Chilean mall operator Cenco Malls plans to invest $600 million in two new shopping centers in Lima, Peru, the company announced during its Cenco Day event in Buenos Aires, Argentina. The projects, one a boutique-style center and the other a large-scale development, are slated to begin construction in 2026.
The smaller of the two projects will be located in the Miraflores district, at the intersection of Angamos and Petit Thouars avenues, and will span approximately 14,000 square meters. The larger center is planned for San Juan de Lurigancho and will encompass 80,000 square meters, according to Cenco Malls CEO Sebastian Bellocchio.
Carlos Canales, the mayor of Miraflores, confirmed the company’s interest in developing a project in the Petit Thouars and Angamos area, stating that a preliminary proposal already exists. Eduardo Azabache, Miraflores’ Manager of Economic Development and Oversight, added that the municipality is evaluating at least two potential Cencosud developments within its jurisdiction.
The $600 million investment for 2026 will be allocated with 70% dedicated to new store openings, renovations, expansions of existing malls, and real estate developments, Cencosud reported. This follows a period of streamlining, with the company closing 55 stores in 2025, primarily in Brazil (35) and Argentina (18).
Cencosud plans to open 20 new stores in various formats throughout 2026, adding over 42,000 square meters of retail space. Expansion of existing shopping centers will add more than 40,000 square meters of gross leasable area (GLA).
“These investments will allow us to accelerate our organic growth, continue strengthening the customer experience and further consolidate Cencosud’s value proposition in each of the markets where we operate,” said Cencosud CEO Rodrigo Larraín.
Cenco Malls is as well building on existing assets in Lima. The Cenco La Molina mall completed a second expansion phase in 2025, adding nearly 19,000 square meters to its existing 14,300 square meters. The company is also developing Cenco Lima in San Juan de Lurigancho, aiming to address unmet demand for modern retail in the area.
During the last quarter of 2025, Cenco Malls in Peru saw a 10.2% year-over-year increase in revenue, reaching $2.5 million, driven by the expansion of Cenco La Molina and new store openings. Visits to Cenco Malls increased 17.6% to 38 million, while sales rose 18.9%. The adjusted EBITDA margin in Peru reached 12% in the third quarter, the highest for that period in the local market.
Cencosud has also been expanding its supermarket presence in Peru, opening a new Metro supermarket in Santa Anita’s Mall Aventura in 2025, marking the brand’s first new physical store in six years, bringing the total to 68 stores nationally.
Beyond Lima, Cenco Malls is diversifying geographically with the development of Cenco Shopping El Golf, a modern strip center in Trujillo, Peru. The center will feature Wong as an anchor tenant and will include over 5,000 square meters of leasable space. Plans also include the future construction of two residential towers at the Trujillo location.
Cencosud’s overall revenue increased by 7% in 2025 compared to the previous year, 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 at 97.3%, with Chile leading at 99%.
