Shopping centre sales return to the pre-pandemic level

Bloomberg Línea — After a period of shutdown for shopping centres, given the measures of social isolation to contain the spread of covid-19, a return to normality, amid the advance of vaccination and flexibilities, has affected the sector and led to optimistic perspectives for 2022.

According to data obtained exclusively by Bloomberg Línea with SiiLA, a company that studies the commercial real estate market in Latin America, in the last quarter of 2021, the sales volume in the capital of São Paulo was 21 % above the recorded in the first quarter of 2020, before the impacts of the pandemic. São Paulo has the largest number of shopping centres in the country.

The average sales in Brazilian malls from high-income (A) people in the fourth quarter of 2021 was 44% higher than that recorded in the first quarter of the year, only 2% below the volume recorded in the first three months of 2020.

"The normalization of shopping centres' operations, linked to the thirteenth salary and the drop in the unemployment rate in the country, which ended the year at 11.1%, were the main factors that contributed to the resumption of sales in Brazilian shopping centres in the period.", says Giancarlo Nicastro, CEO of SiiLA.