Francisco Rencoret, architect and president of Territoria, participated in Latam Retail CongresShop 2020, which annually brings together experts and industry leaders who analyze the main trends and best practices in the local and global industry.
During the pandemic, physical commerce has declined, and according to the founder of the Territoria Group, Francisco Rencoret, it is a challenge to rethink how to build new shopping centers. He explained that in the 1990s, the industry decided to build malls based on location, «where competitors were relatively distant and the designs were fairly simple.» «With stores on both sides of the aisles, with the most traditional mix possible, and maximizing rentable square meters versus ordinary square meters,» he explained.
Rencoret noted that «urban life was concentrated in spaces with little identity, the emphasis was on a wide variety of stores.»
«The formulas with which we have developed retail planning today, such as malls and food courts, are threatened in a world in crisis,» he noted.
However, he asserted that «retail isn’t going away; what’s needed is a change of approach.»
Territoria has developed iconic projects in Santiago and is now in the process of building one on Apoquindo and Tobalaba streets. Mercado Urbano Tobalaba (MUT) will have four towers for offices, 4,000 m2 for a market, almost 40,000 m2 for retail, and 28,000 m2 of green space.
The businessman commented that the project is 75% complete and that «it’s a different way of doing retail» by presenting innovative formats.
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