According to Ferrari, both formats are effective within their own characteristics. However, they must keep up with the demands of their customers—and therefore invest in the right type of experience for each audience.

“Open-air centers are focused on practicality and speed. That’s because these developments are mostly designed around quick services across different segments, such as food, beauty, and gifts. This model has also shown strong adoption in commercial districts and areas with large corporate presence, functioning as a convenient option amid a fast-paced routine—and even as a solution for last-minute purchases. The stores within the tenant mix, therefore, need to be compact and offer even more targeted assortments tailored to the surrounding audience.

In traditional shopping malls, customers find a wide variety of products, brands, and services due to the presence of a more diverse public. In these spaces, the goal is not only to meet customers’ needs but also to provide an experience beyond shopping itself, with more leisure and entertainment options.”

Ferrari sees the scenario as highly balanced, highlighting key considerations for each model:

“Even though open-air centers are chosen by many consumers, traditional malls remain a relevant format—especially due to the infrastructure they provide at any time of purchase. If it’s raining, for example, many customers choose enclosed shopping environments, which directly affects the performance of an open-air center that day.

In addition, during major holiday seasons, consumers look for convenience through the ability to find everything they need in one place. In other words, practicality also comes from the variety malls offer—without needing to travel between locations or pay for additional parking.”

According to Ferrari, international markets have already understood that open-air centers are not just a retail format—they are pieces of urban planning and lifestyle. They operate as an extension of the city, combining mixed-use functions, community interaction, services, and leisure, generating consistent foot traffic throughout the week.

“Looking at Brazil, we understand there is still an excessive focus on GLA and maximum rent, tenant mixes that are not closely connected to the daily life of the surrounding area, and an undervaluation of ongoing operations—such as curation, events, and community management.

Abroad, value comes from frequency, dwell time, and resilience. Here, on the other hand, we are only beginning to move away from the ‘roofless mall’ mindset to understand the open-air model as a small-scale city.”

From a financial standpoint, Ferrari says open-air centers have a simpler structure, with smaller stores and without the costs of lighting and ventilation in enclosed areas. On the other hand, because they are exposed to weather conditions, open-air centers face structural maintenance costs—while traditional malls, despite high expenses related to interiors and equipment, tend to have stronger long-term preservation.

However, regarding real estate value, liquidity, and investor interest, she adds:

“The most resilient model has been the well-located, urban open-air center focused on daily use, with services, food options, and convenience—standing out as a space beyond large retail hubs focused solely on shopping.”