almost 40% in Ecuador.

Will you invest in expanding some of these assets in our country?

Today we do not have an industrial warehouse in Peru, we have it in Guayaquil. In Peru we are evaluating and looking at opportunities to see if there is any logistics development in the country as we have in Ecuador. The purpose would be to acquire, develop and operate the logistics business. We are working on it, still evaluating with a couple of investment funds.

Have you chosen a particular area?

No not yet. But, indeed, it will be in Lima, possibly, in one of the industrial or warehouse corridors that Peru has today, be it in the south, in the east or in the three axes where warehouses are developed today.

Would this investment in a logistics center be made this year?

I don’t know, we are still evaluating options, but we must take into account the economic and political situation we are experiencing today. So, it is important to be clear about the criteria and possibilities. We have to see that the panorama also clears up a bit.

Regarding commercial premises, do they have the leasable area covered?

We have five commercial premises in Peru and there is no vacancy, they are occupied. In fact, it is also being evaluated to acquire new commercial premises to continue leasing to the items with which we already have operations. It is still under evaluation.

Are the offices also at 100% occupancy?

We have 10,000 square meters of offices, in which we are still at 73% occupancy. The truth is that it is not a bad occupation, considering how the industry is. For now, we are in discussions with a few companies that would like to take square footage in the building that we have.

CV

Name: Eduardo Veramendi

Profession: Economist, University of Lima

Previous charges: Current director of ABL Partners; Cencosud Real Estate Development Manager; Interbank Planning and Special Projects analyst, among others.

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