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The Brazilian mall market began in 1966, with the inauguration of the first mall in São Paulo. Five years later, was the inauguration of the Conjunto Nacional de Brasília, developed by ECISA and one of the first Brazilian malls to follow the concepts and patterns of the international mall industry. In the 1970‘s, together with the Conjunto Nacional de Brasília, five new developments were initiated. However, it was in the 80‘s that this market presented its biggest growth, with the number of malls going up very fast, until the beginning of the 90‘s, when the rhythm slowed down due to the financial instability.
In the mid 90‘s, there was a new wave of investments in the sector, due to the financial stability derived from the establishment of the real as the new currency in Brazil, which controlled the Brazilian inflation thus stimulating consumption, and to the great success of investments in the mall sector during the 80‘s. This flow of new investments was also a result of the higher availability of funds of pension fund‘s portfolios, which began to invest in shopping centers and contributed significantly to the development of new projects. The pension funds, considered very conservative, were attracted by the nature of the shopping mall business, as a cash flow generator, and by the high return achieved by prior investments in the sector.