Anchor stores become prominent again at Multiplan shopping malls
Valor Econômico
The stores called "anchors" - large department, electronics and book stores - have started registering good performance at the shopping malls of the Multiplan group, largest company of the sector in sales, again. With the resumption of the concession of credit to consumers and the incentive given by the government to reactivate the demand, like the reduction in IPI (Excise Tax) on the home appliances, clients have resumed shopping at large stores. At the 12 undertakings of Multiplan, among which Morumbi Shopping, in São Paulo, the sales of the "anchors" increased 13.6% in the second quarter, according to the "same stores" criterion that considers only the units that have existed for at least one year. The "satellite" stores - smaller units, such as boutiques - sold 8.3% more during the same period. Until the beginning of the year, those stores were featuring sales growth rates above those of the anchors, which are more dependent on credit.
The total sales of the stores installed at the Multiplan shopping malls reached R$ 1.4 billion (US$ 756.8 million) in the second quarter, which represented a 20.3% increase compared to the same period of last year. The earnings of the company with the collection of rent were 18.5% higher than in the second quarter of 2008, amounting to R$ 81.5 million (US$ 44.1 million). The operational indicators of the company have also improved. The net operating income, or NOI, amounted to R$ 80 million (US$ 43.2 million) in the second quarter, which represented an increase of 24.8%.
The net profit of the company was of R$ 45.6 million (US$ 24.6 million) in the second quarter, a value 258% bigger than the one registered in the same period of 2008. In the same comparison period, the total net income increased 12.7%, to R$ 117.3 million (US$ 63.4 million). EBITDA (Earnings before interest, taxes, depreciation and amortization) reached R$ 63.4 million (US$ 34.3 million), with an increase of 7.4%.
Multiplan invested R$ 150 million (US$ 81.1 million) throughout the first quarter and foresees disbursements of another R$ 295 million (US$ 159.5 million) until December. According to Armando d'Almeida Neto, Multiplan vice-president and officer of relations with investors, 91% of the 600 stores the company foresees to aggregate in 2009, with the enlargements and the new Vila Olímpia shopping mall, are already rented.