- Visitors have quickly returned to shopping centers as the phases of the “Paso a Paso (Step by Step)” Plan progress, with average conversion rates of between 40%-50% higher than pre-pandemic levels.
- Sales in 2Q2021 were up 211% compared to 2Q2020.
The addition of 210 new stores to its value proposition was confirmed during the period, among which The Body Shop, Xiaomi and CasaIdeas stand out in Chile, along with brands like Coliseum and Huawei in Peru, and Mac Center, Starbucks and Malva in Colombia.
Santiago, 31 August 2021. According to its latest financial results, Mallplaza closed the second quarter with clear signs of recovery and improved operating performance and results. The company reported a quick recovery of visitor flows and regularity as health restrictions have gradually been eased, which was translated into 211% growth in sales compared to 2Q2020 and a visitor flow of around 33 million. Regarding Same Store Sales, they maintained their positive trend in 2Q2021, at 93% compared to 2Q2019, excluding supermarkets.
“We are working together with our tenants to respond to the new and growing challenges we face, speeding up processes and at all times putting people and the communities we belong to at the center of our actions, generating new opportunities for development and growth. Thus, in addition to maintaining a 91% occupancy rate, we have incorporated a total of 136,000 m2 of new brands and propositions that will be opening in 2021 and 2022,” Mallplaza CEO Fernando de Peña said.
The new brands incorporated into Mallplaza’s value proposition include Samsung, Lego, CasaIdeas, The Body Shop, Xiaomi, Tricot andTommy Hilfiger in Chile, Coliseum and Huawei in Peru, and Mac Center, Starbucks and Malva in Colombia.
In addition to the consolidation of Mallplaza’s omnichannel ecosystem and the generation of new channels of logistical operations, the long-term relationship between the company and its tenants has allowed strengthening the shopping centers’ value proposition for consumers and their growing need for a cross-platform experience, in addition to preparing them to better deal with scenarios of greater normalcy in the second half of the year.
Regarding the area in operation, Mallplaza’s shopping center tenants operated under increased health restrictions in 2Q2021, especially in Chile, with an average operating GLA of 48% in the three countries. Operating GLA was 58% at the close of 2Q2021 and 2,320 stores were open regionally.
On the revenue side, it grew by 110% compared to the same quarter in 2020 and EBITDA increased by 1,762%, showing a sustained recovery in margin over revenue for the third consecutive quarter, at 66%, in line with a stabilized operation and a positive trend in sales and flows due to reduced operating restrictions. Lastly, Mallplaza reduced its debt by US$238 million in 2021 and is in a solid financial position to address the current pandemic scenario.
Omnichannel proposition and new reasons for visiting
The consolidation of Mallplaza’s omnichannel proposition is also producing positive results for the company and its tenants. Delivery services saw increased dynamism through June 2021, generating almost 4 million orders shipped in the last 12 months. In addition, Pit Stop has continued to grow, processing over 930,000 accumulated orders over the last 12 months, equivalent to 25% of total delivery orders. In fact, during this quarter alone they managed to reach 30% of the over 1.2 million total orders for the period. In the case of Click & Collect, which operates with 17 points regionally and 6 physical warehouses, it has also generated flows to shopping centers and as of June has reached almost half of the over 20,000 orders placed in 2021.
“Mallplaza’s omnichannel proposition will doubtlessly continue to be a key factor in post-pandemic growth,” De Peña said.
