The retail market in Brazil is undergoing significant increase in the number of the Shopping Malls since the first mall was inaugurated in the 60’s. Currently this type of business already accounts for about 18% of the total retail sales. Building a Shopping Center involves major capital investments and require careful and accurate valuation analysis. Traditionally the valuation method of choice for this type of investment has been the Discounted Cash Flow (DCF) method. Unfortunately, the DCF approach does not capture the managerial flexibility a project may have, which in the case of shopping malls may be relevant and can have a significant impact on the expected return of the investment. In this dissertation we determine the value of an investment in a Shopping Center under the Real Options approach considering the option to expand, to abandon and to build a residential condominium. The results indicate that in this case, the value of the Shopping Center complex is approximately 43% higher when compared to the traditional DCF that does not consider these options.