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Brazil’s Multiplan CEO expects shopping center sector to surpass pre-pandemic levels – Metro US

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

The company logo for Multiplan is displayed on a screen
The company logo for Multiplan is displayed on a screen on the floor of Brazil’s B3 Stock Exchange in Sao Paulo

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

The retail segment should 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 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 malls were 20.6% higher than in the same month in 2019, reaching a monthly record of 1.4 billion reais ($299.37 million).

($1 = 4.6765 reais)

(Reporting by Rodrigo Viga Gaier; Writing by Peter Frontini; Editing by Richard Chang)

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