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Iguatemi Florianópolis, located at Av. Madre Benvenuta 687 in the Santa Monica neighborhood of Florianópolis, Santa Catarina, is a mid-to-upper mid-tier retail center that opened in 2007 with a gross leasable area of approximately 20,200 square meters across three levels, featuring 160 stores and 1,430 parking spaces. The property, now operating under the name Villa Romana Shopping following a 2021 rebranding after ownership changes including a partial sale in 2019, serves a market characterized by a service-oriented economy and significant tourism, with the citys population exceeding 500,000 residents and millions of annual visitors drawn to its 42 beaches.
Tenant mix includes international brands like Zara, Adidas, and Lacoste for fashion, Sephora and H.Stern for beauty and jewelry, dining options such as Outback Steakhouse, Madero, and Starbucks, plus entertainment via Cinesystem cinema and fitness at Bodytech.
Market position benefits from strong regional footfall estimated at around 800,000 monthly visitors, supported by good accessibility via major roads and proximity to residential areas, though seasonal fluctuations tied to tourism impact performance.
Leasing advantages encompass competitive positioning in a high-HDI area (0.847 for Santa Catarina), diverse category balance reducing risk, and potential for stable occupancy above 90 percent amid low vacancy trends in similar properties. However, challenges include intense competition from nearby malls like Beiramar Shopping and Floripa Shopping, which boast comparable occupancies around 92 percent and rents of BRL 150-200 per square meter monthly, potential infrastructure updates needed for a 17-year-old asset, and market saturation in fashion and food categories.
Overall, the center maintains solid operational quality with ongoing expansions like new beauty and footwear outlets, but retailers should evaluate tourism-driven sales variability and regional economic reliance on services.
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Hours of Operation
Hours
| Monday | 10:00 AM — 10:00 PM |
| Tuesday | 10:00 AM — 10:00 PM |
| Wednesday | 10:00 AM — 10:00 PM |
| Thursday | 10:00 AM — 10:00 PM |
| Friday | 10:00 AM — 10:00 PM |
| Saturday | 10:00 AM — 10:00 PM |
| Sunday | 02:00 PM — 08:00 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographics and Accessibility
Florianópolis features a population of over 508,000 with a high human development index, attracting middle-to-upper-income locals and seasonal tourists focused on leisure and services; the malls central location in Santa Monica provides easy access via BR-101 highway and public transport, enhancing footfall of approximately 800,000 monthly visitors, though traffic congestion during peak tourist seasons poses access risks.
Tenant Mix and Occupancy
The tenant mix balances fashion (40 percent with brands like Arezzo and Animale), food and beverage (25 percent including Coco Bambu), and services/entertainment (20 percent via cinema and gym), with occupancy likely stable at 92-95 percent based on regional benchmarks; strengths include diverse anchors driving cross-shopping, but weaknesses arise from overrepresentation in apparel amid national retail saturation, potentially pressuring weaker performers.
Competition and Lease Terms
Facing competition from Beiramar (GLA 45,000 sqm, 92 percent occupancy) and Floripa Shopping (strong tourism draw), the center differentiates via premium mid-market positioning; rent levels average BRL 160-220 per square meter monthly including common area maintenance, offering balanced terms with overage rents tied to sales; risks involve lease renewals in a saturated market and economic sensitivity to tourism downturns, advising retailers to negotiate flexible clauses for performance-based adjustments.
Building Details
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City Snapshot
Florianópolis, SC
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City Snapshot
Florianópolis, SC
Comprehensive market intelligence for retail expansion in this city
