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Mall of the Emirates announces AED1 billion redevelopment

United Arab Emirates: Wednesday, September 11 - 2013 @ 00:00

The project will expand luxury retail and the VOX cinema multiplex, as well as add a fashion district and sports and leisure precinct. Phase one is already under way with the AED 100m district, which will house more than 30 international stores and several cafes.

The new section will be unveiled in early 2014 and will result in the transformation of a key precinct in the mall’s east wing, a 5,000sq m area which is currently a mix of textile, arts and gift stores. By 2015, a quarter of MOE will be new for shoppers, including debut brands and complete brand transformations by existing retailers.

“Evolution 2015 is Mall of the Emirates’ most ambitious project to-date with a total investment of AED 1 billion,” said Dimitri Vazelakis – Executive Managing Director – Shopping Malls for Majid Al Futtaim Properties.

“The onset of phase one, which will create a unique fashion and lifestyle destination, will complement our existing luxury and mid-market fashion offer. The new fashion district will support the emirates’ wider aspirations towards Dubai Fashion 2020, and will define a new meeting point for our visitors, positioning MOE at the forefront of the region’s fashion retail industry,” he continued

Mall of the Emirates’ announcement lends further support to the 2013 edition of CBRE’s ‘How Global is the Business of Retail?’ report, which stated that ‘mid-range’ fashion retailers entered more new markets than any other sector last year, accounting for 22% of all new openings, followed by ‘Luxury and Business Fashion’ retailers at 20%.

Currently, more than 45% – or 250 of MOE’s 560-plus stores – are dedicated to fashion, creating an attractive platform for some of the world’s most sought-after brands. In 2010, the mall underwent an expansion to launch the Fashion Dome, a 10,500sq m precinct dedicated to more than 80 luxury brands and up-market dining.

In 2012, 44% of the mall’s total sales came from the fashion category, demonstrating the strength of the fashion retail market in the UAE.

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Wednesday, September 11- 2013 @ 0:00 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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