Peru's Retail Sector Expands with New Mega Mall and Mallplaza Leadership Shift

A leading Peruvian retail conglomerate announced the development of a luxury‑tier mega mall slated to open in May 2026. The project targets growing urban consumer demand in Lima and aims to blend physical retail with digital services, offering experience‑based venues such as cinemas, gourmet food halls and wellness centers. The developer expects to pre‑lease roughly 40% of the gross leasable area to anchor tenants, keeping the debt‑to‑equity ratio around 1.5x, and sees the mall as a logistics hub for last‑mile delivery in a market still reliant on brick‑and‑mortar shopping.

At the same time, Mallplaza, a major shopping‑center operator active in Chile, Peru and Colombia, named Rafael Jaramillo as its new Division Manager for Peru, succeeding Cristian Somarriva. Jaramillo brings over 20 years of real‑estate project experience, having led recent expansions in Colombia and the modernization of Mallplaza assets. His mandate includes consolidating existing properties, increasing rentable space, and introducing premium outlet formats as part of Mallplaza’s broader growth strategy in the Peruvian market.