Result is driven by the dominance of the chain’s units in Santa Catarina
In the year 2021 there was growth for the six malls of the Almeida Junior group. Compared to 2020, the sales increased by 33,8%. Sales in the last three months of 2021 recorded a historic quarterly record for the company, with an increase of 24.0% over the same period in 2020 and 11.9% over 2019. “Such growth is very important to register the exceptional performance of our malls compared to the pre-pandemic period. In general, the sector expects this recovery in 2022, but we are one year ahead of time, which also proves the dominance of our assets and assertiveness in the growth strategy focused on Santa Catarina, the Switzerland of the South, with 71% of market share in the sector,” explains Jaimes Almeida Junior, Almeida Junior founder and CEO.
Almeida Junior shows a significant growth in the sector’s main metrics as well, operating even at better levels than the same pre-pandemic period. SSR (Same Store Rent) showed a growth in 2021 of 21.9%, when compared to 2019. Compared to 2020, there was an increase of 33.2%. The positive performance of rents is the result of factors such as the acceleration of the IGPM in the period, a substantial decrease in discounts granted, and a better qualification of the mix. The CEO points out that, even with the readjustment, Almeida Junior’s malls have the lowest occupancy cost for store owners among publicly traded companies, closing at 10.2% in 2021. Same Store Sales (SSS), on the other hand, grew by 29.9% in 2021 compared to 2020. Almeida Junior ended 2021 with a 94.5% occupancy rate, with a quality tenant mix higher than the pre-pandemic period.
The good results were recorded in all six units of the group, which brought novelties in the mix of their operations throughout the year. “All these movements prove the differential of the developments, as well as since the second quarter of 2021, we have observed a material growth in tenant flow and sales. Almeida Junior has shown enormous resilience during the pandemic with its financial results, which leads us to feel extremely positive about 2022 and the future of the company,” adds Jaimes Almeida Junior.
Almeida Junior has 225 thousand square meters of GLA (Gross Leasable Area) and has a “brownfield” growth strategy for its six shopping centers, with the potential to increase its current GLA to 273 thousand square meters and further increase its market share in Santa Catarina. Balneário Shopping, a mall in Balneário Camboriú, is at 100% occupancy rate and has already had its expansion permit issued to reach 58 thousand square meters of GLA. Neumarkt Shopping in Blumenau, with 99% occupancy, also has its expansion project concluded and the other four malls will be expanded in sequence.
In November 2021, the group obtained its registration as a publicly traded company by Real Estate Securities Commission (CVM – Comissão de Valores Imobiliários), an important milestone for Almeida Junior. “We are confident and without haste, observing the market, analyzing opportunities, and waiting for the best moment to make our IPO,” says the CEO.
