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Palmetto Plaza is a two-floor open-air neighborhood shopping center located at Calle 9 No. 48-81 in northern Cali, Colombia, spanning 30,000 sqm of gross leasable area, constructed in 2004. It hosts approximately 50-60 tenants, anchored by Exito Supermarket, with a mix emphasizing fashion and accessories (YOKO, Sport Zone, Marhe Accesorios), cosmetics (Bonita Cosmetics), food and beverages (Spicetta Pizza, El Churro de Manolo, Elixir Café, Gastro Market), services (Registraduría Nacional, Flypass, Gopass, copy center), and entertainment (Cine Colombia multiplex with 4D seating).
Amenities include pet-friendly policies, biosafety measures, events space for 12 annual events, and a people-counting system for traffic management. In Cali's retail landscape, featuring over 25 centers and 1.5 million sqm total space with 5-7% growth in 2023, Palmetto Plaza occupies a mid-tier position as a convenience-oriented property serving middle-class families in the Urbanización Militar area.
The primary trade area within 5 km radius includes 150,000 residents, characterized by average household income of 4-6 million COP monthly, median age of 32, 3.1 persons per household, and high residential density exceeding 10,000 units. Proximity to Icesi University enhances weekend footfall for casual dining and apparel.
Accessibility is facilitated by Av. Cañasgordas, Autopista de la Feria, and bus routes, though traffic congestion increases logistics costs by 5-10%.
Leasing advantages encompass flexible terms for pop-ups and kiosks (6-12 months), low barriers for local brands, and synergies with essential services like government offices and transport vendors. Average monthly footfall reaches 125,000, with 4 million annual visitors, 120-minute dwell time, and 20% repeat rate; occupancy is 85-90%, aligned with city averages.
Rent levels are 25,000-35,000 COP per sqm annually (about 15 USD monthly), with base rents of 2,000-3,000 COP/sqm plus 8-10% overage, and medium 3-5 year terms.
Operational quality is solid with CCTV and low incident rates, but aging infrastructure and limited parking (600 spaces) present challenges in a market with 25% unemployment, 10.5% inflation, and rising e-commerce (30% of sales).
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Hours of Operation
Hours
| Monday | 07:00 AM — 10:00 PM |
| Tuesday | 07:00 AM — 10:00 PM |
| Wednesday | 07:00 AM — 10:00 PM |
| Thursday | 07:00 AM — 10:00 PM |
| Friday | 07:00 AM — 10:00 PM |
| Saturday | 07:00 AM — 10:00 PM |
| Sunday | 07:00 AM — 10:00 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographics and Footfall
The primary trade area within 5 km of Palmetto Plaza encompasses 150,000 residents in northern Cali's Urbanización Militar and Pance neighborhoods, with a median age of 32, 3.1 persons per household, and average monthly household income of 4-6 million COP, per 2023 DANE census data. High residential density over 10,000 units supports consistent local traffic, while proximity to Icesi University adds student visitors, boosting weekend sales in dining and apparel by 15-20%. Average monthly footfall is 125,000, equating to 4 million annual visitors, with 120-minute dwell times and 20% repeat rate; however, growth lags citywide at 3% annually versus 5%, influenced by 25% regional unemployment limiting discretionary spending.
Competition and Market Risks
Palmetto Plaza faces competition from nearby Cañasgordas Plaza (100,000 sqm, 95% occupancy) and Unicentro Cali (10 km away, 1 million monthly visitors), with overlapping fashion and food tenants leading to 10-15% sales cannibalization during promotions. In Cali's saturated market of 25 centers and 3 malls per 100,000 people, it positions as convenience-focused but risks 2-3% vacancy in off-peak periods per 2024 CRE insights. Broader factors include socioeconomic volatility in Valle del Cauca, 10.5% inflation, and e-commerce capturing 30% of sales, heightening vulnerability for non-essential categories like electronics (only 5% mix), potentially capping performance at 70-80% of prime locations.
Lease Terms and Operational Quality
Leasing at Palmetto Plaza offers rents of 25,000-35,000 COP per sqm annually for ground-floor spaces, or 2,000-3,000 COP/sqm monthly base plus 8-10% sales overage, with minimum guarantees for service tenants and 3-5 year terms; average unit size is 1,500 sqm, competitive for small-format leases at about 15 USD monthly equivalent. Operational strengths include modern biosafety, pet-friendly features, CCTV with low incidents per 1,000 visitors, and marketing via 50,000 social media followers, but weaknesses encompass aging infrastructure from 2004 build, limited parking (600 spaces for peak 1,000 visitors), and access issues from traffic congestion on Av. Cañasgordas, raising costs by 5-10%.
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