Between 1994 and 2004, the Uruguayan Frente Amplio (fa) experienced a considerable renovation of its ideological and programmatic features, as well as an important reformulation of its strategy. This changes allowed fa to exploit with success the electoral opportunities emerging from the socio-economic and political context. Based on an analytical reconstruction of this successful party adaptation process, this article questions the frequent association between institutionalization and strategic rigidity. It is also argued that within certain limits, the intra-party fractionalization is not necessarily a negative factor for electoral performance.