Page 53 - RLIJune2026

SPOTLIGHT ON LATIN AMERICA

Expanding

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 the second half of 2026. The 40,000sq m sho- 2
destinations that encourage longer customer visits through Buenos Aires, LATIN AMERICA pping centre was acquired by Parque Arauco
restaurants, leisure attractions and cultural events. Argentina and upon opening will feature more than 100
Developers: HatZlaj
The shift is being driven by a combination of changing S.A. & Urban stores, including a Líder supermarket and a Ho-
consumer expectations, renewed investor confidence and Development Group OH! Buenos Aires, the bioclimatic shopping mecenter Sodimac. Arauco Chicureo will bring
rapid urban growth. As Latin America’s middle class continues 2. Arauco Chicureo, and experiential centre in Recoleta, is sche- services closer to the community, responding
to expand and digital commerce reshapes shopping habits, Santiago, Chile duled to open in August 2026. Utilising four to the commercial equipment needs of Colina
developers are responding with more flexible, integrated and Developer: Parque open-air, semi-covered bioclimatic patios that and Chicureo Poniente. It will be an alternative
Arauco
technology-led concepts designed to attract both global brands will bring in natural light, it will create a mi- for entertainment, health, education, gastro-
and local consumers. Sustainability, accessibility and mixed-use croclimate, reducing reliance on conventional nomy, pharmacies and supermarkets and it will
density are also becoming central to new projects as cities seek heating and cooling. The new destination will provide free parking and entertainment areas to
smarter ways to accommodate growth. feature over 100 stores, a sprawling gastrono- the community, such as children's play areas, a
Despite economic and political volatility in some markets, mic boulevard with 35 food concepts and uni- pump track and a climbing wall. It also includes
retail development activity remains strong across the region. que attractions like giant slides and a Sacoa ar- medium and small stores, a restaurant area, a
International retailers continue to view Latin America as a cade with virtual reality. Retaining the original food court, a gym and spaces for medical servi-
long-term growth opportunity, while domestic developers are 1990s facade, in collaboration with the Clorin- ces, which will open to the public in 2027.
increasingly focused on creating spaces that reflect local culture do Testa Foundation, the site will honour the Kristal Mall is Colombia’s first “shopping re-
and evolving lifestyles. The result is a new generation of retail real architectural legacy of the original site. OH! sort”, currently under construction in the nor-
estate projects that is reshaping urban landscapes and redefining Buenos Aires is set to be a 34,000sq m lifes- thern zone of Cartagena, with a projected ope-
the future of commerce across Latin America. tyle and shopping hub situated in the former ning in 2027. The 120,000sq m megaproject is
Looking ahead, the outlook for Latin American retail real Buenos Aires Design building in Recoleta. It built around a massive 20,000sq m crystalline
estate is broadly positive. Continued urban growth, rising reimagines the traditional mall by blending lagoon featuring Crystal Lagoons® technology.
consumer spending and the integration of digital and physical luxury retail, entertainment and gastronomy Developed by Arquitectura y Concreto, it will
retail channels are expected to support demand. However, with bioclimatic architecture, natural ventila- house over 200 stores and restaurants, inclu-
market performance will remain uneven, with modern, tion and protected historical heritage. ding a 4,300sq m Éxito department store, a ho-
experience-led retail destinations likely to outperform older and Arauco Chicureo in Santiago (located in the tel and medical towers. It blends entertainment
less differentiated assets. municipality of Colina) is scheduled to open in and shopping around a monumental 5.3-acre

52 Retail & Leisure International June 2026 June 2026 Retail & Leisure International 53