Following a billion-dollar divestment, Allos begins a wave of "retrofits" in shopping malls.

Since the merger between Alliansce Sonae and brMalls, which created the Allos group in 2023, the largest shopping center management company in Brazil, with 50 units under management (47 owned), has sold stakes in several properties, raising over R$ 1 billion in this asset recycling.

Now, with interest rates at 15% per year and no new construction planned, Allos has made the strategic decision to carry out a kind of "retrofit" in its shopping malls, with small renovations and space optimizations that can guarantee greater profitability.

“There is a scenario of paralysis in investments in new construction. No major shopping mall chain is currently building, even with so many opportunities in Brazil. But, with the high cost of capital, it becomes difficult to invest,” says Rafael Sales, CEO of Grupo Allos, in an interview with NeoFeed .

The plan is to carry out projects that can be completed in the same year, with a quick payback . One example is the reuse of vacant parking areas, which will be used as spaces for new shops and restaurants.

Today, the Allos group has 1.9 million square meters of gross leasable area (GLA), with approximately 13,000 stores and more than 4,000 brands in its portfolio. Therefore, according to Sales, the starting point for revenue growth this year lies in internal expansion and revitalization initiatives.

“These are projects that we complete in six to eight months. With that, we complete the product offering in a shopping mall that is already well-established,” says Sales. “We will have smaller projects that, added together, will be significant.”

To implement the "retrofit," the Allos group allocated between R$ 350 million and R$ 450 million in investments for 2026, below the guidance that had been announced for last year, between R$ 450 million and R$ 550 million.

The strategy involves renovations at five Allos group units in 2026: Shopping Tijuca (Rio de Janeiro), Parque Dom Pedro (Campinas), Villa Lobos (São Paulo), Center Shopping Uberlândia and Goiânia Shopping.

Some revitalization projects, based on the model that will be adopted this year in the units, have already been implemented in recent years, with positive results. "At the end of 2025, we transformed an area at the back of Shopping Recife, where there was a loading dock and smaller shops, into a region focused on gastronomy," says Sales.

At Shopping Campo Limpo (São Paulo), for example, converting part of the parking lot into a new wing of shops increased sales volume. In the third quarter of 2025, revenue grew by 31% compared to the same period in 2023, when the renovation was carried out.

In addition to the revitalizations, the company will also implement a redevelopment model, with new designs for the areas, without necessarily increasing the amount of sales space.

In this regard, the Allos group has already completed its first project at Parque Dom Pedro, adopting wider corridors, more natural light, and integration with green areas. As a result, net operating revenue growth was above the network average. In October, the Campinas shopping mall welcomed H&M Home, the brand's first store outside of capital cities.

“At Shopping Leblon, in Rio de Janeiro, we transformed an area that was a parking lot into a shopping mall expansion. This added 20 more stores, increasing the gross leasable area (GLA) by 6%,” says Mário Oliveira, director of development and new business at the Allos group.

The rationale behind expanding parking areas for the Allos group lies in the observation of a decline in parking space utilization in recent years, due to the significant increase in the use of ride-hailing apps by shopping mall customers.

“We know exactly which parking spaces are occupied per minute. And, increasingly, people are using ride-hailing apps to get to and from work. Now, we've transformed idle parking into available leasable space,” says Oliveira. “Furthermore, it's a relatively inexpensive area to expand into, since the land is already paid for.”

The sector put the brakes on.

Like Allos, other large companies in the sector had already slowed down investments precisely because of the high level of interest rates in Brazil.

In September 2025, businessman Carlos Jereissati Filho , from the family that controls the Iguatemi shopping mall chain, told NeoFeed that "the government will only get it right when interest rates fall."

"It has a significant impact. This prevents investment decisions and future growth, precisely because of very high interest rates. The retail sector is very sensitive to this," Jereissati Filho stated at the time.

Multiplan's CEO, Eduardo Peres , also stated to NeoFeed last June that he would wait for the outcome of the presidential election to define new investments. "The idea is to reduce investments, to be more selective. Especially because this interest rate forces us to do so. I don't feel comfortable continuing to buy," he said at the time.

The scenario marked by fewer openings is confirmed by data from the Brazilian Association of Shopping Centers (Abrasce). According to the organization, Brazil is expected to gain 11 new shopping malls in 2026, in a scenario where seven should have been delivered earlier. In 2025, the expectation was for 17 more shopping malls, but only 10 were actually opened.

Even so, the sector surpassed, for the first time, the mark of R$ 200 billion in sales revenue for the year. Today, Brazil has 658 shopping malls in 253 cities. They contain 124,800 stores in 18.3 million m² of gross leasable area (GLA).

Despite this slowdown in new shopping mall construction, the Allos group's results have been positive. In the first nine months of 2025, it reported net revenue of R$ 1.98 billion, a 7.6% increase over the same period of the previous year. During this period, net profit grew 21.5%, reaching R$ 581.9 million. The fourth-quarter results will be released on March 10th.

With widely dispersed capital, the Allos group has the Canada Pension Plan Investment Board (CPPIB), the Canadian pension fund, as its main individual shareholder, with a 9% stake.

The German group Alexander Otto holds 6.8%, followed by Guepardo Investimentos (5.4%), Sonae Sierra (5.3%) and SPX Gestão (5.2%). Of the total, 63.7% of the shares are in circulation on the market.

Over the past 12 months, the company's shares on the B3 stock exchange have accumulated a 63.15% increase. The Allos group is valued at R$ 15.8 billion.