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Shopping Centers SA has opened Iguatemi Ribeirão Preto, a 475,000-square-foot mall in northeastern Brazil in the state of São Paulo.
Ribeirão Preto is part of Iguatemi’s expansion in the state and features 200 stores and restaurants, natural light and indoor gardens. Another facet of the mall is entertainment with a Cinépolis theater with six screens, two of them IMAX. The mall will also house Bodytech, a popular gym.
“Ribeirão Preto’s gross domestic product is the 30th highest in the country and the 10th highest in the state of São Paulo,” said Cristina Betts, chief financial officer of Iguatemi. “Ribeirão Preto also has one of the highest per-capita incomes in the country. It’s the largest ethanol/sugar-based industry complex in the country and concentrates on one of the most diverse businesses in Brazil.”
Iguatemi Ribeirão Preto is part of the largest development complex in Brazil, consisting of 18 residential towers, seven condominiums, 17 office towers, a hotel, event center, golf course and school. The project is budgeted at $259.5 million.
Iguatemi has been capturing luxury brands for the tenant rosters of its existing 13 malls located in Rio de Janeiro, Brasília, São Paulo and Porto Alegre, among other cities. Iguatemi São Paulo, for example, features Louis Vuitton, Tiffany & Co., Ferragamo, Burberry, Miu Miu, Bulgari, Marc Jacobs, Stella McCartney and Alexander McQueen.
The new center will offer Hugo Boss, Diane von Furstenberg, Coach, H.Stern, Tommy Hilfiger and Havaianas, among others.
Carlos Jereissati, chief executive officer of Iguatemi, said the company hopes to attract more luxury brands to Ribeirão Preto. “Bringing Iguatemi to Ribeirão Preto was always a long-standing objective,” he said. “As it is Iguatemi’s tradition to facilitate and expand international brands’ presence in Brazil, we will continue our legacy by working to ease retailers’ entrance into this new market. [We have] an ever-increasing portfolio of international brands.”
“Iguatemi’s strategy is to continue to expand throughout the south and southeast of Brazil, in particular São Paulo city and state, which represents over one-third of the GDP of the country,” said Betts. “Opening an Iguatemi mall in a new city within São Paulo state allows us to increase our footprint in this space, which in turn provides us with yet another touch point with our tenants and clients, increasing our relevance for both.”
Iguatemi has three shopping centers under development in the state of São Paulo, in Votorantim/Sorocaba and São José do Rio Preto, bowing in 2014, and Jundiaí, opening in 2015.
“The Brazilian economy continues to grow and still provides ample opportunity for operations that serve untapped demand,” Betts said. “We believe that opening malls in great locations, with the right combination of architecture, tenants and services will continue to do well not only in the immediate future but also in the decades to come.”