Plaza Group, the Chilean-owned retail mall operator, hopes to become the largest mall operator in Peru by 2010. Plaza built its first international mall in November 2007, in the northern Peruvian city of Trujillo, and it plans rapid expansion in the neighboring country as part of a US$938 million investment in new malls in Chile and Peru.
Peru is seen as a land of opportunity by the Plaza Group, as there are currently no competing large mall operators in the country. Chilean competitor Parque Arauco had plans to build a US$40 million mall in Arequipa, Peru, but has since announced that it will reformulate the plans in response to the Plaza Group’s new projects.
According to Plaza President Sergio Cardone, the group is also studying potential projects in Argentina and Colombia. Cardone said that Plaza would “most likely” make Colombia its third country of operation, and was evaluating how best to enter the Colombian market.
Plaza Group is controlled by Falabella, a Chilean holding company that has a 59.5 percent stake. Falabella currently operates retail stores in Chile, Peru, Argentina, and Colombia.
Publication: Santiago Times
Provider: Chip News
Date: June 10, 2008
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