CHILE – Chile’s mall developer, Parque Arauco S.A. announces a milestone in the expansion of its mall Parque Arauco Kennedy in Santiago, Chile. 

An agreement has been signed for the construction of a new Falabella store of approximately 25.000 m2, which will be distributed among four stories and will become the retailer’s largest store in their portfolio. This store is in addition to the construction of the Hilton Hotel and the major hotel convention center in the country, both announced in October 2016. “We are very proud to have come to an agreement with Falabella so that they join our expansion project with an iconic store. This new flagship store, along with the hotel development and convention center, will consolidate our mixed use of land as a business alternative for the company. This agreement is the result of many years of work, where each company has been able to develop an integrated project that will allow a better experience and a renewed offering to our clients”, assured Andrés Torrealba, Chief Executive Officer of Parque Arauco Chile.

Regarding the Falabella store, Gonzalo Somoza, Corporate CEO of Falabella Retail, indicated that “we have been working hard on this project which required developing an international level iconic Falabella store that will allow us to provide our clients a first class space, with the best purchase experience and the arrival of new leading global brands”. The four stories of the new Falabella will be connected to the mall, the Luxury District and the Boulevard. It is estimated that construction will begin in the first semester of 2017, and the public opening will be in 2021.

Parque Arauco now has 967,000 m2 of total GLA in Chile, Peru, and Colombia. The company inaugurated its first shopping center in Chile in 1982, entered Peru in 2005 and Colombia in 2008. The company’s assets now include seven regional shopping centers, four premium outlet malls and thirteen strip centers in Chile; six regional shopping centers, eight neighborhood centers, two premium outlet malls and two strip centers in Peru; and three regional shopping centers in Colombia as well as a large land bank to support the company’s future growth plans.