Controversy surrounds the determination of Brazil's first shopping mall. Many cite SHOPPING CENTER IGUATEMI, which opened in November 1966. Others credit Rio de Janeiro's SHOPPING DO MEIER, dedicated in August 1965. The Associação Brasileira de Shopping Centers recognizes the IGUATEMI complex. Unlike the Rio facility, it possessed several traditional "shopping mall" features, such as a large anchor store (Sears) and sizable surface parking area.
Photo from http://www.shoppingdomeier.com.br / Shopping Do Meier

A circa-1966 newspaper advert announcing the grand opening of SHOPPING CENTER IGUATEMI. The inauguration was quite an epic event! In fact, the mall, which was a novel concept at the time, endured something of a rocky start. It took a couple of years for it to be considered a successful venture.
Graphic from Construtora Alfredo Mathias 

We include a Portuguese-to-English translation of said advertisement: 

OPENS TODAY

SHOPPING CENTER IGUATEMI

The inauguration of Shopping Center Iguatemi and its delivery before the deadline, to its Shareholders, Commerce and People of Sao Paulo, is an event rich in meaning. The opening of its doors represents:

... the crowning of a concept

Because it marks the realization of another Alfredo Mathias enterprise and the scrupulous fulfillment of all that has been promised to its Shareholders and to the Public.

....an act of progress

Because it marks the pioneering introduction of the shopping center system in Sao Paulo, updating our land with this modern merchandising process.

....a profession of democratic faith

Because it represents a superb demonstration of the unlimited possibilities of private initiative through the true democratization of capital.

....an affirmation of optimism

Because of a strong proof of trust in the destinies of Brazil and in all those who strive to accomplish, produce and construct as the best way to serve it.

Thanks to the Shareholders

With the resolute trust of our Shareholders and their first-time application, a gigantic undertaking was erected for all of the citizens of Sao Paulo. We thank each of the Shareholders, with special thanks being given to Anna Christina Barros Monteiro, Godmother of Shopping Center Iguatemi, at the opening ceremony and inaugural festivities.

An embodiment of

ALFREDO MATHIAS

Developments Society Limited