The intersection of colonial heritage and modern commerce is finding a new focal point in southern Peru. Link Retail Real Estate, the investment group behind the high-performing Portal F Trujillo, has announced an ambitious expansion into the heart of Ica, aiming to replicate a retail model that blends historical preservation with contemporary consumer demands.
The upcoming project, dubbed Portal F Ica, represents a strategic bet on the revitalization of the city’s historic center. By converting ancestral architecture into a modern shopping destination, the group seeks to stimulate local economic activity while restoring the aesthetic integrity of the region’s urban core.
Guillermo Carbonel, general manager of Link Retail Real Estate, indicated that the initiative is a direct response to the operational success seen in the north of the country. The Ica venture is not merely a commercial expansion but an urban intervention designed to harmonize the city’s colonial facade with a streamlined, high-traffic retail environment.
Restoring the Heart of Ica
Located on the second block of Calle Lima in Ica’s historic center, the new complex will occupy a plot of approximately 3,000 square meters. The project is currently in the construction phase, with a primary objective centered on the recovery of the building’s original architectural features. According to Carbonel, the “essence” of the Portal F brand relies on this reorganization of heritage sites to create an attractive, high-potency commercial product.
The commercial proposal for Portal F Ica is designed to be more intimate and specialized than its predecessor in Trujillo. The complex will feature between 12 and 15 points of sale, including a mix of traditional stores, kiosks, and modules. A significant highlight of the development is the inclusion of an 860-square-meter anchor store—the brand of which remains confidential—and a sub-anchor dedicated to family fashion.
The second level of the complex will house a food court, which the developers believe will be a primary driver of foot traffic. A critical external factor for the project’s success is a municipal proposal to convert Calle Lima into a pedestrian-only street. If implemented, this would mirror the high-flow environment that has defined the group’s success in other cities.
| Feature | Portal F Trujillo | Portal F Ica (Projected) |
|---|---|---|
| Rentable Area | ~6,000 sq meters | ~3,000 sq meters |
| Store Count | High-density mix | 12–15 points of sale |
| Key Focus | Pedestrian High-Traffic | Heritage Recovery/Pedestrianization |
| Status | Operational | Opening H1 2027 |
The Trujillo Blueprint: A Proof of Concept
The confidence driving the Ica expansion stems from the “spectacular” performance of Portal F Trujillo. Located at Jirón Pizarro 654, that project transformed a historic mansion into a retail hub, achieving a occupancy rate that climbed from 70% to 95% within just six months of its September 2025 opening.
Data provided by Carbonel reveals a highly efficient operation, with a current vacancy rate of only 5%. The group utilized automated flow-measurement systems to prove the site’s viability to top-tier retailers, resulting in a diverse commercial mix that includes global brands such as Starbucks, Adidas, Miniso, and Casaideas, alongside regional giants like Topitop.
The traffic numbers in Trujillo underscore the demand for this hybrid model. The center averages between 340,000 and 350,000 monthly visits, peaking at 480,000 during the December 2025 holiday season. This volume has translated into strong financial performance, with sales averaging 900 soles per square meter.
While the Trujillo site has reached its maximum constructibility limit—meaning no further physical expansion is possible on the current plot—the management is focused on filling the final three available spaces. Negotiations are currently underway with an international ice cream franchise and a North American restaurant chain to reach 100% occupancy.
A Broader Regional Strategy
The group’s portfolio already extends to Piura, where Portal F Piura operates at the Óvalo Grau. Unlike the colonial conversions in Trujillo and Ica, the Piura location was a reconversion of a former educational institute. This site already hosts DollarCity and a “Top Five” format store from Topitop, with a remaining 1,200-square-meter space currently available for lease.
This regional footprint suggests a calculated approach to “satellite” retail—targeting high-traffic provincial hubs rather than competing solely in the saturated Lima market. However, the group is not ignoring the capital; Carbonel confirmed that three additional projects are in the early development stages, two in the provinces and one within Lima.
The strategy reflects a broader trend in Peruvian retail: the movement away from massive, isolated “big box” malls toward integrated urban centers that leverage existing pedestrian flows and cultural landmarks. By focusing on the “recovery” of heritage, Link Retail Real Estate is positioning itself as a partner in urban renewal rather than just a landlord.
The next major milestone for the group will be the continued construction and tenant acquisition phase for the Ica project, with official operations scheduled to begin during the first half of 2027.
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