Exhibit 8.1

Subsidiaries



|                                                 |  |           |  |                  |      |  
|------------------------------------------------ |  | --------- |  | ---------------- | ---- | -
|Company                                          |  | Country   |  | Percentage owned |     
|ACC Alto las Condes Ltda.                        |  | Chile     |  |                  | 44.9 | %
|Administradora de Servicios Paris Ltda.          |  | Chile     |  |                  | 99.7 | %
|Administradora TMO S.A.                          |  | Chile     |  |                  | 99.7 | %
|Banco Paris S.A.                                 |  | Chile     |  |                  | 99.9 | %
|Banparis Corredores de Seguros Ltda.             |  | Chile     |  |                  | 99.9 | %
|Cencosud Administradora de Procesos S.A.         |  | Chile     |  |                  | 99.9 | %
|Cencosud Administradora de Tarjetas S.A.         |  | Chile     |  |                  | 99.9 | %
|Cencosud Argentina SpA                           |  | Chile     |  |                  | 99.9 | %
|Cencosud Corredores de Seguros y Servicios Ltda. |  | Chile     |  |                  | 99.7 | %
|Cencosud Internacional Argentina SpA             |  | Chile     |  |                  | 99.9 | %
|Cencosud Internacional Ltda.                     |  | Chile     |  |                  | 99.9 | %
|Cencosud Retail S.A.                             |  | Chile     |  |                  | 99.7 | %
|Cencosud Retail Administradora Ltda.             |  | Chile     |  |                  | 99.6 | %
|Cencosud Servicios Integrales S.A.               |  | Chile     |  |                  | 99.9 | %
|Cencosud Shopping Centers S.A.                   |  | Chile     |  |                  | 99.9 | %
|Cencosud Tiendas S.A.                            |  | Chile     |  |                  | 85.6 | %
|Circulo Más S.A.                                 |  | Chile     |  |                  | 99.9 | %
|Comercial Food and Fantasy Ltda.                 |  | Chile     |  |                  | 90.0 | %
|Comercializadora Costanera Center S.p.A          |  | Chile     |  |                  | 99.9 | %
|Costanera Center S.A.                            |  | Chile     |  |                  | 99.9 | %
|Easy Administradora Norte S.A.                   |  | Chile     |  |                  | 99.6 | %
|Easy S.A.                                        |  | Chile     |  |                  | 99.6 | %
|Eurofashion Ltda.                                |  | Chile     |  |                  | 99.7 | %
|Inmobiliaria Bilbao Ltda.                        |  | Chile     |  |                  | 99.9 | %
|Inmobiliaria Mall Vina Del Mar S.A.              |  | Chile     |  |                  | 33.3 | %
|Inmobiliaria Santa Isabel S.A.                   |  | Chile     |  |                  | 99.9 | %
|Johnsons Mega San Bernardo S.A.                 |  | Chile     |  |                  | 99.7 | %
|Jumbo Administradora Norte S.A.                  |  | Chile     |  |                  | 99.7 | %
|Jumbo Administradora S.A.                        |  | Chile     |  |                  | 99.7 | %
|Jumbo Administradora Temuco S.A.                 |  | Chile     |  |                  | 99.7 | %
|Jumbo Argentina SpA                              |  | Chile     |  |                  | 99.9 | %
|Jumbo Supermercados Administradora Ltda.         |  | Chile     |  |                  | 99.6 | %
|Logistica y Distribución Paris Ltda.             |  | Chile     |  |                  | 99.7 | %
|MegaJohnsons Administradora S.A.                |  | Chile     |  |                  | 99.7 | %
|MegaJohnsons Maipu S.A.                         |  | Chile     |  |                  | 99.7 | %
|MegaJohnsons Puente Alto S.A.                   |  | Chile     |  |                  | 99.7 | %
|MegaJohnsons Puente S.A.                        |  | Chile     |  |                  | 99.7 | %
|MegaJohnsons S.A.                               |  | Chile     |  |                  | 99.7 | %
|MegaJohnsons Vina del Mar S.A.                  |  | Chile     |  |                  | 99.7 | %
|MegaJohnsons Quilin S.A.                        |  | Chile     |  |                  | 99.9 | %
|Meldar Capacitación Ltda.                        |  | Chile     |  |                  | 98.3 | %
|Mercado Mayorista P y P Ltda.                    |  | Chile     |  |                  | 90.0 | %
|Paris Administradora Centro Ltda.                |  | Chile     |  |                  | 99.6 | %
|Paris Administradora Ltda.                       |  | Chile     |  |                  | 99.6 | %
|Paris Administradora Sur Ltda.                   |  | Chile     |  |                  | 99.6 | %
|Paris Administradora Norte Ltda.                 |  | Chile     |  |                  | 99.6 | %
|Santa Isabel Administradora Norte Ltda.          |  | Chile     |  |                  | 99.6 | %
|Santa Isabel Administradora S.A.                 |  | Chile     |  |                  | 99.6 | %
|Santa Isabel Administradora Sur Ltda.            |  | Chile     |  |                  | 99.6 | %
|Sociedad Comercial de Tiendas S.A.               |  | Chile     |  |                  | 99.9 | %
|Sociedad Comercializadora de Vestuario FES Ltda. |  | Chile     |  |                  | 99.7 | %
|Viajes Paris S.A.                                |  | Chile     |  |                  | 99.6 | %
|Agrojumbo S.A.                                   |  | Argentina |  |                  | 87.4 | %
|Agropecuaria Anjullon S.A.                       |  | Argentina |  |                  | 99.9 | %
|Blaisten S.A.                                    |  | Argentina |  |                  | 99.9 | %



---

|                                       |  |             |  |                  |      |  
|-------------------------------------- |  | ----------- |  | ---------------- | ---- | -
|Company                                |  | Country     |  | Percentage owned |     
|Cavas y Viñas El Acequion S.A.         |  | Argentina   |  |                  | 99.9 | %
|Carnes Huinca S.A.                     |  | Argentina   |  |                  | 50   | %
|Cencosud S.A.                          |  | Argentina   |  |                  | 99.9 | %
|Corminas S.A.                          |  | Argentina   |  |                  | 99.9 | %
|Invor S.A.                             |  | Argentina   |  |                  | 99.9 | %
|Jumbo Retail Argentina S.A.            |  | Argentina   |  |                  | 99.9 | %
|Pacuy S.A.                             |  | Argentina   |  |                  | 99.9 | %
|Supermercados Davi S.A.                |  | Argentina   |  |                  | 99.9 | %
|Unicenter S.A.                         |  | Argentina   |  |                  | 99.9 | %
|SUDCO Servicios Regionales S.A.        |  | Uruguay     |  |                  | 100  | %
|Easy Colombia S.A.                     |  | Colombia    |  |                  | 99.9 | %
|Grandes Superficies de Colombia S.A.   |  | Colombia    |  |                  | 99.9 | %
|Supermercados Mayoristas S.A.          |  | Colombia    |  |                  | 99.9 | %
|Colombia Holdings Alpha BV             |  | Netherlands |  |                  | 99.9 | %
|Thalie BV                              |  | Netherlands |  |                  | 99.9 | %
|Uranie BV                              |  | Netherlands |  |                  | 99.9 | %
|Calliope BV                            |  | Netherlands |  |                  | 99.9 | %
|Coledim BV                             |  | Netherlands |  |                  | 99.9 | %
|Cencosud Brasil S.A.                   |  | Brazil      |  |                  | 99.9 | %
|Cencosud Brasil Comercial Ltda.        |  | Brazil      |  |                  | 99.9 | %
|GBarbosa Holding S.A.                  |  | Brazil      |  |                  | 99.9 | %
|Mercantil Rodriguez Comercial Ltda.    |  | Brazil      |  |                  | 99.9 | %
|Perini Comercial de Alimentos Ltda.    |  | Brazil      |  |                  | 99.9 | %
|GBarbosa Holding LLC                   |  | U.S.        |  |                  | 99.9 | %
|Almacenes Metro S.A.                   |  | Peru        |  |                  | 99.9 | %
|Banco Cencosud S.A.                    |  | Peru        |  |                  | 99.9 | %
|Cencosud Perú S.A.                     |  | Peru        |  |                  | 99.9 | %
|Cinco Robles SAC                       |  | Peru        |  |                  | 99.9 | %
|E. Wong S.A.                           |  | Peru        |  |                  | 99.9 | %
|Hipermercados Metro S.A.               |  | Peru        |  |                  | 99.9 | %
|ISMB Supermercado S.A.                 |  | Peru        |  |                  | 99.6 | %
|Las Hadas Inversionistas S.A.          |  | Peru        |  |                  | 99.9 | %
|Teledistribución S.A.                  |  | Peru        |  |                  | 42.5 | %
|Loyalty Perú SAC                       |  | Peru        |  |                  | 99.9 | %
|Travel Interntional Partners Peru S.A. |  | Peru        |  |                  | 99.9 | %
|Tres Palmeras S.A.                     |  | Peru        |  |                  | 99.9 | %
|Banco Cencosud S.A.                    |  | Peru        |  |                  | 99.9 | %
|Cencosud (Shanghai) Trading Co. Ltd.   |  | China       |  |                  | 100  | %