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The Most Profitable Mall in the Northeast, Located in Natal (RN), May Change Owners After the Guararapes Group, Controlling Riachuelo, Hires BTG Pactual to Conduct the Sale of Midway Mall, Valued at Around R$ 1 Billion and Responsible for Annual Profits of Approximately R$ 150 Million.
The most profitable mall in the Northeast is about to start a new phase. According to the newspaper 96fmnatalrn, Midway Mall in Natal, controlled by the Guararapes Group, the same group that owns Riachuelo, has officially entered the market radar with the hiring of BTG Pactual to mediate its sale. The operation, valued at R$ 1 billion, is attracting interest from major funds and sector operators, who see the asset as one of the most profitable commercial ventures in the country.
Inaugurated in 2005 and with nearly 300 stores, Midway has established itself as the main consumption hub in Rio Grande do Norte and a regional benchmark in financial performance. With an annual profit of around R$ 150 million and an average flow of 70,000 visitors per day, the venture is considered a “success case” in Brazilian retail, combining the strength of a local brand with the scale of a national operation.
A Billion-Dollar Strategic Asset
The Guararapes Group’s decision to sell Midway Mall is interpreted as a strategic move for liquidity and reinvestment. The goal would be to demobilize real estate assets to strengthen cash flow and finance the expansion of Riachuelo and other holding initiatives. According to market sources, BTG Pactual is conducting the evaluation and has already begun the process of approaching potential institutional buyers.
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The value of R$ 1 billion, while high, is justified by the above-average profitability of Brazilian malls. Midway’s operational margin far exceeds similar-sized ventures, making it a premium asset within the sector. Large national and international shopping management groups have already expressed preliminary interest, reinforcing the attractiveness of the deal.
Structure and Operational Performance
With 67,000 m² of gross leasable area (GLA), Midway Mall occupies a strategic point in Natal, linking the city’s main avenues and housing strong anchor brands, in addition to cinemas, a food court, and a diverse mix of stores. The project was personally conceived by entrepreneur Nevaldo Rocha, founder of the Guararapes Group, and reflects the concept of a “self-sufficient” mall — capable of maintaining high occupancy rates and profitability even in adverse economic cycles.
In recent years, the venture has undergone management adjustments and revenue expansion, such as the implementation of a rotating parking system (metered parking), a measure initially criticized but now incorporated into the profitability model. Although it represents a modest portion of total revenue, charging for parking has increased non-commercial revenues and helped balance operational costs.
The Weight of Heritage and Local Impact
Midway carries significant symbolic value. It was Nevaldo Rocha’s most ambitious project, who wanted to build a nationally standardized mall in Natal. At the time, the investment was seen as risky, but the result proved otherwise: Midway has become one of the most profitable and valued commercial centers in the Northeast, transforming into an economic and social reference point for the capital city of Rio Grande do Norte.
The possible sale, however, marks the end of a historic cycle. The Guararapes Group, traditionally linked to Rio Grande do Norte, is repositioning its local presence, focusing efforts on retail operations and leaving the real estate segment under the management of new investors. For the regional market, this transaction could redraw the balance of power in the shopping sector, especially if the buyer is a large group from the Southeast.
Potential Buyers and Negotiation Challenges
Although the process is in its early stages, analysts indicate that real estate investment funds (FIIs) and large shopping management companies like Multiplan, BR Malls (currently part of Allos), and Iguatemi are among the potential interested parties. The high profitability of the asset and its dominant position in the Northeast market make the operation attractive even in a high-interest-rate environment.
A point of concern is the presence of Riachuelo as the main anchor of the venture, occupying three floors and accounting for a significant portion of the leased area. Potential buyers will need to reevaluate contracts and renegotiate terms, maintaining the balance between investment value and expected return. Despite the challenges, the consensus is that Midway will not have difficulties attracting investors, given its scale, flow, and revenue solidity.
What the Deal Represents for the Sector
The sale of Midway Mall is part of a broader movement of restructuring the shopping market, where traditional groups seek to monetize consolidated assets and specialized funds assume the role of long-term managers. The trend reflects a shift in capital profile: family-owned businesses reduce exposure to real estate and prioritize faster-turnover ventures.
For the Northeast, the negotiation signals market maturity. The regional segment is now on the radar of institutional investors, who see potential for appreciation and consistent demand in capitals like Natal, Recife, and Salvador. The case of Midway reinforces that the axis of profitability in physical retail in Brazil is more decentralized than it was a decade ago.
The most profitable mall in the Northeast is about to change hands, but maintains its status as a national reference asset. The operation, conducted by BTG Pactual, could redefine the retail landscape in the region and pave the way for a new phase of professionalization in the sector. With an annual profit of R$ 150 million and a valuation of R$ 1 billion, Midway Mall summarizes the current dilemma of the market: selling a local icon to finance global growth.
In your view, is the sale of Midway Mall a strategic move or a loss of identity for retail in Rio Grande do Norte? Do you believe that the entry of a new group could transform the dynamics of the most profitable mall in the Northeast? Share your thoughts on the impact of this change on the market and the city of Natal.
Um empreendimento que dá lucro em um montante vultuoso não se desfaz. O que deveria se fazer era aplicar o lucro em um novo empreendimento. O senhor Nevaldo Rocha se vivo estivesse já teria colocado o dedo nessa ferida.