The retail landscape in Peru is showing resilience as it moves through 2026, maintaining a positive outlook despite political uncertainty and fluctuations in consumer spending. Following a 2025 period that saw the sector record sales near S/ 40,000 million, the industry is banking on a wave of new mall openings in the second half of the year to sustain this momentum.
With more than S/ 250 million in investments directed toward these upcoming projects, developers are expanding their reach beyond Lima into the interior of the country. These new complexes increasingly favor mixed-use models that combine commercial space with residential units, services, and entertainment, aiming to integrate into the daily routines of local populations.
Did You Know? The upcoming Lomas Plaza in the Rímac district will mark the first shopping center to open in that area, featuring a 2,000 m² Metro supermarket as its anchor tenant.
Key Developments Across the Country
In Lima, the Rímac district will welcome Lomas Plaza between July and August 2026. This medium-scale project, developed by Besco with an investment of S/ 80 million, is designed as a mixed-use space that serves both local residents and the occupants of the project’s own residential units.
Surco will see the addition of The Square and the Jockey Premium Outlet. The Square, a community center developed by Link Real Estate with a S/ 90 million investment, is slated for a November 2026 opening. Meanwhile, the Jockey Premium Outlet, representing a US$ 20 million investment, will target a younger demographic with a luxury-accessible model offering significant discounts.
In the northern part of Lima, Puente Piedra is preparing for the launch of Las Vegas Plaza in November. This US$ 40 million project is expected to generate over 1,600 jobs and reach an estimated 2 million monthly visitors, anchored by large-scale retailers like Plaza Vea and Sodimac.
Trujillo is also experiencing a retail expansion. Plaza Center Trujillo, an Intercorp project, is expected to open by the end of 2026, while Cenco Malls is developing the Cenco Shopping El Golf in the district of Víctor Larco Herrera, which will feature a residential component to support urban development in the area.
Expert Insight: The shift toward mixed-use developments and specialized formats, such as premium outlets and strip centers, suggests that developers are responding to a more sophisticated consumer demand for convenience and experience. While the sector faces external economic pressures, the move to integrate commerce with residential and high-frequency service offerings may provide a buffer against market volatility.
Future Outlook
While these projects are currently in various stages of construction—with some reaching over 80% completion—their successful integration into their respective communities will be a critical factor for the sector’s performance heading into 2027. If these malls achieve their projected foot traffic, they could significantly bolster regional economic activity and employment. Analysts expect that the success of these mixed-use models may influence future real estate strategies, potentially leading to more developments that blend lifestyle services with traditional retail.
Additional projects, such as the multi-stage Marina City Center in San Miguel, are already planning for long-term growth, with phases extending into 2028. This suggests a continued commitment from developers to invest in urban infrastructure despite the current climate of economic uncertainty.
Frequently Asked Questions
What is the primary focus of the new Lomas Plaza project in Rímac?
Lomas Plaza is designed as a medium-scale, mixed-use project intended to serve as a daily meeting point for local residents, incorporating services, retail, and entertainment alongside residential units.
How is the retail sector in Peru performing in 2026?
The sector maintains favorable perspectives, building on a 2025 performance that recorded sales of nearly S/ 40,000 million, despite facing challenges such as political uncertainty and consumer spending pressures.
What is the significance of the Jockey Premium Outlet?
With an investment of US$ 20 million, this project marks the group’s entry into the premium outlet format in Lima, aiming to provide “accessible luxury” with discounts ranging between 50% and 70%.
How might the inclusion of residential units in these new commercial projects change the way families interact with their local shopping centers?
