SANTIAGO, Chile--(BUSINESS WIRE)--Jun 5, 2023--
Parque Arauco announced a long-term agreement with the Swedish company H&M to join its malls in Pereira, Bucaramanga, and Barranquilla. During the second semester of 2023, three H&M stores totaling approximately 6,000 m2 will open to the public. The addition of H&M comes in the context of a sustained growth process in sales for Parque Arauco's shopping centers in Colombia.
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Parque Caracoli in Bucaramanga, Colombia (Photo: Business Wire)
This announcement is part of the several investments the company has planned in Colombia for this year, totaling COP 38,000 million (USD 8.5 Million), including renovations and expansion of the commercial mix in different assets. These investments will be financed with the cash flows generated by the operation and are expected to be disbursed during the current year.
"We are very pleased with the results we have achieved. In recent years, we have achieved solid growth in the sales of our tenants in Colombia, and it is gratifying to confirm not only the preference of our visitors but also the trust of important brands like H&M and other tenants who continue to choose Parque Arauco's shopping centers as part of their expansion strategy in the country," says Diego Bermúdez, General Manager of Parque Arauco, Colombia Division.
Parque Alegra, located in the city of Barranquilla, will inaugurate a 1,900 m2 H&M store, betting on the significant growth and potential of the southern part of the city. In Parque Arboleda, located in the city of Pereira, H&M will have a 1,900 m2 store. Additionally, the mall has expanded approximately 1,000 m2 of commercial space and reconfigured 4,700 m2, where the brands of the Inditex group, Zara, Stradivarius, and Bershka, were remodeled, generating a new experience for customers. In Parque Caracolí, located in the city of Bucaramanga, the H&M store will be 2,200 m2. Furthermore, another 2,000 m2 of commercial space is being converted, and in the last 12 months, 17 new brands have been incorporated.
In addition to the investments in the three assets where H&M will be incorporated, Parque Arauco will also continue to strengthen the commercial mix of its main asset in the country, Parque La Colina. Along with the recent opening of Colombia's first full concept Victoria's Secret lingerie store and Michael Kors, Parque La Colina will also expand its dining options. Having been recognized as a gastronomic destination in the capital, the mall will expand SOCIAL, its upscale food hall, with approximately 1,000 additional m2 where four new brands will complement its current offering.
Parque Arauco entered the country 15 years ago with the opening of Parque Arboleda in Pereira, followed by Parque Caracolí in Bucaramanga and Parque La Colina in Bogotá. Since then, it has continued to bet on growth in Colombia. Today, its shopping centers are leaders in the regions where they are located, and the company currently has six operating shopping centers and three multifamily housing projects under development.
About Parque Arauco
Currently, Parque Arauco has a total GLA of 1,124,500 m² in Chile, Peru, and Colombia. The company inaugurated its first shopping center in Chile in 1982, entered Peru in 2005, and Colombia in 2008. For more details, please visit the company's website: www.parauco.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230605005608/en/
CONTACT: Lauren Brown
Head of Investor Relations
Lbrown@parauco.com
(56 2) 2299 0608
KEYWORD: NORTH AMERICA UNITED STATES CHILE SOUTH AMERICA COLOMBIA NEW YORK
INDUSTRY KEYWORD: FASHION RETAIL DEPARTMENT STORES COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY REIT
SOURCE: Parque Arauco
Copyright Business Wire 2023.
PUB: 06/05/2023 01:18 PM/DISC: 06/05/2023 01:16 PM
http://www.businesswire.com/news/home/20230605005608/en
