Most department stores belong to corporate groups that also have banks or financial institutions. For example, Saga Falabella is associated with Banco Falabella, Paris is associated with Banco Cencosud and Oeschle belongs to the same group that owns Interbank.
Since 2016, there has been an increase in the sale of electronics, with much greater growth during 2018 through sales of TVs, associated with the FIFA World Cup. This has increased the importance of the electronics segment within department stores, including not only TVs but video games, computers, mobile phones and even kitchen appliances.
There are 98 malls all over Peru, 53 in the Lima Metropolitan area and 45 in other cities, but since 2016 the country has experienced economic deceleration which has stopped the construction of malls and shopping centres. Over the next four years, there are expected to be 15 new malls, 10 of which will be built by important economic groups that also have department stores; and other five will be developed by independent investors.
Department stores offer a large variety of brands, including private label. Operators have access to sales data generated instantly, which allows them to assess trends and based on this act quickly to define what products they should launch using their own brands.
Product and brand portfolios are becoming wider to include items demanded by millennials. It is common to find advertising campaigns using young people who are practicing sports, listening to music or hanging out with friends as well as using electronic devices.
Peruvians are aligned with the global trend of digitalisation, mainly those in middle- and high-income groups. This is the reason why more and more consumers are looking for consultation options, advice, references or even online shopping; and stores are responding to this trend, offering web pages and apps for smartphones.
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