2021 Investment & Asset Management
Plaza Mayor was a shopping destination on a strategically important site near the airport. However, the scheme was held back by an excess of leisure, and was vulnerable to future competition.
Any plans to develop and redevelop the centre and its vicinity would require acquiring buildable rights, a very complex urban planning process; and it would have to expand in such a way as not to cannibalize the existing retail offer.
The subsequent step involved negotiations with one of Europe’s leading designer outlet operators to develop and manage a brand-new outlet centre, which would complement and enhance Plaza Mayor in a consistent way.
Sonae Sierra engaged the main designer outlet operator in Europe, McArthurGlen, to partner on the scheme, and create a long-term venture.
It was also important to develop a repositioning project for Plaza Mayor to ensure full alignment with the newly adjacent outlet. This included a comprehensive refurbishment, the consolidation and expansion of the main fashion anchors and a new and innovative upscale catering offer.
The McArthurGlen Designer Outlet Centre Málaga was designed to focus on premium and luxury brands, featuring enhanced architecture, tenant mix and good connections to the existing Plaza Mayor Centre. It opened to the public in Q1 2020, with an unique brand mix proposition in Southern Spain.
Adding the DOC and an expanded and refurbished Plaza Mayor proved to be an important move to reinforce asset value in the long term and leverage the shopping tourism opportunity .
The project underlined Sonae Sierra’s expertise in identifying the potential of an asset and in executing the envisaged strategy.
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