CASE STUDY

Sales evolution for Multiplans first five shopping centers

Case Study MULT3

Sales evolution for Multiplans first five shopping centers The companys portfolio in the 1980s, composed of BH Shopping (1979), RibeiroShopping (1981), BarraShopping (1981), MorumbiShopping (1982) and ParkShopping (1983), helped to promote the National Retail Sales Multiplan's Initial Portfolio Sales development of cities they are located in, and are still considered flagship shopping centers in the states of Minas Gerais, Rio de Janeiro, So Paulo and Distrito Federal. Although all five have been in business for more than 25 years, their operational performances continue to increase above the national retail average, as seen in the sales evolution chart on the right. The chart at the bottom shows the combined sales for the above mentioned malls since 2001. Even though their participation in total sales decreased naturally as 2001 2002 2003 2004 2005 2006 2007 2008 new shopping centers were opened, their share in Retail Sales VS. Multiplans Initial Portflio*, base 100 on the portfolios total GLA fell even more, showing 2001 that the five malls increased their relative contribution in total sales. One of the reasons for this variation is the opening and the acquisition of malls throughout the years, and the fact that it takes a few years for new shopping centers to reach a level of performance and recognition equivalent to consolidated Multiplan shopping centers.
Initial Portfolio* Sales Evolution
Initial portfolio sales / Total sales Initial portfolio GLA / Total GLA Spread between Sales and GLA

300

250

200

150

100

11.7 p.p. 6.8 p.p. 6.6 p.p. 7.3 p.p. 8.3 p.p. 7.6 p.p. 7.2 p.p.

82.5% 75.7%

81.0% 73.8%

4.8 p.p.

7.8 p.p.

100% 90% 80% 70% 60% 50% 40%

69.7% 64.8%

63.4%

51.7% 2001 2002 2003 2004 2005 2006 2007 2008 1S09

*Initial portfolio is composed by the first five shopping centers built by Multiplan: BH Shopping, RibeiroShopping, BarraShopping, MorumbiShopping and ParkShopping.