Chilean companies are gradually entering Peru's booming retail market, a development that is expected to continue in the coming years. In line with this pattern, Chilean mall operator Plaza S.A. recently announced the opening of Santa Anita, its fourth mall in Peru, via the entity Mall Aventura Plaza. عقارات | عقارات قطر | شقق للبيع
Santa Anita has 160 shops, a food court, a banking center, a cinema complex, and a medical tower in Lima's El Callao neighborhood. Falabella and Ripley, two significant Chilean retailers, will be the mall's anchors. Mall Aventura Plaza now has more than 200,000 square meters of GLA in Peru, thanks to its three other malls. Cencosud and SMU are two other Chilean retailers with major growth plans in Peru.
This cross-border retail expansion is being fueled by a variety of factors. Though Chile was ranked second on A.T. Kearney's Global Retail Development Index of the world's most desirable retail destinations, retail market penetration has increased rapidly, land prices have risen, and labor costs have risen due to low unemployment. Because of these factors, Chilean retailers are looking outside of the country for markets that are still in the early stages of development in order to reduce development and operational costs while diversifying and increasing revenues.
Peru, one of South America's latest economic success stories, is regarded as a rather appealing retail destination, ranking tenth on the A.T. Kearney Global Retail Development Index. Peru's economy grew at a 5% annual rate in 2011 and is expected to expand at a 6% annual rate in 2012. Many retail investment opportunities have arisen as a result of the rapidly expanding middle class, increased consumer credit availability, and low levels of retail penetration. Furthermore, given Lima's limited space, there are substantial growth opportunities outside of Peru's capital.
Retail sales in Peru have grown at a rapid pace, which is unsurprising. Mall retail revenues will reach $5.3 billion this year, according to a study in the Peruvian newspaper Gestion, which could rise to between $6.2 and $6.4 billion next year. The average purchasing amount has risen by 25% in the last two years, and this figure should continue to rise as the middle class grows.
Local Peruvian retailers, as well as other foreign retail groups, will face major rivalry in the fight for the Peru retail market. For example, Grupo Intercorp's InRetail has announced plans to build four new malls and 29 new supermarkets in Peru. Gap, Inditex, Giorgio Armani, and Chanel are among the international retailers with a presence or expansion plans in Peru.