Page 52 - RLIJune2026

SPOTLIGHT ON LATIN AMERICA

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Horizons

Retail real estate projects across Latin
America are entering a new phase of growth
and reinvention as developers embrace
mixed-use concepts, experiential retail
and urban regeneration to meet changing
consumer habits. In this feature, RLI explores
the projects and trends reshaping the
region’s retail landscape and redefining how
Latin America shops, works and socialises.

cross Latin America, retail real estate is undergoing
a profound transformation. From large-scale mixed-
use developments in Mexico City and São Paulo to
A lifestyle-driven retail destinations in Bogotá, Lima
and Santiago, developers are rethinking the role of commercial
space in some of the region’s fastest-evolving urban markets. No
longer defined solely by traditional shopping centres, today’s
projects are blending retail with entertainment, hospitality, 1
residential and public space to create destinations built around
experience, convenience and community. Developers and
landlords are increasingly focused on experiential retail, creating 1. OH! Buenos Aires, PROJECTS ACROSS
destinations that encourage longer customer visits through Buenos Aires, LATIN AMERICA
restaurants, leisure attractions and cultural events. Argentina
Developers: HatZlaj
The shift is being driven by a combination of changing S.A. & Urban
consumer expectations, renewed investor confidence and Development Group OH! Buenos Aires, the bioclimatic shopping
rapid urban growth. As Latin America’s middle class continues 2. Arauco Chicureo, and experiential centre in Recoleta, is sche-
to expand and digital commerce reshapes shopping habits, Santiago, Chile duled to open in August 2026. Utilising four
developers are responding with more flexible, integrated and Developer: Parque open-air, semi-covered bioclimatic patios that
Arauco
technology-led concepts designed to attract both global brands will bring in natural light, it will create a mi-
and local consumers. Sustainability, accessibility and mixed-use croclimate, reducing reliance on conventional
density are also becoming central to new projects as cities seek heating and cooling. The new destination will
smarter ways to accommodate growth. feature over 100 stores, a sprawling gastrono-
Despite economic and political volatility in some markets, mic boulevard with 35 food concepts and uni-
retail development activity remains strong across the region. que attractions like giant slides and a Sacoa ar-
International retailers continue to view Latin America as a cade with virtual reality. Retaining the original
long-term growth opportunity, while domestic developers are 1990s facade, in collaboration with the Clorin-
increasingly focused on creating spaces that reflect local culture do Testa Foundation, the site will honour the
and evolving lifestyles. The result is a new generation of retail real architectural legacy of the original site. OH!
estate projects that is reshaping urban landscapes and redefining Buenos Aires is set to be a 34,000sq m lifes-
the future of commerce across Latin America. tyle and shopping hub situated in the former
Looking ahead, the outlook for Latin American retail real Buenos Aires Design building in Recoleta. It
estate is broadly positive. Continued urban growth, rising reimagines the traditional mall by blending
consumer spending and the integration of digital and physical luxury retail, entertainment and gastronomy
retail channels are expected to support demand. However, with bioclimatic architecture, natural ventila-
market performance will remain uneven, with modern, tion and protected historical heritage.
experience-led retail destinations likely to outperform older and Arauco Chicureo in Santiago (located in the
less differentiated assets. municipality of Colina) is scheduled to open in

52 Retail & Leisure International June 2026