LIMA Cushman & Wakefield Global Cities Retail Guide

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LIMA Cushman & Wakefield Global Cities Retail Guide
LIMA
    Cushman & Wakefield
    Global Cities Retail Guide

Cushman & Wakefield | Lima | 2019   0
LIMA Cushman & Wakefield Global Cities Retail Guide
Lima is not just the name of the capital of Peru. Lima forms
the region 'Lima Metropolitana'. Lima, with 9.4 million
people, generates half of all economic activity in Peru but is
home to only a third of the country's population and more
than 60% of the national income.

Lima is a very diverse cosmopolitan city full of ancient history, but also
very modern in places. It is a melting pot of different Peruvian and
international cultures and traditions.

There are a number of major infrastructure projects planned for the
coming years, including the development of new lines of the Lima Metro
System, among other projects. There are also a few shopping centre
projects in the pipeline for the next couple of years, such as Mall Santa
Maria and Mall Plaza Comas, among others.

In the 1970s and 1980s, many mid-sized shopping malls were opened:
Plaza San Miguel, still operating, modernized, extended and very
popular; Polvos de Higuereta, an accumulation of many small stores and
supported by two big retailers; Arenales shopping centre, due to be
modernized soon, and Camino Real in San Isidro, the most significant
shopping centre of the 1980s, but today nothing compared to its former
splendor. Other malls opened in the 1980s were the Plaza Camacho,
Molicentro, Caminos del Inca and El Polo. All were remodeled in the last
few years to meet modern standards and to be able to compete against
the new, ultramodern shopping malls popping up in Lima.

Since 1997 a new generation of shopping malls conquered the capital of
Peru. Starting with Lima's showpiece mall, the Jockey Plaza. After this
model places like Larcomar, Marina Park, Real Plaza Primavera, Plaza
                                                                             LIMA
Norte, Plaza Lima Sur, Molina Plaza and many more were built such as
all the malls developed by Real Plaza, Open Plaza and Mall Aventura
Plaza in different districts of the capital.                                 OVERVIEW
FACTS ABOUT CITY

9.4 million Metropolitan Population

More than 300,000 people walking through Jiron de la Union daily

     Cushman & Wakefield | Lima | 2019                                                  1
LIMA Cushman & Wakefield Global Cities Retail Guide
LIMA
KEY RETAIL STREETS & AREAS

SAN ISIDRO DISTRICT                                            MIRAFLORES DISTRICT
San Isidro is one of the most modern and wealthiest            Known for its shopping areas, public space/parks and
districts in Lima. It is the financial and commercial centre   beaches, Miraflores is one of the city’s upscale districts.
of the modern area of the capital. It is located just south
of downtown and features a number of high-end                  Tourism dominates the economy of the district and it is
restaurants, first-class luxury shopping areas, theatres,      also a cultural centre, home of theatres, cinemas and art
galleries and museums, and the headquarters of some of         galleries. The district has several hotels, cafés, pubs,
the most important and powerful businesses in all Latin        restaurants and shops, which draw large crowds of the
America. The district is also known for its large green        local population on Sundays.
areas, including a Golf club and The Olivar Park, a            Parque Kennedy, Miraflores central plaza, regularly has
National Monument since1959.                                   flea markets and art exhibitions. Larcomar shopping
Conquistadores Avenue is one of the busiest shopping           centre overlooks the Pacific coast and is very popular
avenues in San Isidro. It is also one of the most exclusive    among tourists, young people, and the middle and upper
retail streets in Lima, running parallel to Camino Real. On    classes. There are restaurants, stores, a food court, ice
this street some of the most exclusive Peruvian designers      cream shops, arcades, bowling alleys, nightclubs, bars,
have their stores, along with many international brands.       among others.

Pardo y Aliaga, Camino Real, and Emilio Cavenecia              The main shopping streets in the district of Miraflores are
avenues are also areas of commercial activity. Miguel          Larco Ave., Comandante Espinar Ave., Benavides Ave.,
Dasso is also the home of exclusive boutiques,                 La Mar Ave. and Santa Cruz Ave. The district also has an
bookstores, coffee shops, bank agencies, photography           important park called Parque Reducto, which is
studios, etc.                                                  considered a National Monument.

While Larcomar or Jockey Plaza may have more of the            The Calle de las Pizzas ("Pizza Street") in downtown
flagship stores of luxury brands, Conquistadores avoids        Miraflores is popular among teenagers and young adults.
the mall trend, and allows shoppers to walk its quaint,        It also has some of the most prestigious high schools in
cobblestone streets.                                           Peru, including the British schools Markham College, San
In Las Begonias Avenue and the neighboring avenues,            Silvestre School, Deutsche Schule Alexander von
such as Rivera Navarrete, República de Panamá, and             Humboldt Lima (German school), Pestalozzi (Swiss
Canaval y Moreyra, there are shopping malls and offices        school) and Carmelitas School. It is also home to the
of local and international companies. Santa Cruz Avenue        University of Piura.
is also an attractive avenue, mainly because of the food
service choices in it, restaurants such as La Vaca Loca,
Friday’s, Delifrance and Pardo’s Chicken.

Cushman & Wakefield | Lima | 2019                                                                                            2
LIMA Cushman & Wakefield Global Cities Retail Guide
LIMA
KEY RETAIL STREETS & AREAS

SANTIAGO DE SURCO DISTRICT                                    JESUS MARIA DISTRICT
Santiago de Surco is a district mixed in terms of its         Jesús María is one of a number of small districts close to
demographics. The northern parts of Santiago de Surco,        each other, and near to the city centre. In the past few
(which is close to San Borja and La Molina), known as         years, it has seen much residential development which
Monterrico and Chacarilla, are considerably more              has led to a modernisation of this specific zone. It is a
developed than the southern side of the district. These       lower-middle to upper-middle class, high density district,
two areas have more upper-class housing and the three         considering its proximity to San Isidro and Magdalena del
major shopping centres of the district.                       Mar.
Many of Lima’s significant shopping centres such as           The main avenues in Jesús María are Salaverry Ave.,
Jockey Plaza, Caminos del Inca, and El Polo (I and II) are    Mariategui Ave. and San Felipe Ave. One of the most
located in this district.                                     significant shopping centres is located in this district, Real
                                                              Plaza Salaverry, where several exclusive and international
Also, important avenues (including Benavides Ave.,
                                                              brands are located such as Mango, Guess, Desigual,
Caminos del Inca Ave., Primavera Ave., La Encalada Ave.
                                                              Zara, Forever 21, Prune and Tous, among others.
and El Polo Ave.) pass through Santiago de Surco,
including the south avenues, which connect the district       General Garzón Avenue is the key retail street. In this
with downtown Lima, San Isidro and Miraflores.                avenue there are several shops and small restaurants that
                                                              make the place one of the most important commercial
Some of the most important private universities are
                                                              areas.
located here, including the University of Lima, Universidad
Peruana de Ciencias Aplicadas, ESAN, and Ricardo              SAN MIGUEL DISTRICT
Palma University.
                                                              San Miguel is also considered a key commercial district,
                                                              located in the west side of Lima, 15 minutes from
                                                              international airport Jorge Chávez. There are numerous
                                                              shopping malls, commercial streets, supermarkets, banks,
                                                              bars and restaurants.
                                                              La Marina avenue is the main thoroughfare in the district,
                                                              where you can find Plaza San Miguel, one of the oldest
                                                              shopping malls in the city and other stores and
                                                              restaurants nearby, besides new office buildings. The
                                                              exponential development of homes in the area has
                                                              motivated the greater commercial movement and the
                                                              expansion in the diversity of services here.

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LIMA Cushman & Wakefield Global Cities Retail Guide
LIMA
MARKET OVERVIEW

  KEY AREAS / STREETS                         CONSUMER                MAJOR RETAILERS PRESENT                                                        TYPICAL RENT FOR       RANGE OF UNIT
                                              PROFILE                                                                                                UNIT OF 200 SQM        SIZES (*)
 Conquistadores Avenues (San                 NSE A and B              Tommy Hilfiger, Salomon, Colloky, Coliseum, MNG, Dejavu, Arrow,                $22 to $52 per sqm     240 to 540 sqm
 Isidro)                                                              Philosophy, Mentha y Chocolate, Coco Jolie

 Santa Cruz Avenue (Miraflores /             NSE A and B              Marco Aldany, Baliq Joyas, Stenberg, Almudena Miliani, Delifrance, G&G         $31 per sqm            240 sqm
 San Isidro)                                                          Joyeros, Gucci, Omega, Breitling, Aston Martin, Toffany & Co., O’Neil,
                                                                      Friday’s
 Camino Real Avenue (San Isidro)             NSE A and B              Quicksilver, The Box Coreshop, The Northface, Norka Peralta, Trek,             $15 to $45 per sqm     250 to 498 sqm
                                                                      Charlotte, Moda & cía, Mentha y Chocolate, OPI, Telepizza
 Comandante Espinar Avenue                   NSE A and B              Drimer, Adidas, Decorlux, Starbucks, Ibero Bookstore, Epoca, Bookstore,        $29 to $32 per sqm     288 to 307 sqm
 (Miraflores)                                                         Mitsui, Lartiza, GMO, Florerias Unidas, Baby Infanti
 Larco Avenue (Miraflores)                   NSE A and B              All Alpaca, Far West, Cuy Arts, Crisol Bookstore, Ishop, GMO, Bata, Kuna,      $21 to $41 per sqm     243 to 1,600 sqm
                                                                      Crepier, Topi Top, Payless Shoesource, Pizza hut, Bembos, La Lucha,
                                                                      Starbucks, News Café, Manolo’s, Bembos
 28 de julio Avenue (Miraflores)             NSE A and B              Coco Jolie, Marco Aldany, Casa Banchero, Miss Cupcakes, Starbucks,             $27 to $35 per sqm     218 to 504 sqm
                                                                      Adidas, GMO, Coolbox, Tottus, Montalvo, Don Mamino
 Alfredo Benavides Avenue                    NSE A and B              Baby Infanti, Coolbox, Todo Bebe, Kitchen Aid, Big Head, Camping centre,       $19.7 to $29 per sqm   480 to 687 qm
 (Miraflores)                                                         Tailoy, Globilandia, Smartfit, Burger Kin, Pastipan, Caravana, Starbucks,
                                                                      Chili’s, Mc Donald’s, KFC dunkin Donuts, Krispy Kreme, Domino’s, Sarcletti.
 Alfredo Benavides Avenue                    NSE A and B              Papa john’s, Rosatel, Plaza Vea supermarket, Pastipan, Renault, Sarcletti,     $12 to $31 per sqm     250 to 390 qm
 (Santiago de Surco)                                                  Burger King, Kukyflor, Mc Donald’s

 Caminos del Inca Avenue                     NSE A and B              Wong, Plaza Vea, Don Mamino, Don Belisario, Starbucks, Maestro, Bembos,        $15.8 to $24 per sqm   205 to 288 sqm
                                                                      Delicass, La Panka.

 Aviación Avenue (San Borja)                 NSE B and C              Tai Loy, KFC, Utilex, Bembos, Starbucks, Mr. Sushi, Electrolux, Pandero, Mis   $15 to $22 per sqm     260 to 1,750 sqm
                                                                      Costillitas, Don Tito, Norky’s, Bembos, Starbucks, Mr. Sushi

 West Javier Prado Avenue                    NSE A and B              KFC, Pastipan, Villa chicken, Dunkin Donuts, Oxxo, Montalvo Salon & Spa,       $12 to $21 per sqm     200 to 1,500 sqm
 (Magdalena del Mar, San Isidro)                                      Pardo’s chicken, Delicass, Hyundai, Curacao, Kia dealer, Gold’s Gym,
                                                                      Sodimac
 West Javier Prado Avenue                    NSE A, B, and C          Mundo Bebe, McDonald’s, Gold’s Gym, Ripley, Oficentro, Movistar,               $11 to $22.5 per sqm   200 to 1,500 sqm
 (Santiago de Surco, San Borja,                                       Starbucks, Dercocentre, Kia Motors, Chevrolet, Braillard, Renault, Subway
 La Molina)
(*) The size of the stores refers to the rental prices indicated, above 200 sqm. In some cases, there could be smaller stores.

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MARKET OVERVIEW

  KEY AREAS / STREETS               CONSUMER PROFILE   MAJOR RETAILERS PRESENT                             TYPICAL RENT FOR     RANGE OF UNIT
                                                                                                           UNIT OF 200 SQM      SIZES
 El Polo Avenue (Santiago de        NSE A and B        Papa john’s, Oxxo, Starbucks, Pinkberry, Bosh       $20 to $30 per sqm   460 to 680 sqm
 Surco)

 Primavera Avenue (Santiago de      NSE A and B        Wong, Colineal, Aldo & Co., Sony centre, Bocatta,   $14 to $38 per sqm   310 to 1617 sqm
 Surco)                                                La Bistecca, Panchita, Tanta, La Bodega de la
                                                       Trattoria, La Folie, Mitsui, Kia Motors
 Jiron de la Unión (Cercado de      NSE B, C, and D    Oechsle, Saga Falabella, Ripley, GMO, Starbucks,    Not available        Not available
 Lima)                                                 Radioshack, Adams, Payless Shoesource, Bata
 Carlos Alberto Eyzaguire Avenue    NSE B, C, and D    La Curacao, Telepizza, Papa john’s, Hiraoka,        Not available        Not available
 (Independencia)                                       among many other restaurants.
 Carretera Central (Ate / Santa     NSE C and D        Tai Loy, Estilos, Lifan Motors, Sodimac, Makro,     Not available        Not available
 Anita)                                                Plaza Vea

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LIMA Cushman & Wakefield Global Cities Retail Guide
LIMA
                                    SOME OF THE MAIN SHOPPING CENTRES
                                    PLAZA NORTE                                                     JOCKEY PLAZA SHOPPING CENTRE
                                    Plaza Norte is a shopping centre located in the district of     Jockey Plaza is an exclusive shopping centre, located
                                    Independencia, north of Lima. The inauguration took place       between Av. Manuel Olguin and Av. Javier Prado Este in
                                    on July 2009 by the company Corporación EW, after its           the district of Santiago de Surco in Lima. It has several
                                    sale of Grupo Wong to Cencosud. It is one of the largest        international brand stores such as Calvin Klein, Forever
                                    shopping centres in the country with more than 200,000          21, H&M, Mac, Coach, Guess, Hugo Boss, MNG,
                                    sqm in total, with very few vacancies. In addition to having    Kenneth Cole and Zara (recently expanded), among
                                    commercial stores and restaurants, there is a church, a         others. Some new brands are expected to be opened on
                                    gymnasium, a convention centre, a theatre, government           2019: Victoria’s Secret Joaquim Miro, Studio F, and
                                    offices, a television channel (Willax) and a terrestrial        Enrique Thomas.
                                    terminal.

                                    REAL PLAZA SALAVERRY                                            PLAZA SAN MIGUEL
                                    Opening in 2014, it is the largest and most exclusive           It is located in La Marina Ave., San Miguel, in the
                                    shopping centre in the Real Plaza chain. It is located in       intersection of two of Lima's main avenues: La Marina
                                    Jesus Maria, a district that has seen significant residential   Ave. and Universitaria Ave. It opened its doors on October
                                    growth. Its main stores are Plaza Vea, Saga Falabella,          15, 1976, being the first attempt to create a shopping
                                    Oechsle, Ripley, Promart, Zara, Sfera, Forever 21 and           centre in Peru. It is one of the oldest and most iconic
                                    Cineplanet. Its proximity to upper class districts such as      shopping centres in the capital and despite the
                                    San Isidro and Magdalena del Mar has created a strong           development of new mall alternatives it continues to grow,
                                    retail offer here.                                              and it is expected that at the end of 2019, the leasable
                                                                                                    area will grow more than 50%, and will include a new
                                    MALL BELLAVISTA                                                 gastronomic and entertainment offer.
                                    This is the second commercial centre of the Mallplaza
                                    chain in Peru, located in Bellavista, Callao. It has more
                                    than 100 stores, including Falabella, Ripley, Motorplaza,       REAL PLAZA PURUCHUCO
                                    Tottus, Cinemark and Sodimac, as well as a gym and              Located in Ate Vitarte, this shopping centre will be one of
                                    underground parking. In 2014, an expansion process              the largest, with 120,000 sqm of leaseable area. It is
                                    began to include new brands of all categories and the           expected to open in October 2019 and will receive around
                                    addition of Multitienda Paris. Recently, in 2019, a financial   2 million visitors per month. Following investment of
                                    boulevard was opened, gathering the main banks related          around US$ 130 million, it will have more than 300 shops
                                    services.                                                       and 5,000 parking spaces.

                                    LA RAMBLA
                                    La Rambla is a chain of shopping centres operated by
                                    Urbanova, the real estate arm of the BRECA Group. La
                                    Rambla currently has two commercial operations in Lima:
                                    La Rambla San Borja, inaugurated in 2012 and La
Cushman & Wakefield | Lima | 2019   Rambla Brasil, opened in 2014.                                                                                              6
LIMA Cushman & Wakefield Global Cities Retail Guide
DEVELOPMENT TO WATCH OUT FOR
 MALL PLAZA COMAS

 Total Scheme Size (sqm)       83,000

 - Retail GLA (sqm)            83,000

 Planned Opening Date          2020

 Consumer Profile              Mostly NSE C and D

 Owner                         Developed by Mall Plaza

 ABOUT THE DEVELOPMENT

 Located in Comas, the mall is surrounded by main
 avenues such as North Panamericana Highway,
 Universitaria Ave., and Tupac Amaru Ave. With
 investment totaling around US$80 million, it will have
 more than 220 shops and 1,445 parking spaces. It will
 be the first shopping mall with a LEED certification.

                                                          LIMA
                                                          NEW DEVELOPMENT
                                                          WATCH

Cushman & Wakefield | Lima | 2018                                           7
LIMA
FOOD & BEVERAGE

One of the most famous Peruvian                                Another positive change to the food offer is that many
                                                               food franchises decided to open in the capital and
attractions is its gastronomy, and                             provided new options to choose from. Some of them are:
Lima plays a significant role in this.                         Taco Bell, Krispy Kreme Doughnuts, Johnny Rockets and
It is no surprise therefore that the                           Chuck E. Cheese, and others that have been in the
                                                               market for a while, such as Burger king, KFC, Pizza hut,
city was named as the ‘Best Culinary                           Fridays, Tony Roma’s, Dunkin donuts, Starbucks,
Destination’ during the 25th edition                           McDonald’s, and there is a likelihood that eventually many
of the World Travel Awards, for 7                              other well-known brands will arrive in the capital.
consecutive years.
Tourists from around the world come here to learn and try
the famous flagship dish: ceviche. But the Lima cuisine
has much more to offer, such as “causa limeña”, “lomo
saltado”, “anticuchos” and “aji de gallina”, among many
other famous dishes.
Lima's cuisine has inherited the pre-Hispanic and colonial
culinary secrets and has managed to merge them with the
most delicious cuisines of Europe and the East. The
secret of their success seems to lie in the freedom to
explore new flavors to combine ingredients, to rescue
from oblivion and transform inputs wisely everything tasty
that other people have offered for creating an original
product.
In the past few years, gastronomy has led to an explosion
of a trend for better quality, more elaborate cuisine, which
has been driven by several factors and has managed to
present Peruvian's cuisine and quality to the world. This
growth has allowed the creation of new restaurants and
the expansion of the best ones, with high standards a
variety of creative dishes, that have given Peruvian
cuisine the best reviews.

Cushman & Wakefield | Lima | 2019                                                                                           8
LIMA
                                    FOOD & BEVERAGE MARKET OVERVIEW

                                    KEY AREAS           CONSUMER PROFILE   FOOD & BEVERAGE OPERATORS                                            RENT FOR 350
                                                                                                                                                SQM UNIT
                                    San Isidro          NSE A and B        Osaka, Edo Sushi Bar, La Décima, Titi, San Antonio, Astrid y          $21 to $32 per sqm
                                                                           Gastón, La Bistecca, La Linterna, Tanta, Segundo Muelle, Danica,     depending on the
                                                                           Punto Azul, Antica, Villa Chicken, San Ceferino, Crepes & Waffles,   location and the
                                                                           Don Mamino, La Romana, La Bonbonniere, Punta Sal, Señor              features of the
                                                                           Limón, Charlotte, Pardo´s Chicken, Bodega de la Trattoria,           construction
                                                                           Embarcadero 41, Long Horn, Paseo Colón, Mr. Sushi, La gran
                                                                           Fruta, 4D, La Caravana, Delicass, La Fondue, Maras, Bravo
                                                                           Restobar, Hanzo, Lima 27, Malabar, Alfresco, El Olivar, La
                                                                           Baguette, La Carreta, Dolce Capriccio, among others.
                                    Miraflores          NSE A and B        Maido, Fiesta, Osaka, Amaz, Edo Sushi Bar, Carnal, El Mercado,        $24 to $35 per sqm
                                                                           La Gloria, Manifiesto, Francesco, San Antonio, Central               depending on the
                                                                           Restaurante, Matria, La Lucha, Panchita, La Mar, Pescados            location and the
                                                                           Capitales, Tanta, La Plazita, Mangos, Dolce Capriccio, Dánica,       features of the
                                                                           Punto Azul, Tony Roma´s, Crepes & Waffles, Don Mamino, Mis           construction
                                                                           Costillitas, La Romana, La Piccolina, Punta Sal, Papacho´s,
                                                                           Madam Tusan, Pardo´s chicken, Rodizio, 4D, Don Belisario,
                                                                           among others.
                                    Santiago de Surco   NSE A and B        Osaka, Edo Sushi Bar, Siam, San Antonio, La Linterna, Tanta,          $16 to $38 per sqm
                                                                           Segundo Muelle, Hanzo, Punto Azul, Antica, Villa Chicken, Don        depending on the
                                                                           Mamino, Mis costillitas, La Baguette, La Bonbonniere, Sarcletti,     location and the
                                                                           Pardo´s Chicken, Rodizio, Pink Berry, 4D, La gran Fruta, Delicass,   features of the
                                                                           Don Belisario, among others.                                         construction
                                    San Borja           NSE A, B, and C    Edo Sushi Bar, El Aguajal, La Bistecca, Pescados Capitales,           $14 and $24 per sqm
                                                                           Punto Azul, Villa Chicken, La Romana, Sarcletti, Palermo,            depending on the
                                                                           Charlotte, among others.                                             location and the
                                                                                                                                                features of the
                                                                                                                                                construction

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LIMA
                                    FOOD & BEVERAGE MARKET OVERVIEW

                                    KEY AREAS   CONSUMER          FOOD & BEVERAGE OPERATORS                                     RENT FOR 350
                                                PROFILE                                                                         SQM UNIT
                                    Barranco    NSE A, B, and C   Amoramar, Cala, Antica, Rustica, Tio Mario, El Hornero,        $14 and $21 per sqm
                                                                  Ayahuasca, La Noche Restobar, La 73, among others.            depending on the
                                                                                                                                location and the
                                                                                                                                features of the
                                                                                                                                construction

                                    La Molina   NSE and B         El Charrua, Edo Sushi Bar, El Hornero, San Antonio, Don        $11 and $30 per sqm
                                                                  Mamino, Mis costillitas, Punta Sal, Señor Limón, Charlotte,   depending on the
                                                                  Pardo´s Chicken, Rodizio, Roky´s, Orgaanika, O-Mei,           location and the
                                                                  Telepizza, La Crocante, among others.                         features of the
                                                                                                                                construction

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AISSA LAVALLE
  Head of Office
  Cushman & Wakefield Perú
  Calle Germán Schreiber 210 of. 701 San Isidro
  Tel: +51 (1) 223 8160
  Email: aissa.lavalle@sa.cushwake.com

No warranty or representation, express or implied, is made to the
accuracy or completeness of the information contained herein, and the
same is submitted subject to errors, omissions, change of price, rental
or other conditions, withdrawal without notice, and to any special
listing conditions imposed by our principals.
© 2019 Cushman & Wakefield LLP. All rights reserved.
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