Nova Arcada, from Zero to Hero

Solution

• A thorough turnaround assessment was conducted by Sonae Sierra, always in collaboration with the asset owner, and the following measures were implemented:
  • The Centre’s total area was oversized to the reality of its catchment area due to the already consolidated competition. It was necessary to readjust the Gross Leasable Area globally and specifically in the food hall area;
  • A commercial offer strategy of diversification and quality was implemented – the first IKEA in a shopping centre was negotiated successfully, as well as a new health club, a 12-rooms Cinema complex, a hospital unit and the integration of several new brands in the region;
  • New architectural concepts were implemented creating leisure spaces, sitting areas, an innovative food hall with green elements for multiple uses and an outdoor extension.

Key Highlights

• Nova Arcada initially designed to be a shopping centre of a Sonae Sierra competitor scheduled to open to the public in 2008 had its inauguration postponed for several reasons, including the adverse economic climate at the time. It was regarded as a hopeless asset with no future being overlooked by retailers and the market.
• In 2012 the asset owner decided to rely on Sonae Sierra to turn around the negative reality into a successful project.
• Nowadays Nova Arcada receives more than 6 million visits per year, has 108 shops and restaurants, is expanding its tenant mix offer with the integration of a hospital unit and registers growth in sales and traffic each year.

Key Numbers