Cushman & Wakefield Global Cities Retail Guide

Cushman & Wakefield | Lima | 2019 0 Lima is not just the name of the capital of . 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 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 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 (" 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 , 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 . 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 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 , 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.

Cushman & Wakefield | Lima | 2019 3 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, , 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, , , 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) , 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, 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, La Molina)

(*) The size of the stores refers to the rental prices indicated, above 200 sqm. In some cases, there could be smaller stores. Cushman & Wakefield | Lima | 2019 4 LIMA 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 , 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

Cushman & Wakefield | Lima | 2019 5 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, . 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 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 attractions is its gastronomy, and food franchises decided to open in the capital 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 city was named as the ‘Best Culinary market for a while, such as Burger king, KFC, Pizza hut, Fridays, Tony Roma’s, Dunkin donuts, Starbucks, th Destination’ during the 25 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

Cushman & Wakefield | Lima | 2019 9 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

Cushman & Wakefield | Lima | 2019 10 AISSA LAVALLE Head of Office Cushman & Wakefield Perú Calle Germán Schreiber 210 of. 701 San Isidro Tel: +51 (1) 223 8160 Email: [email protected]

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.