549:, a strong financial structure, many new projects for the next two years, and intentions to enter the retail market. The company was planning to construct 40 new Boulevard sites, a $ 20 million office real-estate project, remodel Arauco MaipĂș, build, in alliance with the Almacenes Paris and Ripley, a new commercial center in CuricĂł, and possibly financing retail businesses. He told the magazine, however, that the shopping mall market was saturated in Santiago and that PASA was not interested in entering "the war for square meters." Indeed, he voiced his belief that only three or four malls in Chile generated enough business to justify the level of investment that had been made in them. In Argentina, besides participating in the construction of
38:
640:
157:
134:
352:
held a combined 24%. Parque Arauco
Kennedy was Chile's largest shopping mall at the time, with annual sales of $ 500 million, while Plaza Vespucio ranked third, at $ 380 million. A medical tower was being constructed at Parque Arauco Kennedy, and an office building was being contemplated at a cost of
494:
in commercial real estate development in Chile. "Our strategy", he maintained, "is distinct, and we believe that to enter this headlong race by adding square meters doesn't necessarily add value. A good part of this growth only generates cannibalization, and many of the new investments won't pay off
532:
by purchasing land or acquiring one of three existing shopping centers. Sales from PASA properties were expected to reach $ 1.1 billion in 2004, with
Argentina providing 38% of the total. All of APSA's properties were at least 96% leased. PASA's debt in Argentina was reduced from over $ 200 million
499:
in
Santiago, with annual sales of roughly $ 200 million, and 20 million annual customers for Arauco Kennedy, 15 million for Arauco MaipĂș, and 17 million for Marina Arauco. He added that the company had 45% of the mall market in Buenos Aires. Olivos revealed that PASA signed a contract with Arauco
500:
Salud's new owners that would permit it to recover the $ 2.5 million debt incurred while constructing the 13-story tower. The company was also contemplating construction of a dental-office building in Arauco
Kennedy. In addition, PASA completed its gastronomical boulevard during late 2003.
482:
couldn't believe the level of debt that was permitted to arise with respect to Arauco Salud" (the medical tower). Olivos denied the situation was ever as dire as some suspected and revealed that the company was opening a "gastronomical boulevard" for Parque Arauco
Kennedy. He conceded that
302:(later owned by Falabella and Almacenes ParĂs, respectively). Since the mall adjoins at Kennedy Avenue (Avenida Kennedy), it is often referred to as Parque Arauco Kennedy to distinguish it from the corporation. Aided by an overvalued
331:
In 1997, PASA's partners decided to divide their
Chilean holdings. The Said group acquired FĂŒrst's 12% holding and turned over to FĂŒrst its 14% share of Plaza Vespucio, which became the core property of FĂŒrst's rival venture,
373:
in the early 1990s, when the nation was emerging from a decade of economic crisis. In 1992, the company acquired a 25% share of the Centro
Comercial Mendoza Plaza Shopping and later became a major investor in Argentine
310:
policy, Chile was saturated with inexpensive foreign products when Parque Arauco
Kennedy was inaugurated, and those who could afford to buy filled the new mall. However, the Chilean economy was falling into deep
851:
353:$ 100 million. For Mall Arauco MaipĂș, PASA was considering building an additional medical tower and a high-rise apartment building. In 1999, PASA, in partnership with the Almacenes Paris and Ripley
287:
firm that was incorporated in 1981. The following year, he and his associates, who included TomĂĄs FĂŒrst
Freiwirth and the MartĂnez Perales brothers, opened the Parque Arauco Shopping Center in the
846:
383:
606:
267:
industry there, and JosĂ© Said was an active participant in their first business, Industrias QuĂmicas
Generales. In the 1960s, José Said and his uncle founded
687:
478:
in 2003, reporter Lorena Medel contended that "it was rumored that Parque Arauco had had a grade-10 earthquake. That its finances were delicate, and that
644:
449:
628:
861:
440:
dancer and singer, it occupied five levels, with 189 stores, a food court, a multiplex cinema, entertainment facilities, and a children's museum.
881:
263:. José became involved in his extended family's operations at an early age. During the 1940s, the Said family relocated to Chile to develop a
866:
876:
379:
871:
667:
521:
856:
783:
520:, the latter two in collaboration with IRSA by means of APSA. Alto Rosario Shopping, completed in late 2004 in partnership with
259:
plantations and cotton-yarn factories. One of the five was Salvador, the father of nine children, including one son named
468:
declined from $ 390 million to as low as $ 40 million. The damage to PASA's finances inspired a shakeup of the company's
825:
621:
565:
7.56 billion on revenues of CLP 24.89 billion. The company's long-term debt was CLP 101.92 billion at the end of 2004.
402:. In 1997, after Samap was renamed Alto Palermo S.A. (APSA), IRSA controlled 51%, while Parque Arauco controlled 35%.
553:, PASA was preparing to increase its stake in APSA from 27% to 32% with the impending conversion of $ 200 million in
417:
shopping centers: Alto Palermo, Alto Avellaneda, and Paseo Alcorta, plus 50.5% of a fourth, Buenos Aires Design.
614:
316:
284:
62:
361:
at a cost of $ 120 million. PASA malls accounted for 24% of Chile's shopping-center revenues in that year.
722:
677:
299:
697:
529:
268:
771:
808:
260:
550:
484:
766:
727:
545:
proclaimed that PASA had "woken up", with its three Chilean malls fully occupied, the success of
508:
With the revival of the Argentine economy well underway, PASA was planning new shopping malls in
395:
337:
333:
280:
208:
48:
744:
398:
shopping center to Samap, while IRSA turned over its holding in Nuevo Noa Shopping, located in
788:
453:
406:
247:
and made a fortune in commerce. His five sons contributed much towards the development of the
66:
239:
The powerful Said clan in South America was founded by patriarch Isa Said, who immigrated to
739:
554:
525:
410:
212:
94:
487:
had failed as an outlet store center and had returned to its role as a traditional mall.
358:
472:. In an interview with the new general manager, Andrés Olivos, for the Chilean magazine
734:
707:
702:
672:
461:
216:
196:
76:
840:
798:
776:
761:
712:
662:
491:
437:
433:
387:
320:
56:
562:
558:
496:
479:
465:
421:
Shopping Center was completed in 1998 at a cost of about $ 112 million. Located in
414:
354:
349:
303:
291:
106:
37:
803:
457:
375:
315:. Around the same time, the company introduced Arauco Outlet Mall in Santiago's
820:
596:
513:
474:
469:
307:
295:
288:
149:
749:
319:. This commercial center did not perform well and was later converted into a
17:
793:
517:
422:
370:
312:
244:
204:
495:
in any foreseeable amount of time." Olivos said that PASA maintained a 32%
692:
682:
394:
market in Buenos Aires to a shopping mall. PASA donated its share of the
341:
228:
200:
813:
509:
391:
264:
252:
248:
231:. It has 24 shopping malls with a total of GLA 672,700 square meters.
429:
426:
418:
256:
648:
639:
399:
220:
756:
717:
490:
Olivos acknowledged that PASA had fallen behind Grupo Plaza and
345:
240:
224:
610:
160:
137:
184:
112:
336:(or Mall Plaza). The Said group now controlled 38% of PASA's
528:
within the original structure. APSA also had plans to enter
271:, which grew to be among the five largest banks in Chile.
344:
family, also active in textiles and, like the Saids, of
852:
Companies in the Ăndice de Precio Selectivo de Acciones
180:
170:
147:
128:
120:
100:
90:
82:
72:
54:
44:
382:(IRSA). In 1994, IRSA and PASA became partners in
211:shopping malls subsidiary. It is headquartered in
847:Companies listed on the Santiago Stock Exchange
384:Sociedad AnĂłnimo del Mercado de Abasto Provedor
622:
522:Coto Centro Integral de ComercializaciĂłn S.A.
8:
30:
294:of Santiago, which contained retail stores
629:
615:
607:
504:After the revival of the Argentine economy
36:
29:
279:In 1979, José Said founded Parque Arauco
561:. In 2004, PASA reported net profits of
574:
533:in 2002 to about $ 28 million in 2003.
581:Medel, Lorena, "El Parque de Olivos",
432:that was also the stamping grounds of
357:, completed the Marina Arauco Mall in
7:
450:1998â2002 Argentine great depression
380:Inversiones y Representaciones S.A.
25:
594:"El despertar de Parque Arauco".
275:Chilean projects during the 1980s
638:
156:
155:
133:
132:
862:Real estate companies of Chile
600:, April 8â21, 2005, pp. 68-69.
27:Chilean shopping malls company
1:
882:Companies established in 1979
524:, was a conversion of an old
452:culminated in the government
195:is the third largest Chilean
867:1979 establishments in Chile
409:from the PĂ©rez Company S.A.
124:Management of Shopping Malls
877:Companies based in Santiago
464:at the end of 2001. APSA's
898:
872:Retail companies of Chile
658:
436:, Argentina's well-known
35:
405:In 1997, Samap acquired
857:Shopping malls in Chile
652:(as of 13 January 2022)
537:Developments since 2005
285:real estate development
547:Boulevard GastronĂłmico
390:to convert the former
348:origin, held 10%. Two
215:. The company manages
203:'s malls division and
678:Banco Santander Chile
585:, October 10â23, 2003
255:, managing extensive
251:industry in Peru and
723:Embotelladora Andina
456:on its debt and the
378:in association with
365:Entry into Argentina
541:In a 2005 article,
444:Argentine recession
185:www.parquearauco.cl
172:Number of employees
32:
413:. APSA held three
338:outstanding shares
317:MaipĂș municipality
209:S.A.C.I. Falabella
31:Parque Arauco S.A.
834:
833:
698:Cencosud Shopping
653:
555:convertible bonds
407:Alto Palermo S.A.
269:Banco del Trabajo
190:
189:
166:
143:
116:
16:(Redirected from
889:
817:
780:
753:
731:
651:
643:
642:
631:
624:
617:
608:
601:
592:
586:
579:
526:railroad station
306:and an economic
261:José Said Saffie
164:
159:
158:
141:
136:
135:
110:
49:Sociedad AnĂłnima
40:
33:
21:
897:
896:
892:
891:
890:
888:
887:
886:
837:
836:
835:
830:
811:
774:
747:
725:
654:
637:
635:
605:
604:
593:
589:
580:
576:
571:
539:
506:
446:
411:holding company
367:
329:
277:
237:
235:Company history
199:company, after
173:
152:
103:
95:Santiago, Chile
59:
28:
23:
22:
15:
12:
11:
5:
895:
893:
885:
884:
879:
874:
869:
864:
859:
854:
849:
839:
838:
832:
831:
829:
828:
823:
818:
806:
801:
796:
791:
789:ItaĂș Corpbanca
786:
781:
772:Grupo Security
769:
764:
759:
754:
742:
737:
735:Empresas Copec
732:
720:
715:
710:
705:
700:
695:
690:
685:
680:
675:
673:Banco de Chile
670:
665:
659:
656:
655:
636:
634:
633:
626:
619:
611:
603:
602:
587:
573:
572:
570:
567:
538:
535:
505:
502:
462:Argentine peso
445:
442:
366:
363:
328:
325:
276:
273:
236:
233:
217:shopping malls
197:shopping malls
188:
187:
182:
178:
177:
174:
171:
168:
167:
153:
148:
145:
144:
140:209.4 million
130:
126:
125:
122:
118:
117:
104:
101:
98:
97:
92:
88:
87:
84:
80:
79:
77:Shopping Malls
74:
70:
69:
60:
55:
52:
51:
46:
42:
41:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
894:
883:
880:
878:
875:
873:
870:
868:
865:
863:
860:
858:
855:
853:
850:
848:
845:
844:
842:
827:
824:
822:
819:
815:
810:
807:
805:
802:
800:
799:Parque Arauco
797:
795:
792:
790:
787:
785:
782:
778:
773:
770:
768:
765:
763:
760:
758:
755:
751:
746:
743:
741:
740:Enel Américas
738:
736:
733:
729:
724:
721:
719:
716:
714:
713:Concha y Toro
711:
709:
706:
704:
701:
699:
696:
694:
691:
689:
686:
684:
681:
679:
676:
674:
671:
669:
666:
664:
663:Aguas Andinas
661:
660:
657:
650:
647:companies of
646:
641:
632:
627:
625:
620:
618:
613:
612:
609:
599:
598:
591:
588:
584:
578:
575:
568:
566:
564:
560:
556:
552:
548:
544:
536:
534:
531:
527:
523:
519:
515:
511:
503:
501:
498:
493:
492:Cencosud S.A.
488:
486:
481:
477:
476:
471:
467:
463:
459:
455:
451:
443:
441:
439:
435:
434:Carlos Gardel
431:
428:
425:, a formerly
424:
420:
416:
412:
408:
403:
401:
397:
393:
389:
388:joint venture
385:
381:
377:
372:
369:PASA entered
364:
362:
360:
356:
351:
350:pension funds
347:
343:
339:
335:
326:
324:
322:
321:shopping mall
318:
314:
309:
305:
301:
297:
293:
290:
286:
282:
274:
272:
270:
266:
262:
258:
254:
250:
246:
242:
234:
232:
230:
226:
222:
218:
214:
210:
206:
202:
198:
194:
193:Parque Arauco
186:
183:
179:
175:
169:
163:76.0 million
162:
154:
151:
146:
139:
131:
127:
123:
119:
114:
108:
105:
99:
96:
93:
89:
85:
81:
78:
75:
71:
68:
64:
61:
58:
53:
50:
47:
43:
39:
34:
19:
18:Parque Arauco
595:
590:
582:
577:
559:common stock
551:Alto Rosario
546:
542:
540:
507:
497:market share
489:
485:Arauco MaipĂș
480:shareholders
473:
466:market value
447:
415:Buenos Aires
404:
368:
359:Viña del Mar
355:retail chain
330:
304:Chilean peso
292:municipality
278:
238:
192:
191:
91:Headquarters
45:Company type
812: [
775: [
757:Engie Chile
748: [
726: [
458:devaluation
386:(Samap), a
376:real estate
334:Grupo Plaza
841:Categories
745:Enel Chile
597:La Capital
583:La Capital
543:La Capital
475:La Capital
470:management
454:defaulting
400:Salta City
308:free trade
296:Gala-Sears
289:Las Condes
283:(PASA), a
205:Mall Plaza
150:Net income
102:Key people
794:Mallplaza
767:Falabella
518:Caballito
423:Balvanera
371:Argentina
313:recession
245:Jerusalem
107:José Said
57:Traded as
693:Cencosud
342:Abumohor
229:Colombia
213:Santiago
201:Cencosud
121:Products
73:Industry
530:CĂłrdoba
514:Neuquén
510:Rosario
460:of the
396:Mendoza
392:produce
265:textile
253:Bolivia
249:textile
181:Website
129:Revenue
83:Founded
67:PARAUCO
804:Ripley
708:ColbĂșn
516:, and
430:barrio
427:Jewish
419:Abasto
340:. The
300:Muricy
257:cotton
165:(2012)
142:(2012)
821:Sonda
816:]
779:]
762:Entel
752:]
730:]
649:Chile
569:Notes
438:tango
327:1990s
243:from
221:Chile
718:CSAV
703:CMPC
645:IPSA
448:The
346:Arab
298:and
281:S.A.
241:Peru
227:and
225:Peru
207:the
161:US$
138:US$
86:1979
826:SQM
809:SMU
784:IAM
688:CCU
683:CAP
668:BCI
563:CLP
557:to
219:in
176:300
113:CEO
63:BCS
843::
814:es
777:es
750:es
728:es
512:,
323:.
223:,
109:,
65::
630:e
623:t
616:v
115:)
111:(
20:)
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