A central theme was the coexistence of diverse retail formats — street-level stores, shopping centers, and e-commerce platforms. According to Semenzin, these formats aren’t direct competitors but instead offer complementary experiences:

“Do street retail and malls compete? I don’t believe so. They serve different audiences and purchase occasions. Some retail concepts simply don’t fit within a mall. In fact, malls often help boost surrounding street retail.”

Fontoura highlighted the structural and economic distinctions:

“Shopping centers involve higher costs — common charges, marketing funds, and operational complexity. In contrast, for street retail, rent is often the only major cost. These are complementary models, and now e-commerce adds a third pillar to the equation.”

He also emphasized the importance of local context:

“Brazil has over 5,000 municipalities. A one-size-fits-all approach doesn’t work. Each city has its own culture, consumer behavior, and real estate dynamics.”

Representing the institutional investor’s point of view, Rodrigues shared the guiding criteria behind Rio Bravo’s retail fund:

“The pandemic accelerated the convergence between physical and digital retail. Today, the most valuable assets aren’t necessarily the largest, but those that attract concept stores, flagships, and brands that deliver in-person experiences and deepen customer engagement.”

He cited the conversion of a former C&A store into an Itaú investment center:

“It’s not a traditional branch — it’s a relationship hub, with meeting rooms, a café, and event spaces. The brand wants to be present in people’s lives. That makes the property more strategic, and tenant turnover far less likely.”

He also referenced the Centauro store on Avenida Paulista, which features a large screen for sports broadcasts, a bike repair station, and communal areas:

“That store functions as a marketing platform. It’s not just about in-store sales — it’s about digital engagement, app traffic, and overall brand strength. These are strategic, resilient assets.”

The Broker as Curator

Another key point was the growing importance of real estate brokers in retail decision-making. As Semenzin explained:

“Retailers aren’t always on the ground. Brokers act as curators — understanding a site’s vocation, reading the neighborhood’s behavior, and guiding both investors and tenants in selecting the right location.”

Addressing concerns about shopping mall performance in Brazil, the panelists emphasized the need for adaptability:

“Shopping centers are living ecosystems,” said Semenzin. “They must have the flexibility to adapt their tenant mix. That’s why they should be leased, not sold. Some may disappear — due to oversupply or redundant developments in smaller cities. But many are reinventing themselves.”

He cited a case in São José do Rio Preto, where one of the city’s five malls repositioned itself through a partnership with local government, adding clinics, offices, and diagnostic centers:

“It was rebranded as ‘Shopping and Much More.’ A great example of redefining purpose and use.”

Real-World Connection

Choosing a vacant retail space as the event venue added tangible context to the discussions. “We intentionally selected this type of space to reflect the daily reality of retail professionals,” noted Nicastro.

The event also briefly showcased SiiLA’s role as a data and intelligence platform for Latin American real estate, reinforcing the importance of decision-making grounded in market intelligence, field expertise, and a deep understanding of consumer behavior.