You have returned from a recent retail tour of Brazil. How is their mall sector changing?
Gontran Thüring: According to the Brazilian Association of Shopping Centers (Abrasce), there are 571 active malls in Brazil, with a high density in the South East region of 304 malls. Leisure is an important dimension: 91% of Brazilian centers have a cinema and food courts are also performing very well. On average, the typical store size is much smaller than Europe, as these 571 shopping centers host...