The executive president of Sonae Sierra, the mall design, construction and management company, has stated that the recession is not only over, but "more positive times" look promising.
Guedes de Oliveira said that they believe the recession has already passed and are looking forward to more positive times ahead. It is the company’s strategy to grow internationally and they expect to commence new projects in Brazil, Italy and Germany. By the close of this year, they hope to announce their entry into Colombia.The company has shown a €47.8m profit for the first half of 2014, compared to a loss of €4.6m during the same period last year. The financial director of the group, Edmundo Figueiredo points to the sales recovery which has increased by 4.1% year-on-year across the company’s portfolio.
According to Figueiredo, the group has seen a 6.6% growth within Portugal, with malls based in Italy increasing sales by 4.9%, and in Brazil, by 7.3%.
Its portfolio occupation rate has increased by 1.1% to reach 94.7%. The group has not only had the opportunity to reverse their policy of discounted rents for retailers in trouble, but it has been able to increase rents by 2.5% in Portugal because of the positive turnaround in sales.
26 SEPTEMBER 2014, Portugal
Boohoo expands online presence with new marketplace for fashion
Victoria's Secret expands presence in Melbourne
Inditex's Bershka set to enter indian market with Mumbai store
Ross stores expands across the U.S. with 24 new locations
Chaumet opens doors to debut boutique in Italy
Birkenstock is launching first store in France
Salomon elevates brand presence with new Paris flagships 
Amiri expands presence in California 
Crocs expands its presence in India with Apparel Group 
Best Buy Canada to expand presence with 167 small-format locations 
Arket expands into Italy with Milan flagship