What: Cencosud’s shopping center division is starting the year off strong with an increase in revenue of 16.3% to USD 93 million.

Why it is important: The growth is attributed to the recovery of tourism in Chile and an increase in the occupancy of its complexes.

With the recovery of tourism in Chile, visits increased by 5.7% year on year, with its Cencosud's Costanera shopping center increasing its visits by 530,000 compared to 2022’s first quarter.

The company’s Ebitda increased 12.8% which was a result of higher revenues and updated contracts with better conditions.

Additionally, Cencosud Shopping has reported that its mobile app has more than 385,000 downloads and 46,000 registered patents just one year after its launch.

Cencosud Shopping increases its revenue in the first quarter driven by the recovery of tourism