Chilean Retail Giant Cencosud Scales Colombian Presence with New Medellín Megaproject
Cencosud, the Chilean retail powerhouse, is significantly accelerating its expansion across Colombia, headlined by the announcement of a massive new shopping center in Medellín. Revealed during the Cenco Day 2026 event, the project underscores the group’s strategic pivot toward replicating its successful regional models whereas adapting to local consumer behaviors.
The upcoming megacentro comercial in Medellín is designed as a large-scale development, spanning 80,000 square meters. According to reports, the project will be situated in a high-traffic area of the city, designed to connect with other key points of interest. This move is expected to create stiff competition for established players such as Éxito and Viva Envigado.
This new megaproject is part of a broader, aggressive growth strategy led by Cenco Malls, the retail and shopping center subsidiary of Cencosud. The company is currently deploying a multi-pronged expansion plan in Colombia that includes greenfield projects, asset acquisitions, and major renovations.
The Medellín development follows several other high-capital investments in the country. Cenco Malls recently acquired a 51% stake in Bogotá’s Plaza Central, a facility with over 76,000 square meters of leasable area, for 459 billion Colombian pesos (approximately $124.5 million USD). The company has invested $35 million USD into the renovation of the Cenco Limonar shopping center in Cali, with an additional $5 million USD dedicated to the Jumbo store within that location.
Industry analysts suggest that Medellín’s preparation for this arrival signals a shift in the regional retail landscape. By scaling its footprint, Cencosud is positioning itself to capture a larger share of the Colombian market through high-capacity infrastructure.
The owners of Jumbo’s plan highlights a broader corporate objective: diversifying revenue streams outside of Chile and leveraging economies of scale to dominate key urban hubs in South America.
