Shopping center

Brazil’s Multiplan CEO expects shopping mall sector to surpass pre-pandemic levels

The logo of the company Multiplan is displayed on a screen on the floor of the Brazilian Stock Exchange B3 in Sao Paulo, Brazil, July 25, 2019. Picture taken July 25, 2019. REUTERS/Amanda Perobelli

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RIO DE JANEIRO, April 12 (Reuters) – Brazil’s shopping mall sector is expected to grow 10% this year compared to 2019, before the COVID-19 pandemic, the operator’s chief executive Jose Isaac Peres said on Tuesday. of Multiplan shopping centers (MULT3.SA). .

The retail segment is expected to grow faster than the rest of the economy as demand increases after being pent up by restrictive measures during the pandemic, he said.

“The sector will grow this year by more than 10% (compared to 2019), but if you compare it to 2020 and 2021, it will be 40% to 70% ahead.”

Earlier this month, Multiplan reported that March sales at its managed shopping centers were 20.6% higher than the same month in 2019, reaching a monthly record of 1.4 billion reais (299.37 millions of dollars).

($1 = 4.6765 reais)

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Reporting by Rodrigo Viga Gaier; Written by Peter Frontini; Editing by Richard Chang

Our standards: The Thomson Reuters Trust Principles.