Cenco Malls to Invest Millions in Two New Shopping Malls in Lima, Peru
- Chilean retail giant Cencosud is planning a significant investment in Peru, with plans to construct two new shopping malls in Lima.
- One mall will be a boutique-style center located in the Miraflores district, at the intersection of Angamos and Petit Thouars avenues.
- The expansion is part of Cencosud’s broader 2026 investment plan, which totals around $600 million.
Chilean retail giant Cencosud is planning a significant investment in Peru, with plans to construct two new shopping malls in Lima. The projects, announced during the company’s Cenco Day event in Buenos Aires, Argentina, represent a substantial expansion of Cencosud’s footprint in the Peruvian market.
One mall will be a boutique-style center located in the Miraflores district, at the intersection of Angamos and Petit Thouars avenues. Expected to span approximately 14,000 square meters, the project is slated to begin construction in . The second, larger development is planned for San Juan de Lurigancho and is currently in the design phase, with a projected size of 80,000 square meters.
The expansion is part of Cencosud’s broader investment plan, which totals around $600 million. Approximately 70% of this capital expenditure will be allocated to growth initiatives, including new store openings, renovations, expansions of existing malls and real estate developments on owned land.
The Mayor of Miraflores, Carlos Canales, has confirmed the company’s interest in developing projects within the district, specifically in the Petit Thouars and Angamos area, where a preliminary project proposal already exists. Eduardo Azabache, Miraflores’ Manager of Economic Development and Oversight, indicated that the municipality is evaluating at least two commercial developments from Cencosud.
Cencosud, which operates in Peru through brands like Wong and Cenco Mall, is aiming to capitalize on the growing retail market in Lima. The Miraflores location is strategically positioned to attract consumers with higher purchasing power, offering a mix of retail, gastronomy, and services. The Cenco Miraflores project is designed to be a “boutique” center, aligning with urban consumption trends and personalized experiences.
The San Juan de Lurigancho project, tentatively named Cenco Lima, is intended to serve the densely populated eastern part of Lima, addressing unmet demand for modern retail options. Sebastian Bellocchio, CEO of Cenco Malls, described the project as a large-scale development that will expand the company’s presence in the district.
Cencosud’s investment in Peru comes as the company continues to optimize its operations across the region. In , the company closed 55 stores, primarily in Brazil (35) and Argentina (18), as part of an efficiency drive. However, the focus for is on expansion and new openings.
Beyond the two major mall projects, Cencosud is also expanding its supermarket presence in Peru. A new Metro supermarket opened in Santa Anita in , marking a resumption of the brand’s physical expansion after a six-year hiatus, bringing the total number of Metro stores in Peru to 68.
Further diversifying its portfolio, Cencosud is developing Cenco Shopping El Golf, the first modern strip center in Trujillo, northern Peru. Wong will serve as the anchor tenant. This project, encompassing over 5,000 square meters of leasable space, introduces a convenience-focused retail format to the region, with plans for future residential towers.
Recent financial performance in Peru has been positive for Cencosud. In the last quarter of , revenues in Peru reached $2.5 million, a 10.2% year-over-year increase, driven by the expansion of Cenco La Molina and new store openings. Mall visits increased by 17.6% to 38 million, while sales rose by 18.9%. The adjusted EBITDA margin in Peru reached 12% in the third quarter, the highest for that period in the local market.
Regionally, Cencosud reported a 7% increase in revenue in , reaching $397.3 million, with an adjusted EBITDA of $358 million and a margin of 90.1%. The consolidated occupancy rate across Chile, Peru, and Colombia remained high at 97.3%, with Chile leading at 99%.
Sebastian Bellocchio, General Manager of Cenco Malls, emphasized the company’s commitment to maximizing the potential of recently completed projects and strengthening its integrated physical and digital offerings. “We will continue with a disciplined execution of our growth strategy, with an emphasis on creating long-term value,” he stated.
The company’s expansion in Peru aligns with a broader regional strategy encompassing projects in Chile and Colombia, such as Cenco Medellín and Cenco Limonar. Cencosud aims to solidify its position as a key player in the evolving Peruvian commercial ecosystem, focusing on innovation, scale, and territorial diversification.