Brazilian Malls: Tenant à la carte 2Q26: Net mall store openings almost flat YoY

研报英文原文证据摘录

Brazilian Malls: Tenant à la carte 2Q26: Net mall store openings almost flat YoY

Global Research

19 July 2026ab by Powered Lab Evidence UBS YES

Brazilian Malls Equities

AmericasTenant à la carte 2Q26: Net mall store

openings almost flat YoY Real Estate

Tainan Costa

Analyst

tainan.costa@ubs.com

Accessing mall trends for store openings and competition +55-11-2767 6091

In this report, we analyse data from wave #15 of the Brazil Malls Tenant Analysis, Ana Julia Zerkowski

which provides insights into openings/closures of stores in the main malls, including Associate Analyst

the Allos, Iguatemi, Multiplan, Almeida Junior, Ancar Ivanhoe, Brookfield, JCPM ana-julia.zerkowski@ubs.com

portfolios. Additionally, we identified which categories contributed the most to the +55-11-2767 6303

number of store openings/closures, as well as access an even more granular level by

observing the brand-level view. We also assessed each shopping mall’s

representation within this store universe and identified the main categories for

each shopping mall. Importantly, we highlight - as we did in our malls preview (here)

- that 2Q26 was affected by calendar differences related to Easter this year vs.

2025, as well as the World Cup matches.

Net mall store openings almost flat YoY in 2Q26 (-16 stores)

The Brazil Malls Tenant Analysis data shows that store count remained almost flat

YoY in 2Q26. More precisely, the net number was -16 stores YoY (-0.3% QoQ, -79

stores). Among the positive performer categories, "Health and Beauty" recorded the

largest YoY rise in store count, with +114 net openings vs. 2Q25 (+6.5% YoY). In

addition, "Food and Restaurants" posted the second-largest increase, adding +57

stores (+1.1% YoY). On the negative side, "Electronics" registered the highest YoY