Evolving with Purpose
Reimagined for its 30th anniversary; MAPIC returns as the main global transactional hub for retail property players, bringing together business professionals from across the world. The event offers the opportunity to conduct business deals, connect with new contacts and explore sector trends and solutions. Here, RLI takes a look at some of the global projects making waves in the industry and evolving the international real estate offering.
From the reinvention of retail precincts in Asia to the repurposing of legacy malls in Europe and North America, the global retail real estate sector is in the midst of a profound transformation. Digitally native brands push into physical outposts, consumers demand experience over stock and sustainability and placemaking have become strategic imperatives – not optional add-ons. Against this backdrop, MAPIC in Cannes returns 4–5 November 2025 as a vital rendezvous for the leaders shaping that change.
For three decades MAPIC has occupied a unique space at the intersection of brands, investors and property developers. In its 30th edition, the event is evolving its format to sharpen its impact: a condensed, business-first two-day schedule is dedicated to deal-making and high-value connections, while 6 November is reserved for the invite-only NextGen Retail Day.
This edition’s reimagined layout responds to evolving industry priorities: exhibition stands will be located in Riviera 7, while Riviera 8 will serve as a premium networking zone with sea-view meeting tables and private suites. Meanwhile, the new tagline “The International Retail Leasing Hub” underscores the event’s sharpened focus on connecting decision-makers in leasing, retail expansion and asset optimisation.
As retail real estate confronts challenges – from activation of underused assets to weaving experiences that compete with e-commerce – MAPIC 2025 will aim to be a crucible where strategies are refined, alliances forged and the next wave of destination retail is prototyped. In the pages that follow, this feature explores the global retail real estate projects that are driving the industry forward into this new and exciting landscape.
AMERICAS
ROYALMOUNT is Montreal’s newest shopping, dining & entertainment destination, opened in September last year, where connectivity, creativity and sustainability meet and thrive. The world-class district located in midtown features 170 stores including 60 restaurants and cafes. The retail offer includes 50 per cent new to market concepts and the largest concentration of luxury flagship stores in the province of Quebec. In addition to an exciting programming offer, ROYALMOUNT is home to a 77,000sq ft urban park and public art trail where consumers can relax and be inspired by their surroundings. Envisioned by Quebec-based real estate development and management company Carbonleo, ROYALMOUNT is the starting point of the largest private mixed-use project in North America. Designed with the goal of achieving estimated operational carbon neutrality, this new district represents a pioneering vision of urban development. This innovative and luxurious destination will ultimately feature office towers, private residences and a wide array of shared public infrastructure. Every element has been carefully crafted to foster community, creativity and a deeply human experience at the heart of a sustainable and inspiring built environment.
Oakridge Park, Canada’s largest redevelopment from developers QuadReal Property Group and Westbank, is setting a new standard in Vancouver’s luxury retail scene. As part of this world-class destination, a collection of prestigious global brands will make their debut in spring 2026, transforming the city’s retail landscape and offering an unparalleled shopping experience. The latest brands joining Oakridge Park include Loewe, Loro Piana, Valentino, Dolce&Gabbana, Thom Browne and Acne Studios. Contemporary, beauty and wellness retailers joining the scheme include ALO, Sporting Life, Veronica Beard, Sandro, Maje, Petit Pont, Sisley Paris, Sephora, Diptyque, Lush Brow Bar and Mophead. Returning to the centre are retailers BOSS, Coach and Swarovski. Beyond retail, Oakridge Park will be a multi-faceted destination, defined by experience, culture and community. Spanning 28 acres and over five million square feet, the first phase of the development features four residential towers, office space, a community centre and the largest library on Vancouver’s West Side, a nine-acre park, a one-kilometre running loop and more. Oakridge Park will also enhance Vancouver’s already vibrant culinary scene with Time Out Market – a food and cultural market bringing the best of the city together under one roof – alongside other highly anticipated dining options. The scheme serves as a bespoke and captivating cultural destination for Vancouver and is designed to seamlessly encompass every aspect of people’s lives, where living, working and playing converge harmoniously, offering a space for inspiration, personal growth and relaxation.
Joint venture partners North American Properties (NAP) – (NAP’s Atlanta subsidiary, whose team is leading the redevelopment, was acquired by global, design-focused real estate investment and management firm Jamestown in October 2024. Jamestown is now an investor in the property, through an affiliate and oversees management along with retail leasing, in conjunction with AMPS), Nuveen Real Estate and Taconic Partners acquired Ridge Hill in May 2022 with plans to redevelop and reposition the outdoor lifestyle centre as a human-centric, mixed-use destination. The first phase of construction focused on reimagining the property’s streetscape and social gathering spaces to create a more cohesive environment. Ridge Hill’s merchandising mix is also being revamped to include more local and New York City-inspired food and beverage concepts as well as popular lifestyle brands. In addition to the physical enhancements, the overall guest experience has been elevated with more consistent community-driven programming. The next phase of the redevelopment – the reconfiguration of the former Lord & Taylor department store was expected to begin in 2025. The opening date for the entre redevelopment of Ridge Hill is not available, only that it is being completed in stages.
One Beverly Hills, the 17.5-acre urban oasis being developed by Cain International, has announced a preview of its upcoming retail and dining partners including Dolce&Gabbana, Casa Tua Cucina and Los Mochis. These globally recognised names mark the debut of the project’s 200,000sq ft curated retail offering that will bring fashion, beauty, wellness and dining together in a singular destination. Further anchoring One Beverly Hills is Aman Beverly Hills – the brand’s first US West Coast property – featuring a 78-key all-suite hotel, two residential towers and Aman Club, alongside 10 acres of botanical gardens and open space that connect The Beverly Hilton, currently undergoing its most comprehensive renovation in its storied history and the Waldorf Astoria Beverly Hills. Within the landscaped gardens designed by RIOS, One Beverly Hills will bring around 45 retail and dining concepts together, each set within a distinct environment that blends luxury and nature. With phased completion beginning in 2027, One Beverly Hills is anticipated to generate an estimated $40bn in local economic impact over the next 30 years, including $9bn in new spending – further cementing Beverly Hills as a global capital of culture, commerce and luxury. The project expects to deliver 2,700 construction jobs, contribute more than $100M in public benefit fees and new public gardens, enriching the city with green space at its very core.
The long-anticipated redevelopment of Westfield Garden State Plaza is gaining momentum, with a groundbreaking expected in late-2025, according to developers Unibail-Rodamco-Westfield and Mill Creek Residential. This ambitious project is part of a growing trend of transforming traditional malls into mixed-use hubs in Paramus. Work on the redevelopment began in October 2023 with the demolition of the former Best Buy and Bank of America buildings to create 180 additional parking spaces, marking the first visible steps of the transformation. If all phases are approved and completed, the redevelopment will include 1,400 apartments, new retail spaces, a hotel, senior care facility and a park-like town green. The first phase of the renovation is set to open in 2027 and feature two five-storey mixed-use buildings with 550 luxury apartment homes and 50,000sq ft of retail space, along with a one-acre town green designed for outdoor markets, dining and social gatherings, envisioned as a new downtown for Paramus. The Westfield Garden State Plaza project is just one of three major mall redevelopments in Paramus along with Bergen Town Center and Paramus Park Mall.
One West End is a holistic complex that will continue the legacy of a property with historic, cultural and community impact. The 12-acre site has been a destination for shopping and gathering in Atlanta for more than 50 years. Redevelopment of this landmark requires a balance of community engagement, sustainable solutions and commitment to economic vitality. Developers BRP Companies and The Prusik Group have project plans that showcase a balance of commercial and residential uses. One West End will be a mixed-income, mixed-use development. Commercial space will include: 125,000sq ft of retail, with a grocery store, fitness centre, food & beverage experiences and local boutiques. Residential space will include: 800+ rental and student-targeted housing units; mixed-income rental housing, with 70 per cent workforce and 30 per cent affordable and a hotel. Community amenities will include a public green space, resident lounge and bike parking. The multi-year redevelopment process is expected to begin this year, with Phase One completion slated for 2028. One West End will be a place to cherish Atlanta’s roots and embrace its future.
Branch Properties is one step closer to breaking ground on its Lakeshore Mall redevelopment project in Gainesville, Georgia. The project, which has an estimated opening date of 2028, has received unanimous rezoning approval from the City of Gainesville for the 49-acre mixed-use redevelopment of Lakeshore Mall. The mixed-use destination will serve as a “community hub and a catalyst for economic growth”. Branch Properties will break ground on the project in late 2026. At full buildout, Lakeshore will feature 305,444sq ft of retail space, 652 multifamily residential units and 38,200sq ft of outdoor community greenspace. The redevelopment will also include capacity for a hotel and townhomes in future phases. Anchors Dick’s Sporting Goods and Belk will remain open throughout the project, with Dick’s Sporting Goods relocating within the property.
Chesterfield Mall in the city of Chesterfield, Missouri is being redeveloped into a new $2bn mixed-use development called Downtown Chesterfield by The Staenberg Group, which will feature approximately 2,700 residential units, office and retail space and grocery and restaurant options. The mall was permanently closed in August 2024 and demolition began in October 2024 to make way for the new development, which marks a shift from a traditional mall format to a modern urban hub. Initial plans for the project called for pedestrian pathways that will place all residents and tenants of the district within a five-to-ten-minute walk of any destination in Downtown Chesterfield. Twenty-five per cent of the project will be dedicated to public plazas, sidewalks, jogging trails and parks. Meanwhile, a large central park will sit in the middle of the community next to a department store. The hope is for the first 1,000 residential units at Downtown Chesterfield to open by 2029, but it is expected that the full development of the project will take 10 to 15 years.
ASIA
Soft opened in September last year, the M8 revitalisation project in Macau, China by developer China Construction Engineering (Macau) Company Limited aims to make a positive contribution to cultural tourism within the city. The development revolves around creating a harmonised mixed-use urban cultural quarter that will serve as a contemporary lifestyle retail and cultural destination. With the objective of attracting visitors from both regional and international, this new destination will offer diverse opportunities to enhance Macau’s role as a co-creating hub for the promotion of cultural tourism in the neighbourhood. Taking inspiration from the rich heritage and stories of the past, the nine-storey-high retail destination will provide quality-crafted experiences that evoke an authentic sense of place. The spatial layout will take cues from Macau’s local heritage buildings and feature an open-plan hall that encourages interaction among visitors and activities. The central escalator hall will connect each level, facilitating connectivity between shops, events, exhibitions and restaurants. On the rooftop garden, guests will be able to not only enjoy views of Macau’s local streets, but also participate in diverse events promoting cultural exchange and celebration.
The K11 ECOAST Cultural and Art District opened its doors earlier this year in Shenzhen, China. The project, led by K11 brand founder Adrian Cheng, has been in preparation for over seven years. Adhering to the core philosophy of “Art, Humanity and Nature”, K11 ECOAST leverages the natural scenery and expansive space of Taiziwan to create a “luxurious-style” urban public space where people can enjoy the coast, immerse themselves in art and take leisurely strolls. K11 ECOAST features a total construction area of nearly 230,000sq m and with an overall appearance resembling a giant ship berthed in the harbour, it comprises several key components: the cultural retail landmark K11 ECOAST, the multi-functional cultural space K11 Cultural Centre, the next-generation office space K11 ATELIER and the coastal promenade.
Phoenix Mills, India’s largest mall operator, plans to expand its retail portfolio from 11.5 million square feet to over 14 million square feet by 2027 and 18 million square feet by 2030. The growth will be driven by new developments in cities such as Kolkata, Surat, Coimbatore, Thane and Chandigarh. Phoenix Mills also aims to add four hundred thousand square feet to its Lower Parel property within two years. The company is currently working on three new projects, one of which is Phoenix Grand Victoria in Alipore, Kolkata. The project was announced in 2021 while the construction started in 2023. The mall is planned to be based on a 7.48 acre area with one million square feet of retail area in its first phase, which is on course to open in 2026. Along with retail shops, the mall will contain a multiplex, food court, gaming and entertainment space and a wellness centre. There will be 1,834 underground parking spaces.
Set in the thriving neighbourhood of Bangalore and developed by Sai Lakshmi Industries Private Limited, Essensai067 is more than a retail development – it is a reimagined social space where food, fashion, art and music come together to foster human connection. Spanning 5.16 acres and opened earlier this year in April, this dynamic indoor-outdoor interactive development offers over 155,355sq ft of thoughtfully designed spaces. Key features of the site include retail & culinary delights across 23 premium retail units and 12 diverse F&B outlets. There will be unique experiences on site through an adventure park, a pet-friendly plaza and an amphitheatre for curated performances, highlighting how Essensai067 offers more than just shopping. From yoga and wellness programs to vibrant social events, Essensai067 is designed to become a cultural hub for the neighbourhood’s 26,000 apartments and growing population.
Ingka Centres, part of Ingka Group, which also includes IKEA Retail, has announced the development of Lykli Noida, the company’s second meeting place in India and a significant step forward to evolving organised retail in the country. The new Ingka Centres complex represents an investment of INR 5,500 crores and is expected to generate over 9,000 jobs for the many people of Uttar Pradesh. Scheduled to open in a few years in 2028, Lykli Noida will be the first Ingka Centres complex worldwide to include a hotel and is expected to attract over 25 million visitors annually. Lykli Noida represents a new era of retail destinations in the Delhi national capital region (NCR). Anchored by an IKEA store, the complex will spread across 47,833sq m and is one of the biggest retail projects in Delhi NCR. The project’s overall form is inspired by the concept of confluence. The two towers are positioned to face and mirror the confluence of the train lines at the site, making the project a symbol of the continuous flow of people migrating to Noida from all parts of India, seeking a better and more fulfilling lifestyle, over the last 40 years.
Snøhetta has designed its largest project in Japan to date with the new Shibuya Upper West Project for Tokyu Corporation, L Catterton Real Estate and Tokyu Department Store. The 119,000sq m mixed-use development includes the Bunkamura cultural complex and will offer high-quality retail, a contemporary luxury hotel and rental residences, as well as art and cultural experiences in the vibrant Shibuya district of Tokyo. Key features include The Hive, a vibrant and lively atrium anchoring the heart of the project and The Sanctuary, a healing space with lush roof terraces for visitors to relax and unwind. The project aims to achieve the highest possible sustainability ratings and is expected to complete in 2029.
The new social heart of Kuala Lumpur, The Exchange TRX is a dynamic retail and lifestyle destination seamlessly integrated within a 10-acre public park. Launched in November 2023 by developers Lendlease and TRX City Sdn Bhd and with architectural work by Leonard Design Architects, it represents the future of experiential retail, sustainable urban living and vibrant cultural expression. Part of the 17-acre lifestyle quarter of TRX, The Exchange TRX brings international placemaking and sustainability standards to Malaysia, strategically located in the nation’s first dedicated international financial district. The large-scale experience-led destination encompasses retail, Malaysia’s first Kimpton Hotels & Restaurants that is connected to the TRX City Park, six premier residential towers, a low-rise large floor plate campus-style office and a dedicated Marr Rapid Transport station. The first part of the development is currently being completed in stages up until 2027 before moving onto plot two.
Sunway Malls, one of Malaysia’s largest mall owner operators, is continuing construction on Sunway Ipoh Mall, which is poised to be Perak’s largest mall upon opening in 2026. With a total development cost of more than RM1bn, the mall in Sunway City Ipoh will span over one million square feet of net lettable area (NLA) across four retail floors and house Perak’s first ice-skating rink, an exhibition centre, a 36-lane bowling centre, a multi-purpose sports centre, a gourmet garden and a 10-hall cinema with a seating capacity of approximately 1,500. Sunway Ipoh Mall will also be built to achieve green certification, in line with Sunway’s commitment to ensuring all new buildings and premises from 2025 onwards will be green certified towards achieving the group’s goal of net zero carbon emissions by 2050.
One Bangkok connects the business districts of Sathorn and Silom with Rama IV Road and officially opened to the public in September last year, marking a historic moment for Bangkok. Developed by Frasers Property, a subsidiary of TCC Group, the site is a dynamic, multifaceted destination that blends retail, work, leisure and living into a vibrant, holistically integrated district. One Bangkok offers a complete lifestyle experience, featuring premium offices, luxury and lifestyle hotels, upscale residential towers, diverse retail experiences and a pulsating year-round line-up of arts and culture activities. One Bangkok Retail offers a tapestry of heart-centric experiences woven across three beautifully-designed interconnected retail destinations, spanning a total net lettable area of 160,000sq m. With over 900 stores to eventually line the Retail Loop, One Bangkok Retail opened its doors, beginning with Parade and THE STOREYS back in October 2024, followed by POST 1928 at a later phase, completing this retail destination in the heart of Bangkok. Away from retail, One Bangkok Forum aspires to be the city’s premier entertainment venue. With a capacity for 6,000 people, this expansive, multi-dimensional arena is able to host a variety of events, from electrifying concerts and live shows to exhibitions. One Bangkok Forum promises an unforgettable experience for every passion.
Central Park Bangkok unveiled its first phase on 4 September 2025, with the concept ‘Here for all of you’ and it is a location where all urban lifestyle facets such as shopping and dining – perfectly meet the serenity of nature. Constructed by shopping mall developer Central Pattana and spanning 130,000sq m, the project includes retail space, a rooftop park and a premium office tower, designed to integrate commercial, lifestyle and environmental elements in a central urban setting. The shopping centre will feature a selection of Thai and international fashion brands and is expected to serve both domestic shoppers and international visitors. A key feature of the development is an 11,200sq m rooftop park, described as the largest in Thailand and an elevated green space which will offer views over the Bangkok skyline. Located in between the intersection of Silom and Rama, Central Park Bangkok is said to draw inspiration from Central Park in New York and Hyde Park in London.
International
Poised to transform one of Sydney’s most celebrated heritage sites into a new world-class luxury destination when it opens in Q1 2026, The Lands by Capella is a landmark mixed-use, regenerative placemaking development that blends heritage architecture with bold innovation. Anchoring the revitalised Sandstone Precinct alongside the neighbouring Capella Sydney hotel, the former Department of Lands building will encompass approximately 10,000sq m of experiential luxury retail, refreshing F&B concepts with rooftop dining and large-scale event spaces – including an opulent ballroom and The Sandstones Club by Florence Guild, designed to inspire a modern renaissance in how we live, work and connect. The two Sandstone buildings also mark Singapore-based developer Pontiac Land Group’s first mixed-use development in Australia and one of the largest privately funded tourism infrastructure projects in NSW.
Developer GPT Group is set to begin work on a $200M expansion of Rouse Hill Town Centre, adding more than 50 new shops to the bustling shopping hub. The transformation will add more than 10,500sq m of retail space and the construction is expected to take 18 months, with the opening date for the extension planned for pre-Christmas 2026. The project is GPT’s largest retail development in 10 years and part of its strategy to leverage strong existing assets and deliver premium experiences to customers. The expansion will grow the scheme to over 80,000sq m and will retain the centre’s distinctive indoor-outdoor design, featuring a continuous walking loop for customer convenience, a revitalised Town Green, upgraded amenities, end-of-trip facilities and 200 additional parking spaces.
SES Spar European Shopping Centers have begun construction of the S-PARK Varaždin in the northwest of Croatia. In the first stage, the existing structures on the site will be demolished, with the construction work for the new retail park beginning soon after. The new S-PARK will breathe new life into this historic but long-abandoned site of the former “Varteks” textile factory. Where once textiles were produced, a diverse and modern retail park is set to open in 2027, featuring 12 shops, gastronomy with outdoor seating and a range of service offerings across an area of 11,500sq m. The centrepiece will be the region’s first INTERSPAR hypermarket. The real estate developer and operator SES is investing more than €28M in the project, thus continuing its expansion in the Croatian market. The introduction of the new S-PARK in Varaždin will significantly improve the range of services and amenities available to the people in the city and the surrounding area, particularly in terms of local supply and attractive anchor stores.
With a new, refined logo and the signature “Free to stand out”, the Marques Avenue company is evolving its brand platform after a transition phase, highlighting the developments experience by the business since its acquisition by Mata Capital in 2023. The new slogan aims to evoke a practice of purchasing clearance stores from major brands “without judgment” across the network of eight outlet villages, populated by 500 boutiques and 200 brands. “This is a rebirth and a return to our pioneering DNA, which is already reflected in significant successes: two centres in the Ecostra 2025 Top 5 of the best outlets in France, the boost in marketing with the signing of several major exclusives, are testament to the unique positioning we have on the market,” explains Renaud Maret, President of Marques Avenue Groupe. “Thanks to the leverage of our network and our e-shop, we enable brands to maximise their performance. The second half of the year still holds many highlights, such as the launch of the refit planned for Talange, the first centre to roll out the new Marques Avenue experience, a symbol of the scale of the group’s ambitions.”
NEINVER has unveiled the redesigned Alpes The Style Outlets project – a more sustainable, better integrated destination. Strategically located between Geneva and Lyon, near the Swiss border and with direct access to the A40 motorway – a key route between France and Switzerland – Alpes The Style Outlets benefits from excellent connectivity. It is just five minutes from a TGV station linking to Paris and other major cities, 45 minutes from Annecy and positioned on the main route to popular ski resorts and tourist areas, making it ideal for attracting tourists and Swiss shoppers. The upcoming destination will feature 20,400sq m of GLA with approximately 95 shops and restaurants. Set to open in late 207, Alpes The Style Outlets will be a sustainable and welcoming retail and leisure destination, where architecture, environment and visitor experience come together in harmony with its Alpine setting.
Multi Corporation, the leading European integrated service platform for retail real estate assets, is proud to announce that it has been awarded the property management mandate for the highly anticipated New Thematic District in Genoa, Italy, a large-scale urban regeneration project offering retail and gastronomy by developer Genova Sviluppo Srl. The project is recognised as one of the best developments on the Italian market and the mandate includes advisory on all pre-opening activities and property management post-opening. The New Thematic District is set to transform a strategic area of Genoa, bringing new life to the marina zone through an innovative urban intervention that integrates residential, nautical and commercial functions. This world-class redevelopment project will rejuvenate a disused area, reconnecting it with downtown Genoa. Central to this regeneration is a new retail development spanning three floors and around 28,000sq m of GLA. The new District will feature a diverse mix of national and international brands, focusing on sport, the sea and local products. It promises to be a premier destination for residents, tourists and visitors to the adjacent marina as well as Genoa more generally.
After an eight year wait, one of Germany’s largest malls has finally opened with 100,000sq m of retail, dining and event space as Hamburg celebrated the grand opening of the Westfield Überseequartier on 8 April. Featuring 170 stores, 40 dining experiences, a new art museum, three hotels and a cruise ship terminal, the mall is the latest section of Hafencity to open. Located directly on the River Elbe with its own pier and terminal for cruise ships, the new mall is right in the heart of Hamburg – just a 15-minute walk (or one subway stop) from the city centre, Westfield Hamburg-Überseequartier seeks to be more than just a consumer temple: Its Port des Lumières multimedia art experience and the ten cinemas of Kinopolis also offer culture and entertainment. With this mixed-use development, the developer Unibail-Rodamco-Westfield showcases its vision to play an active part in the sustainable transformation of cities, connecting future-oriented models for urban living with the historically developed Hamburg identity. In line with their sustainability strategy, Better Places 2030, Westfield Hamburg-Überseequartier will foster new modes of sustainable mobility, including e-vehicle platforms, smart shuttles and the implementation of intelligent logistics and traffic control systems.
A new world-class destination, The Ellinikon is an upcoming ‘smart’ and ‘green’ city on the Athens Riviera and constitutes the largest urban regeneration project in Europe. With views of the endless blue of the Aegean Sea and breathtaking sunsets, The Ellinikon is the ultimate year-round destination. The 15-minute paradigm city offers a new contemporary way of life for everyone. Smart residences, top shopping offerings, high-end gastronomy and entertainment options, place The Ellinikon at the centre of global interest. The Ellinikon, the new landmark of 21st-century Greece, invites you to discover it through a journey of exciting experiences. Part of this groundbreaking development, The Ellinikon Mall will be a new meeting point for all as visitors will be able to explore an innovative destination that spans 100,000sq m, offering premier retail, F&B and entertainment offerings. Developer LAMDA Development’s vision for the iconic The Ellinikon Mall is to unite shopping, entertainment, work and relaxation within a single space, offering visitors a fresh way of life within contemporary infrastructures distinguished by their exceptional aesthetics. The mall, along with many other elements of The Ellinikon project, does not have a specific opening date yet.
Blending heritage and innovation, EntreCampos is undergoing a major transformation to become ‘Lisbon’s new original’ in Portugal. This mixed-use project by developer Fosun Hive Iberia covers public spaces of 17,000sq m, residential (three buildings), offices (seven buildings) and retail (75 stores) over a total gross construction area of 330,000sq m. Due to open in 2027, it follows a holistic ESG approach designed to exceed high environmental standards like LEED Platinum and WELL, with geothermal and solar energy, energy-saving glazing and efficient chillers among other strategies. Driven by the local community, it is intended as a hub where life, commerce and work converge around an architectural, urban and technological landmark.
The Promenada Mall in Bucharest, Romania is the flagship project in NEPI Rockcastle’s €795M development programme and a project of extraordinary scale and complexity which is set to redefine the retail landscape of the Romanian capital and its Business District starting 2027. The existing 39,300sq m shopping centre is being extended through the addition of 55,400sq m, which will transform the retail mall into a dynamic mixed-use destination, combining retail, office space, a live theatre, a state-of-the-art cinema and a four-star international business hotel. Considered the largest retail development currently under construction in CEE, the development responds to strong demand from international retailers seeking prime space in the heart of Bucharest’s most affluent district and 68 per cent of the new space is already let. Brands like Zara and Peek & Cloppenburg are using this as an opportunity to relocate to the new retail space, upgrading their current stores to their latest concepts. This outstanding project is reinforcing NEPI Rockcastle’s position as the premier owner, operator and developer of retail real estate in Central and Eastern Europe, one of the fastest evolving and dynamic markets in Europe.
As part of Cadogan’s continued community-led placemaking and investment, The Gaumont’s stunning façade has been sensitively renovated, preserving its unique embellishments. Opening in stages across 2025/26, it comprises a rooftop bar with panoramic views from Big Ben to Battersea, a 600-seat cinema, enhanced Waitrose, flagship retail, creative space, office accommodation and 47 residential apartments, as well as an extraordinary art installation by renowned London-based artist Shezad Dawood. The scheme celebrates the community, heritage and architecture of the area. Following a local consultation, which highlighted the resounding call for more independent uses focused on the arts, music and literature, a cluster of small spaces in The Gaumont will be home to independent creatives to strengthen and encourage King’s Road position at the epicentre of London’s art, fashion, design and music scene. With a long-term stewardship approach, Cadogan has sought not only to preserve and showcase the historical significance of this building, but also to ensure the development plays its role in contributing to a sustainable environment through the incorporation of solar photovoltaic panels, roof top greening, low carbon water source heat pumps and targeting a BREEAM ‘Excellent’ rating.
Two stops from London Bridge and four stops from Waterloo, Canada Water is already one of London’s best-connected places. Its new chapter will include everything from flexible workspace and labs and a new high street and town square to 12 acres of new public realm and a new 3.5 acre park. Inspired by its rich heritage, Canada Water’s sustainable two million square feet of state-of-the-art work and lab spaces, one million square feet of world-class retail and cultural space, 3,000 new homes and green public spaces will make it one of London’s most exceptional places to work, live, relax and grow. The first phase of the Canada Water masterplan completes this year, delivering 300,000sq ft of workspace and 13,000sq ft of retail at Three Deal Porters and Dock Shed, a new leisure centre for Southwark Council and 186 new homes at The Founding. Under development by British Land in a joint venture with AustralianSuper, the project is a wide-ranging one and is not expected to be fully complete for the next 10-15 years.
The Elephant, a landmark building undergoing a transformative £132M redevelopment in the heart of the capital by developer Publica Properties, has officially reached its topping-out milestone. The iconic former House of Fraser building at 318 Oxford Street, London W1 is being reimagined as a vibrant mixed-use office and retail destination, featuring a marquee restaurant on the eighth floor with 360-degree views across the city. Set for completion in autumn 2026, The Elephant will offer 366,000sq ft of premium commercial space including a state-of-the-art gym, a 25m swimming pool and 42,600sq ft of retail units. The project has been designed to preserve and enhance the structure with upmost attention to adapting the existing building structure and minimising embodied carbon. The plans include the provision of new, attractive shopfronts, extensive refurbishment of the existing façade and the creation of highly flexible, open floorplates for varied uses. They are also incorporating a large-scale elephant sculpture crafted from recycled steel, symbolising the project’s commitment to sustainability and innovation in urban placemaking. For the interior, the existing sixth and seventh floors have been removed and replaced with three new floors. MGAC is providing project management, cost management and health + safety services for the project which is reflective of a wider shift in the industry to reduce embodied carbon through the strategic reuse of existing building materials.
MENA
Bahrain Marina Development Company has announced the successful completion of 50 per cent of Phase One of its flagship waterfront development, Bahrain Marina – a key milestone that reflects the company’s steadfast commitment to delivering one of the Kingdom’s most ambitious urban lifestyle destinations. The project remains on track for handover in the final quarter of 2026. Among the notable achievements is the ongoing construction of the Bahrain Marina Residence Tower, a signature luxury residential building within the development. The tower has now reached its 15th floor out of 20, with 25 per cent of construction works completed, an architectural milestone that further enhances Bahrain’s modern skyline and reinforces the project’s reputation as a premium address. Set along the eastern shoreline of Manama, Bahrain Marina spans over 250,000sq m, transforming prime coastal land into an integrated urban retreat. Once complete, the project will offer freehold luxury residences, a five-star hotel, a world-class yacht marina, a premium marine club, expansive green areas and a vibrant retail and dining promenade. This fusion of waterfront leisure, elegant living and dynamic commercial offerings will position Bahrain Marina as a benchmark for sophisticated coastal development in the region.
The Aventura project in Jaber Al-Ahmad embodies a future vision for development projects in Kuwait, as it is considered one of the sustainable community projects currently under construction within the partnership between the private and public sectors. Developer Mabanee, along with an alliance that includes the National Industries Group and the Privatization Holding Company, is developing the project located within the development of Jaber Al-Ahmad City. The project’s design vision stems from creating a new destination with a contemporary identity and an opportunity to enjoy living in a modern, vibrant city, in which the most prominent elements of the inspiring urban environment are harmonised, including residential elements and many facilities and services such as gardens as well as commercial elements. Aventura Residences is distinguished by its proximity to the commercial component Aventura Mall, which extends over a built-up area of 295,000sq m and a total leasable area of 108,200sq m. As for Aventura Mall, it has been designed with international standards to be a contemporary symbol of Jaber Al-Ahmad City, in order to attract visitors from all over Kuwait, as it will incorporate many stores and international brands such as retail stores, restaurants and various cafes to add a distinct shopping and entertainment experience. The entire project is expected to be completed in the second quarter of 2026.
Oman Tourism Development Company (Omran) and Diamond Developers have joined forces to develop a world-class, mixed use project that meets the highest standards of social, environmental and economic sustainability. Perched on the picturesque coastline, overlooking the Gulf of Oman, The Sustainable City Yiti (TSC Yiti) brings together a pioneering vision of sustainability and an unparalleled quality of community living to Oman. The project, designed to improve quality of life for residents, makes no compromises on the needs of future generations. Directed by some of the best thought leaders in the world, TSC Yiti presents opportunities for research and learning, empowering residents to lead the change towards minimising our carbon footprint, realising the goals of the future today. Using clean energy, water & waste recycling, food production, clean mobility and better air quality, Oman’s first net-zero energy city will keep people at its heart. The Sustainable City Yiti follows the blueprint for low carbon living that was pioneered by the first Sustainable City in Dubai in 2016 as it works towards full opening next year.
Place Vendôme in Doha, Qatar is a mixed-use luxury development in Lusail that is inspired by French architecture and features high-end retail, entertainment and dining. The 1.15 million square metre complex includes over 580 stores, two five-star hotels (managed by Marriott International), serviced apartments and an outdoor plaza with a large fountain show. It is a major shopping and lifestyle destination developed by United Developers. Celebrating its third anniversary earlier this year, Place Vendôme has established itself as a leading retail and leisure destination that attracts Qataris, Qatar residents and international visitors alike.
The Simaisma project, being developed by Qatari Diar, is located 40km away from the north of Doha and will provide novel tourist and entertainment experiences to the people of Qatar and its visitors. Spanning eight million square metres and extending along seven kilometres of pristine beachfront on Qatar’s eastern coast, Simaisma will offer unique all year round experiences with outdoor air conditioning technology. The project will provide promising investment opportunities, with 16 tourism zones available for development, including resorts that spread out over four zones, each with a unique design and character. In addition, the project will feature a 650,000sq m Land of Legends, Trump International Golf Club with signature 18-hole golf course and branded residences, residential villas, a yacht marina, as well as luxury restaurants and retail. Sustainability will be a fundamental pillar of the project, with reliance on smart systems, in addition to the use of local and recycled materials, as well as the latest in construction technology. It is reported that the opening date is set for 2028.
The Point represents a strategic partnership between the Red Sea Markets For Real Estate Investment Company | Asir and the Tourism Development Fund. The Red Sea Markets Company Ltd is committed to investing in the Kingdom’s future. With a track record of successfully developing and managing retail and commercial properties in the Kingdom’s most recognised destination and in line with the company’s commitment to being an active private sector participant in helping the Kingdom achieve Vision 2030; The Red Sea Markets Company Ltd is now developing a distinguished multi-use destination in the Asir Region specifically within the city of Abha on a 75,000sq m plot. The Point project is located west of Abha, 3.75km from Abha city centre on King Fahd Expressway and 14 minutes away from Abha International Airport.
Al Othaim Investment, a diversified group spanning real estate, entertainment, F&B, cinema, residential, hospitality, fashion and sports has achieved remarkable success with its launch of numerous state-of-the-art development projects. The company has recently embarked on a new development strategy which will see them deliver 23 new mixed-use developments in the next five years. One of the projects currently in the works is Al Othaim Park Dammam, a development that is located in a diverse area close to other residential, retail and healthcare centres, on the main highway (King Fahad Road) from the airport to the city centre and on to the Causeway bridge. A people-first lifestyle destination, it will offer access to green, tranquil spaces and be paired with an engaging retail offering of around 150,000sq m of retail, F&B, sports and entertainment GLA. The retail development will be the largest in the Eastern province and one of the largest in the Kingdom with over 400 shops and restaurants spanning over four levels. Annexed to the mall will be 650 residential units, 250 five-star hotel keys and 50 commercial office units.
On 4 May 2025, Cenomi Centers and Unibail-Rodamco-Westfield (URW) signed a 10-year exclusive strategic and franchising partnership agreement, with the option to extend for another 10 years, covering the Saudi Arabian shopping centre market, demonstrating Cenomi Centers’ unwavering commitment to strengthening its leadership position in KSA and the MENA region. Through this new partnership, at the end of this year, developer Cenomi Centers is set to launch Westfield Jeddah by Cenomi Centers, which will be a new flagship development from the company and when it opens, it will become the number one mall in Jeddah for footfall and spend. The project is on course to feature 108,000sq m of GLA, more than 300 brands and over 50 flagship sites, more than ten first to Jeddah brands, three food & beverage zones and world-class entertainment.
Opened back in February, Solitaire in Saudi Arabia presents visitors with the ultimate shopping experience by featuring a wide range of iconic luxury brands that offer unlimited shopping potential across fashion, jewellery, watches, beauty and so much more. Developed by Al-Marqab Investment Company, Riyadh’s newest multi-use lifestyle destination consists of three aboveground levels of retail, food and beverage, entertainment, wellness and sport offerings, as well as three levels of basement parking. Majestic wind towers mark the northern and southern points of the asset, serving as iconic landmarks you will see long before arriving at the destination. Intrinsically designed around the concept of the geode, the angular stone exterior evolves and softens as you move inward through contrasting layers towards its centre. Within the city of Riyadh, Solitaire spans a GLA of over 65,000sq m, bordered by King Abdulaziz Rd, Al Imam Saud Ibn Faisal Road and Al Thumamah Road.
Scheduled to open by Q4 2026, The Avenues – Riyadh is located at the heart of Saudi Arabia in the North of Riyadh City, in a prime position overlooking the intersection of King Salman Road and King Fahad Bridge and extends across a total built up area of 1.8 million square metres. Under development by Mabanee, the scheme is expected to become one of the most prominent investment and commercial destinations in the Middle East with a gross leasable area of around 370,000sq m and will comprise a large mall and five towers. The first tower will include offices, the second tower the Waldorf Astoria Hotel, the third tower residential apartments, the fourth tower the Canopy Hotel and the fifth tower the Conrad Hotel. The project will also encompass parking space for 15,000 vehicles. As for the mall component, it will include 19 cinema halls and nine districts: namely Grand Avenue, Prestige, Grand Plaza, The Forum, Electra, The Souk, The Mall, The Walk and The Oasis. The Avenues – Riyadh reflects the Salmani Architecture, which is characterised by an architectural style that embodies originality and modernity inspired from the past with renewed developmental moulds to reflect its presence in the heart of Najd in Riyadh. It will also feature modern designs within the mall with sustainable and green elements that emulate the vision of the Kingdom.
Diriyah, The City of Earth, will contribute approximately $18.6bn directly to the Kingdom’s GDP, create 180,000 jobs and will be home to an estimated 100,000 people. It will also include modern office space for tens of thousands of professionals in technology, media, the arts and education, museums, a university, the Royal Diriyah Opera House, the Diriyah Arena and nearly 40 world-class resorts and hotels across two of its main masterplans, as well as restaurants, the Royal Golf Club Wadi Safar, the Greg Norman-designed championship golf course and the Royal Equestrian & Polo Club, Wadi Safar. As part of the project, Diriyah Company has announced the launch of Jabal AlQurain Avenue, a pioneering new area designed as a multidisciplinary incubator for visionary Saudi and regional entrepreneurs and emerging talent in the retail and F&B sectors. Jabal AlQurain Avenue will provide flexible spaces for emerging and established businesses, offering a dynamic platform for creative Saudi entrepreneurs to nurture and develop innovative brands that will appeal to Diriyah residents and visitors. The 56 retail units in Jabal AlQurain Avenue will cover a gross leasable area of 7,301sq m and the 15 F&B units will total a gross leasable area of 2,248sq m adding to Diriyah’s already extensive retail offering of more than 566,000sq m across its 14sq km masterplan.
NEOM, arguably the most well-known megaproject, is the land of the future where the greatest minds and best talents are empowered to embody pioneering ideas and exceed boundaries in a world inspired by imagination. The distinct regions and sectors that will encompass NEOM are being fuelled by USD500bn from the Public Investment Fund of the Kingdom of Saudi Arabia and local and international investors. NEOM will become a community powered by talent and diversity across 15 sectors. NEOM will be built on care, curiosity, diversity, passion, respect and becoming a catalyst for change.
Earlier this year, Azizi Developments unveiled its new master-planned community, Azizi Milan, at a launch event held on 23 April, at Dubai’s Coca-Cola Arena. Spanning over 40 million square feet, the development will be one of the UAE’s largest mixed-use communities, accommodating a population of 144,000 and incorporating 800 hotel keys. The project draws inspiration from Milan’s cultural heritage and aims to become the Middle East’s fashion capital with dedicated pedestrian-only fashion streets for perfumery, cosmetics, bags and dress fashion. These areas will feature high-fashion brands, boutique shops, cafes, restaurants and nightlife entertainment venues. The development emphasises sustainability as a zero-carbon community. Each building will feature rooftop gardens, with exotic trees and flowers planted across roofs, podiums and surrounding areas. Azizi Milan will include residential projects, a mall, luxury hotels, retail districts, office spaces, schools, nurseries, mosques, wellness facilities and parks. Its tallest towers will rise up to 70 storeys; while low- to mid-rises of 25 to 35 levels will create a more tranquil residential atmosphere.
Majid Al Futtaim has unveiled the $4.2bn Ghaf Woods Mall in Dubai, the region’s first forest-integrated retail destination combining luxury and design. Ghaf Woods Mall will become the Group’s new flagship mall and the first-of-its-kind forest-integrated retail space in the region and complement the developer’s $4.19bn Ghaf Woods residential community. When completed, the mall will offer an immersive, experience-led environment blending retail, dining and entertainment with biophilic design that connects visitors with nature. Located on E311 (Sheikh Mohammed Bin Zayed Road), Ghaf Woods Mall will feature a curated mix of retail, dining, leisure and lifestyle experiences, merging premium retail with immersive natural surroundings. Majid Al Futtaim is strategically positioning the mall to attract flagship and anchor tenants seeking early access to a high-growth catchment area in Dubai. For residents of the surrounding community, it promises to become a vibrant lifestyle hub, offering convenience, connectivity and opportunity.
Citystars’ brief for its flagship Katameya project was to build on the success of its forward-thinking, retail-focused, mixed-use projects; envisioned as ‘The Birth of a New Star’. Their approach is based on the premise of a “live, work, play” ethos and embeds the retail component as the driver of connection between those various activities and central to the experience of place within a vibrant community. Conveniently located on the Ring Road in New Cairo, east of the old city, the development provides a mixed-use alternative to the detached villa nature and isolated multi-residential nature of the majority of projects in New Cairo City. As such, it positions itself as a hub of activity. Citystars Katameya is a 1.3km-long mixed-use development covering a 245,000sq m site area situated along Cairo’s prominent ring road. The project features luxurious residential areas, world-class hospitality and Grade-A office spaces set within a spectacular retail and entertainment urban promenade. The project is being developed by Arco & Citystars.
After a pause, the mega-project of Zenata Mall is back on track. Set to open in the next three years, Al-Futtaim Malls looks ahead to the Zenata Mall opening in Morocco with 120,000sq m of gross leasable area. The mall is set to be anchored by a 26,000sq m IKEA and is also poised to become the largest mall in North Africa. The teams at Al Futtaim, Marjane Holding, Sonae Sierra and Société d’Aménagement Zenata (SAZ) have collaborated to develop an innovative retail, marketing and branding strategy ready to position Zenata Mall as Morocco’s most attractive shopping, family and leisure destination with a differentiated Food Hall. The project, located within the innovative, ecologically healthy Zenata Eco-City, will blend the contemporary and traditional zones with an 8,350sq m hypermarket, 10,000sq m leisure and entertainment zone, 5,500sq m multiplex Cinema, a first to Morocco Food Hall and a comprehensive portfolio of over 300 stores. With roughly 15 per cent of Morocco’s total population concentrated in the immediate catchment area of Zenata Eco-City, the mall is set to place the development on the retail investment map.
