Monday, April 22, 2024
HomeVoyagerMAPIC Insight

MAPIC Insight

The Age of Responsible Growth: Committing to a better future

MAPIC Insight 1

As MAPIC 2023 ushers in a new era, MAPIC Markets Director Francesco Pupillo reflects that the key to continued growth and value-creation lies in a more sustainable approach, that prioritises reducing environmental impact.

Over the past year, retail, leisure, hospitality and property players have shown remarkable resolve and performance in facing the challenges and opportunities of economic and geopolitical shifts—but these events have highlighted the industry’s dependence on finite resources.

As a result, this year’s MAPIC focuses on innovations that help the industry operate more efficiently, including the integration of technology to reduce energy consumption and better understand consumers. By reducing, reusing, or recycling products and waste and facilitating more efficient energy and water consumption, landlords, owners and managers can strive toward carbon-neutral property assets.

At its core, the 2023 programme offers property players an unmissable window into sustainability initiatives that respond to consumers’ search for meaning and investors’ search for value. For retail real estate players, it is about seeing the link between responsibility and business growth. Responsible growth is vital to long-term success, consumer engagement and ultimately, realising the full potential of any retail real estate asset. Therefore, MAPIC will also continue to address questions regarding the positive effect retail can have on the social fabric of our cities, as part of mixed-use development or urban regeneration.

Last year, MAPIC saw a roaring return from the pandemic and this year’s event will continue that theme, with an expected attendance of around 6,000 participants and 1,800 retailers & DNVBS and food & leisure players from 75 countries, to attend the show. The confirmed exhibitors for this year include Cushman & Wakefield, IGD, Nhood, CBRE, Pradera, VIA Outlets, McArthurGlen and INGKA.

MAPIC’s job is to give the industry a novel perspective and provide a deal-making forum—ultimately it is an unparalleled opportunity to connect with collaborators and peers alike.

Fostering future success
MAPIC Academy

Brand-new for 2023 is the MAPIC Academy, MAPIC’s start-up incubator for innovative young retail brands. It selects 5 young retail brands and supports their development through MAPIC’s network of experts and partners—providing financial backing and the opportunity to open a pop-up store through a property company partnership.

Following an immensely productive mentoring day at the end of September in Paris with the five finalists, the selected brands—The World of Onyo, Superstack, W.O.P – World of Pop, Greener, t7berlin—will exhibit at the Retail Village. The winning retail brand will be selected by a jury based on a final pitch session at MAPIC itself.

MAPIC Sustainability Lab
This year MAPIC will also host the all-new Sustainability Lab in the heart of the exhibition area—designed to equip attendees with the tools to pursue carbon reduction objectives as the world tightens its regulatory belt. ESG experts, including leading companies that provide certifications and suppliers of new sustainable technologies, will all be on hand to provide productive advice.

Leisure and F&B take centre stage at MAPIC
In line with the central themes’ focus on leisure, food, new retail and innovation, we will also welcome the second edition of the Retail Village, LeisurUp and The Happetite Forum programmes.

Following last year’s success, the Retail Village will take an exhibition area of 300 sqm featuring a selection of 30 mid- and small-sized brands with strong development potential. From DNVB brands looking for physical spaces to sustainable and socially conscious new retail brands, the Retail Village offers property players the very best of new potential tenants, to enrich their mix in their retail assets.

LeisurUp by MAPIC is the dedicated conference track and area for the location-based entertainment (LBE) sector and is designed to highlight the industry’s growing popularity and diversification. For the first time, the programme will host speakers from both Netflix and Tomorrowland Leisure – and subsidiary of Tomorrowland Music Festival.

MAPIC has also released a leisure whitepaper, in collaboration with Leisure Development Partners, which explores how entertainment can boost footfall beyond a typical retail catchment, attract more night-time visitation for longer hours and determine tenant mix with maximum impact in mind. Ultimately, our LeisurUp programme is designed to facilitate the role that leisure and entertainment can play in regenerating retail destinations and city centres.

The Happetite Forum by MAPIC will also bring together a dedicated F&B conference programme and networking events. Participants will be able to discover the latest trends—from the ever-increasing focus of consumers on sustainability and ethical practices to the evolution of dining concepts and formats. Sessions will provide valuable insight on how major brands are developing their offer and how destinations are adapting to meet these changing needs.

What are some of the key speaking sessions and announcements?
This year’s conference will kick off with a keynote from three leading female executives from some of the world’s most innovative and sustainably successful retail real estate projects. Alison Rehill-Erguven, CEO of Cenomi Centers, Joanna Fisher, CEO of ECE Marketplaces and Cindy Andersen, Managing Director of Ingka Centres, will speak on the central topic of The road ahead: responsible growth.

From a retailer and brand perspective, Raymond Cloosterman, the Founder and CEO of the global home, cosmetics and wellbeing brand, Rituals Cosmetics, will deliver a keynote on his experience as a founder and the brand’s latest initiatives on its path to sustainable wellbeing.

We will also host Tomorrowland Leisure and Netflix as keynote speakers for the first time. Tomorrowland Leisure will announce and present its first project – LIFE – an aqua park in Poland-Kownaty, 30km from the border of Germany. Additionally, Christine Wacker, Director of Business Development – Consumer Products Experiences and Live Experiences at Netflix, will speak on how the company has successfully leveraged some of the world’s most successful IP into location-based experiences.

The Happetite Forum programme will open with a keynote from Tigrane Seydoux, one of the founders of the Big Mamma Group, to share its vision for the future of the restaurant sector and the main challenges it faces.

Don’t forget to pick up your hard copy of this month’s sought after RLI November issue, strategically placed in premier locations throughout MAPIC & LeisurUp. For more information about MAPIC or to book your place, please visit www.mapic.com

Discover the New Generation of Retail

MAPIC Insight 2

Created and launched in 1995, MAPIC is the leading global platform to build vibrant retail and urban destinations. The globally-renowned retail property market gathering will bring together retail, property, food and leisure leaders from over 75 countries at its on-site event at the Palais des Festivals in Cannes, France from 28 to 30 November.

The three-day event will feature 6,000 participants and 1,800 retailers & DNVBs (digitally native vertical brands) along with food & leisure players taking part in exhibitions, conferences and networking events. The exhibition floor of 12,000sq m will be the place to be to connect with all types of retail property players and meet with new partners & the industry’s game changers. The numerous networking and matchmaking events will allow attendees to build their relevant network and attend the six closed-door events to meet C-level people and co-create new business models. They can also take part in the world-class conference programme to explore the retail and real estate industries like never before and hear real-life case studies and learn more during the more than 100 planned conference sessions.

2023 MAPIC Main Initiatives
The MAPIC Academy – In Partnership with Nhood, MAPIC Academy Challenge is the opportunity for young retail companies established within the last five years and willing to launch a new physical retail concept, to gain financial and expert support to develop their ideas and concepts. The five finalists are The World of Onyo, Superstack, W.O.P – World of Pop, Greener and t7berlin and they will be exhibiting in the Retail Village.

The Sustainability Lab – A new exhibition area to gather ESG players and service suppliers with dedicated solutions in terms of energy efficiency for Retail Property players. These new partners will guide retail property players in their road to become carbon-neutral and more ethics! Besides, MAPIC 2023 key topic is: “The Age of Responsible Growth: Committing to a Better Future”

Enter the World of MAPIC
To provide retail, property, leisure and food key players with the right platform to turn traditional sites in modern lifestyle destinations, MAPIC once again brings you the LeisurUp and The Happetite Forum, gathering new occupiers changing the face of retail.

LeisurUp by MAPIC – Launched in 2021 by MAPIC, LeisurUp welcomes the most important players from the location-based entertainment industry (leisure operators, manufacturers and service providers, IP Owners, etc.) looking to meet and build new business models with retail, property and other leisure players.

The Happetite Forum – Created in 2017 by MAPIC, it provides property players with the most dynamic restaurant concepts worldwide and enables restaurant chains to meet with the right partners to expand their brand internationally. In 2022 The Happetite became a Forum gathering the main international food experts.

Also on site guests will be able to visit the Retail Village, where they can discover new retail concepts that are redefining the retail landscape and appealing to an increasingly ethical consumer, including DNVBs, hospitality and wellbeing brands.

Finally, join the innovation platform of the global retail property industry. By visiting the MAPIC Innovation Forum, visitors can learn more about digital innovation which enhances the customer experience, innovations that bridge the gap between physical and online and how to capture data from shoppers.

Ahead of the upcoming event, RLI will take this opportunity over the following pages to highlight a selection of under construction and recently completed projects from around the globe. Schemes that highlight the new generation of retail and how these mixed-use developments are more important than ever for customer retention, increasing dwell time and enticing new patrons.

Global Projects
Americas

MAPIC Insight 3
The Well, Toronto, Canada
Developers: RioCan & Allied Properties

A joint venture between RioCan REIT and Allied Properties REIT, The Well is a bold reflection of Toronto’s energy and diversity and an extension of the urban vibrancy of King West. Bordering Front, Spadina and Wellington, it is a mixture of retail, commercial and residential space in downtown Toronto that will draw approximately 22,000 daily visitors, including the approximately 11,000 residents and employees that will live and work at The Well. The design includes 1.2 million square feet of office space and 320,000sq ft of retail and food service. It has 1,700 residential units spread throughout six residential rentals and condominiums, plus one office building connected to a three-level retail base. At The Well, the idea of liveability is real, with easy access to everything that Toronto demands, expects and deserves: transit, culture, wellness, sustainability, diverse food options, inspiring workplaces and curated entertainment. Scheduled to open in stages through this year and next, is a choreographed mix of urban experiences, dynamic architecture and interconnected public spaces.

MAPIC Insight 4
Royalmount, Quebec, Canada
Developer: Carbonleo

Royalmount, a major new retail and lifestyle destination coming to Montreal next year, has today announced Saint Laurent, Versace, Jimmy Choo, Michael Kors, David Yurman and TAG Heuer as the latest luxury brands set to open, with first launches in summer 2024. Royalmount is a $7bn, mixed-use development in the heart of Montreal, featuring retail, offices, restaurants and entertainment, all surrounding our engaging central park. The first phase will consist of 824,000sq ft, two-level retail and lifestyle complex. Royalmount will be the first 100 per cent carbon-neutral mixed-use development in the Americas and the largest LEED Gold retail project in Canada. Being delivered by real estate development and management company Carbonleo, it aims to bring best-in-class brands and experiences to the Quebec market. Upon opening, Royalmount will become the preeminent destination for shopping, dining, and entertainment in Eastern Canada. Offering more than simply a place for transactions, Royalmount aims to bring people together in an environment that prioritises emotional wellness and happiness.

A project opening in spring this year by Thor Urbana is The Landmark Tijuana, which is a project that is located in the Golden Zone, the area with the highest real estate growth in the city of Tijuana in Mexico. The scheme will bring together the best shopping, dining and entertainment offerings unlike anywhere else in the area. It will be complemented by an exclusive residential tower, luxury hotel and class A+ office spaces to become the new place to live, work and play. The lifestyle centre will feature 308,000sq ft of leasable area, whilst the surround facilities within the scheme will include 154,000sq ft of A+ office space, 190 residences, a brand new hotel with over 200 rooms, more than 2,000 car parking spaces and all this will open to the public in spring of next year. The upcoming project will offer a unique mixture of cultural diversity from the region, integrating itself into an existing, bicultural, vibrant community in search of exceptional experiences. The Landmark Tijuana will transform the lifestyle of every person who has the chance to experience this most innovative development in northern Mexico.

MAPIC Insight 5
Pacifico Town Center, Panama City, Panama
Developer: London & Regional Properties

Pacifico Town Center is inspired by the majestic, natural beauty of its surrounding as a place of wonder, discovery and urban refuge. The project by JERDE for its client, developer London & Regional Properties is conceived as an “outdoor playground” with a strong emphasis on entertainment, nature and creative art as a catalyst to bring people of all ages together. The ongoing development is adjacent to an Air Force base and Pacifico Town Center is part of a larger live-work-play vision plan conceived by JERDE. Phase 1 of the Town Center development is located along the main Town Center Drive corridor and will bring over 200 units of housing and an office tower, along with an abundance of retail, F&B, and entertainment options. Visitors will be treated to a unique and simple, rustic architectural sensibility that was inspired by nature, through the usage of natural materials in combination with creative building composition.

MAPIC Insight 6
Camino Real, Lima, Peru
Developers: Parque Arauco & Grupo Centenario

The Camino Real shopping centre in San Isidro, one of Lima’s prime commercial and residential zones, will be refurbished and extended by developers Parque Arauco and Grupo Centenario to transform the existing centre and bring a modern retail, office and hospitality hub to Peru’s capital. The extension will include a three-floor department store, a food court, a hypermarket and a cineplex, served by seven floors of car parking. The reconfiguration will respect the district’s history and urban environment while adding a contemporary flavour. Being designed by Chapman Taylor, the dynamic interior spaces will incorporate a design motif which references the nearby Bosque el Olivar, a highly cherished green space in the bustling city. Sustainability is also a key design feature. An adjacent plot of land will be used to create a brand new shopping centre, with four floors of retail set around a central atrium. A hotel will also be provided, and three office towers in the existing centre will be refurbished, bringing modern and high-quality workspace to the development, all connected by a green roof.

What was to be Rock Run Crossings has now become the RockRun Collection. Developer Cullinan Properties’ rebranding of its 310-acre mixed-use centre now under construction in Joliet, Illinois, comes after the Illinois-based developer announced the signing of a significant anchor. Penn Entertainment, owner of 43 racetracks and casinos in North America, has committed to a $185M budget to construct a Hollywood Casino on-site. In addition, RockRun Collection will include 500,000sq ft of retail and restaurants and 160,000sq ft of entertainment. Anchored by Hollywood Casino Joliet and Regal Cinemas, the mixed-use development will include additional hotels, office/healthcare and multifamily uses. It will service a total trade area where numbers are expected to rise tremendously. The population of Will County, of which Joliet is the county seat, is expected to grow more than 75 per cent by 2040. A full completion date for this ongoing scheme has not been given.

MAPIC Insight 7
The Creek at Dominguez Hills, California, US
Developer: Plentitude Holdings

Currently under development by Plentitude Holdings in California, The Creek at Dominguez Hills project is spread across approximately 87 acres and is scheduled to open its components throughout this year. The centrepiece of the scheme is a 199,000sq ft multi-use indoor sports complex designed for maximum interior adjustability to accommodate basketball, volleyball practice and team competitions, as well as indoor soccer, softball and baseball training areas. It will also feature more than eight acres of park open space and a three-kilometre jogging path will crisscross the landscaped areas within The Creek at Dominguez Hills. A zipline and ropes course will provide an outdoor adventure experience within the park destination. A clubhouse suitable for community and special events will feature a rooftop lounge. Finally, Main Street will be home to a diverse array of park amenities – from recreation to sports wellness to dining. Inspired by the brilliance of a traditional lantern festival and the artistry of colour and light – the bold, contemporary architecture and beautiful landscaping will create a marketplace experience unlike any other in Southern California.

MAPIC Insight 8
1st Downtown Jacksonville, Florida, US
Developer: Iguana Investments

Fuelled by an outpouring of support for downtown development from throughout their community, Iguana Investments and the Jacksonville Jaguars are gearing up for a revitalised downtown. With the opening of Miller Electric Center and both the Jacksonville Shipyards and Stadium of the Future in the works, the game plan is just getting started. The Jacksonville Shipyards, including a restored Met Park, will deliver a downtown experience that blends urban design with waterfront entertainment. A modernised public marina, landmark five-star hotel and residences, plus six-storey office building will create hundreds of new jobs, generate vital tourism revenue and spark additional opportunities for emerging local businesses. With an influx of restaurants, hotels, entertainment and parks to complement existing establishments, a buzzing downtown could become the true heart and soul of Jacksonville. No specific opening dates have been given as development continues on the different elements of the project.

JLL have announced that it has secured Avenue One in Omaha, Nebraska, as part of the mixed-use development and management strategic partnership with Poag Development Group. Avenue One, owned by Jasper Stone Partners, is 200 acres of mixed-use development and will be the first ground-up development under JLL and Poag Development Group since announcing their strategic partnership in August of 2022. For Avenue One, JLL’s Retail Property Management specialised leasing team will be the leasing agent and Poag will provide the development services. Avenue One is more than 20 years in the making and is the vision of Jasper Stone Partners. Jasper Stone Partners, a boutique private real estate investment firm, envisions Avenue One to be a special place to draw people from all over Omaha to 192nd Street and West Dodge Road and serve as Omaha’s “Western Gateway.” The development will feature a business park, shops, restaurants, hotels, apartments and six miles of walking trails. JLL and Poag’s strategic partnership will bring the vision of this mixed-use property to life.

MAPIC Insight 9
Westfield Garden State Plaza, New Jersey, US
Developers: Unibail-Rodamco-Westfield &
Mill Creek Residential

Unibail-Rodamco-Westfield (URW) has announced Mill Creek Residential (MCR) as co-developer for the first phase of the landmark transformation of Westfield Garden State Plaza in Bergen County, New Jersey. Anticipated to break ground in 2024 and slated to open to residents in 2027, the first phase will include the construction of 550 luxury apartment homes that will be integrated with the shopping centre via a one-acre ‘green town’ for residents, visitors and shoppers to enjoy, as well as introduce a ‘main street’ outdoor district featuring restaurants and everyday conveniences and services. The development will also include significant community and sustainability features such as new parks and greenspaces, green building construction, upgraded connectivity to public transportation networks, electric vehicle charging stations and the restoration of a section of the beloved local Sprout Brook.

Asia & Australasia

Opened back in June this year after development work by Shaanxi Nan-Feihong Industrial Co., Ltd., the Aedas-designed Xi’an Lovi Center now serves as an urban oasis for the city. Located in Xi’an, the project is comprised of a shopping mall, office and hotel towers. Designed to be a vibrant mixed-use destination, Lovi Center has become a unique retail-recreational attraction through the hybrid of public space and greenery. Injected with vibrancy and envisioned as a garden city, Lovi Center is filled with 100 per cent natural greenery and flowers through podiums, gardens and green belts, marking itself a people-centric location with diverse commercial activities. It creates an immersive experience that consists of art and cultural exhibition, delivering an interactive and inspiring journey for visitors. With various young leisure and recreational brands, Lovi Center is slated to be an iconic retail hub to satisfy the needs of all-age groups.

K11 Group has unveiled a new harbour front cultural retail destination in Shenzhen dubbed K11 Ecoast, a flagship for its Mainland China expansion plan. The $1.4bn project, located in Prince Bay, is scheduled to open at the end of 2024. It is jointly developed by K11’s parent company New World Development Company and China Merchants Shekou Holdings. The development will have a GFA of 228,500sq m, featuring a K11 Art Mall, K11 HACC multi-purpose art space, K11 Atelier office building and a Promenade. K11 Ecoast was designed and constructed in accordance with China’s 14th five-year plan national guidelines, using renewable energy, recyclable materials and hospital-grade air filtering systems. The development includes a 60,000sq m outdoor landscaping, the largest among all K11 projects.

Under construction by Sun Hung Kai Properties and with architecture and design work from Lead8, ITC Shanghai is a high-profile, mixed-use destination being developed within the well-known Xujiahui district. Currently one of the largest sites under development in Shanghai’s city centre, the mega integrated scheme combines four plots of land and will total 700,000sq m of development when completed next year. The project will include grade-A offices, a premium retail mall and a luxury hotel, all with direct access to the Xujiahui metro station where three lines converge. The future-looking design of this neighbourhood-scale scheme aims to seamlessly integrate into the already bustling shopping and entertainment quarter. The design concept physically stitches the new development with the surrounding local sites to set a new precedent for the district.

MAPIC Insight 10
China Central Place Shanghai, China
Developer: Huamao Group

Another Lead8-designed scheme is the China Central Place Shanghai, which was unveiled at the 5th China International Import Expo and is positioned as one of the significant future projects that will define the evolution of the North Bund. The recently revealed China Central Place Shanghai development will total a construction area of approximately 200,000sq m. The scheme will be comprised of 30 luxury flagship stores with historical and cultural features, a 180m-high international headquarters building and multiple open landscaped plazas. China Central Place Shanghai intends to play an essential role in the district’s development by expanding domestic demand and building a regional brand economy. The scheme has commenced with construction and it has an estimated completion date of 2026.

MAPIC Insight 11
DFS Yalong Bay, Hainan, China
Developer: DFS Group

DFS Yalong Bay is set to be the LVMH company’s first world-class, seven-star luxury retail and entertainment destination. The announcement signals the LVMH Group-owned travel retailer’s “clearest commitment” to the long-term development of Sanya and Hainan and the entire Chinese tourism market. DFS Group’s objective is to lead and grow the market share of luxury in Hainan across fashion, beauty and fragrances, watches and jewellery. The retailer is forecasting an “unprecedented investment” into a 128,000sq m site, attracting over 1,000 luxury brands including iconic maisons from the LVMH Group once fully operational. DFS Yalong Bay is positioned to become Sanya’s premier destination for luxury shopping, world-class accommodation, dining and entertainment, serving international and domestic tourists with innovative, renowned luxury brands and experiences.

Back in September the developer Nan Fung Group launched AIRSIDE, its 1.9 million square-foot, 47-storey mixed-use development in Hong Kong’s Kai Tak. The 700,000sq ft mall offers an extensive mix of premium tenants, including home-grown brands, international cuisines and experiential retail. A 25,000sq ft City’Super store joins Muji among other retail anchors, in addition to around 40 F&B outlets and world-class entertainment, such as Hong Kong’s first large-scale indoor surfing centre. A new MCL Cinema spanning over 30,000sq ft and comprising seven cinema houses, can accommodate up to 900 movie-goers. The development also features a pet-friendly hub. Renowned architecture firm Snøhetta is behind the design, drawing inspiration from the intense fusion of natural elements, historic structure and contemporary urban spaces in Hong Kong.

MAPIC Insight 12
11 SKIES, Hong Kong
Developer: New World Development

11 SKIES is a future HL$20bn mixed-use destination located at SKYCITY. It is a game-changing destination that innovatively combines world-class retail, dining and entertaining experiences with a Grade-A business cluster. At over 3.8 million square feet, 11 SKIES stands as the largest all-in-one retailtainment destination in Hong Kong. It houses over 800 shops, 120 dining concepts and Hong Kong’s largest indoor and immersive entertainment zone at 570,000sq ft. Three thematically-designed business towers specialising in cross-border professional services complete the 11 SKIES ecosystem, making this the must-visit destination in Hong Kong. Opening in phases between 2022 and 2025 by developer New World Development, the project is strategically located right next to the Hong Kong International Airport, Hong Kong-Zhuhai-Macao Bridge and Tuen Mun-Chek Lap Kok Link.

MAPIC Insight 13
Site 3 New Central Harbourfront, Hong Kong
Developer: Henderson Land Development Company Limited

Site 3 New Central Harbourfront is set to become a world-class development for Hong Kong and is described as one of the most important and strategic additions to the city’s Central Business District. Henderson Land Development Company Limited (“Henderson Land”) was delighted to announce that Pacific Gate Development Limited, a wholly-owned subsidiary, has been awarded the tender to develop and manage Site 3 of Hong Kong’s New Central Harbourfront. The project will be developed in two phases, with the first phase due to complete by 2027. Phase one will contain about 270,000sq ft of office space, 340,000sq ft of retail, dining and entertainment spaces and about 900 parking spaces. Phase two will be completed by 2032, with an addition of about 390,000sq ft of office space, 600,000sq ft of retail space and an underground connection to the Central MTR Station.

Launched in December last year by developer Bhumika Group, Urban Square was designed and developed as an iconic destination, to be a focused, mixed-use destination for the Rajasthan state and feature a balanced mix of commercial retail, hospitality and entertainment. The project has been conceived as a catalyst to enhance commerce, infrastructure and hospitality standards of the historic city of Udaipur, India. Urban Square is a 1.8 million square feet scheme which is now the largest mall of Rajasthan and it has been positioned as an “all under one roof” mall and multiplex with lifestyle retail, mouth-watering F&B options along with Food Court, an adrenaline-driving gaming zone and a bowling alley and many more entertainment options for the entire family. The second phase will feature a range of retail shops with three more anchor tenants — a food court, restaurants and an entertainment zone, offices, a five-star hotel with 200 keys and ample parking space both in the basement as well as a multilevel car park.

MAPIC Insight 14
Phoenix Mall of the Millennium, Pune, Maharashtra
Developer: Phoenix Mills Limited

A project set to launch next year by the developer Phoenix Mills Limited is the Phoenix Mall of the Millennium in Pune. Located towards the Western periphery of Wakad is the picturesque region of Pune which is where this development is being planned to set new benchmarks of shopping experiences in the city. The upcoming development will be spread over 15 acres of land in the outskirts of Pune City and is set to offer over 150,000sq m of space, with over 100,000sq m of this space being set aside for retail units.

Taurus Zentrum is a shopping mall under construction in Thiruvananthapuram, Kerala, India. When completed it will be one of the largest and most exciting retail, entertainment and dining destinations in the country with over 700,000sq ft of gross leasable area. The mall will feature dozens of local and internationally-known retail brands, a multitude of dining options and a wide variety of entertainment including Kerala’s largest multiplex. The multiplex will have 15 screens, including an IMAX theater, and will be operated by Cinepolis. Zentrum will act as the nucleus of Taurus Downtown Trivandrum and of the wider Technopark region, as well as a regional destination for the Trivandrum urban agglomeration and all of South Kerala and Tamilnadu. The mall is owned and managed by Taurus Investment Holdings and designed by the international architectural firm, Benoy.

The Tun Razak Exchange (TRX) is a vibrant, experience-led lifestyle destination that is seamlessly integrated with a 10-acre activated public park. Set to be the new lifestyle epicentre of Malaysia’s capital city of Kuala Lumpur, The Exchange TRX will offer socially immersive experiences encompassing events, entertainment, arts and culture, sports and leisure and over 430 lifestyle, dining, concept stores and new-to-market brands. Designed as ‘a lifestyle precinct in the park’, The Exchange TRX by developer Lendlease sits at the heart of a 17-acre retail-led mixed-use development located in Malaysia’s first international financial district. The Exchange TRX is known as a lifestyle precinct that 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 Mass Rapid Transport (MRT) station. The entire development is expected to be completed in stages from 2023 –2027, with the retail component opening this month.

Global real estate company Hines has revealed plans to build and operate a 74-storey mixed-use tower in Busan, South Korea’s second-largest city. Called the Global Quantum Complex, the $1bn project will house the nation’s first quantum computing R&D hub, as well as next-generation offices and space for education, retail and residential offerings. The development in Busan’s Haeun-dae district will span more than 180,000sq m and will be one of South Korea’s five tallest towers upon completion. Construction of the Global Quantum Complex will begin in 2024 and complete in 2027, with the finished structure incorporating sustainability features to comply with South Korea’s 2030 carbon reduction goals.

Opened in May of this year, the Mitsui Shopping Park LaLaport Taichung is a new shopping centre that was developed by Mitsui Fudosan, a real estate company based in Japan, in Taichung City, Taiwan. It is the first LaLaport shopping mall to be developed in the country and the fifth retail property of Mitsui Fudosan. Development on the facility started in 2019 and its construction began in June 2020. While the full launch took place in May, the pre-opening of 41 stores started in January 2023, ahead of the official opening. With approximately 300 stores, the new shopping centre will be a one-stop access for shopping, dining and entertainment for visitors.

MAPIC Insight 15
Cloud 11, Bangkok, Thailand
Developer: MQDC

Snøhetta, in collaboration with A49 Architects, has designed their most extensive project in Asia for MQDC, one of Thailand’s leading property developers. The project is a 250,000sq m mixed-use building in the upcoming CyberTech district of South Sukhumvit in Bangkok. The Cloud 11 project aims to create a new lifestyle environment and surroundings within the area. Designed to cater to people’s daily needs and requirements, several restaurants will operate from a centralised kitchen, a gym, a wide selection of retail stores and two hotels. The project also includes a variety of cultural offerings such as a library, educational venues and creative workspaces fit for the modern, hybrid way of working from home or outside the office. The project is expected to complete towards the end of 2024.

MAPIC Insight 16
One Bangkok, Bangkok, Thailand
Developer: Frasers Property

One Bangkok is a highly-anticipated future development which will deliver 1.83 million square meters of integrated mixed-use development on a 16 hectare site in the heart of Bangkok. Located adjacent to the city’s iconic Lumphini Park, One Bangkok will be Thailand’s largest integrated development comprising premium grade-A office buildings, luxury and lifestyle hotels, luxury residential towers, interconnected retail precincts, art and cultural hubs and public space. The development is expected to accommodate up to 200,000 people daily following its full completion in 2026 and it is under development by Frasers Property. The development will feature eight hectares of green and open spaces, with architecture and tropical planting seamlessly intertwined to establish a tranquil setting in a vertical environment.

JQZ, a Sydney-based property development firm, has collaborated with Colliers to launch Mall 88, a new shopping destination, in the heart of Sydney’s St Leonards. The mall, which has an 8,000sq m retail space, is designed to be a lifestyle destination for both locals and visitors. Across four levels, Mall 88 features an open-air plaza and dining area with a mix of cafes, alfresco dining and a laneway eat street, as well as a public library and medical centre. In addition, the mall is anchored by a full-service Coles supermarket, Vintage Cellars, a Medical Centre and an Asian supermarket, as well as a variety of premium dining and service brands spread across 30 retail establishments.

The three striking residential towers that comprise One Sydney Harbour are the final piece of the incredible transformation of Barangaroo South, along with Hickson Park and Waterman’s Cove. These immersive public spaces include a public park, an expanded waterfront walkway and a public pier; part of Lendlease’s dedication to delivering more than half of Barangaroo as open space for all to enjoy. Lendlease is the proud developer of Barangaroo South, one of Australia’s most awarded urban regeneration precincts. The more than $6bn development is a showcase of international design excellence, leading technologies and sustainability, outstanding dining and retail, health and wellbeing offerings, public art and cultural programs. Rising from the harbour shores, Barangaroo South forms a new financial hub for Sydney, with global businesses including Price Waterhouse Coopers, HSBC, Westpac and Lendlease all proudly calling this precinct home.

MAPIC Insight 17
Mambourin Marketplace, Sydney, Australia
Developer: Frasers Property

Frasers Property Australia has won permit approval for the first stage of a retail complex in Melbourne’s burgeoning western suburb Mambourin. Mambourin Marketplace, which will be anchored by a major supermarket operator, will feature 7,200sq m of retail space, including a planned medical area, pharmacy and up to 25 specialised retailers including fresh food grocers, cafes and restaurants. The first stage will be supplemented by a landscaped urban plaza with approval for a children’s play area, artwork, al fresco dining, a central events space and end-of-trip cycling facilities including bike storage, showers and changing rooms. The $50M Mambourin Marketplace will be developed by Frasers Property and will complement the recently announced Good News Lutheran College P-12 Campus. Mambourin Marketplace is planned to be the first phase of a broader retail complex that includes about 25,000sq m of retail space, potentially adjoining a proposed train station and local business district.

Arriving next year by developer Auckland Airport, Mānawa Bay Premium Outlets in New Zealand will be a fashion-led offering, with space to connect customers to over 100 of the best international and local brands, curating an exciting, rewarding and seamless experience in a unique New Zealand way. Mānawa Bay has been designed to set a new benchmark for outlet shopping in New Zealand. Mānawa Bay will be a purpose-built destination focused on delivering a customer-led experience bringing the best fashion, athleisure, lifestyle and homeware brands together under one roof. Nestled on the water’s edge overlooking the mangroves, Mānawa Bay will offer great shopping, unique park-like grounds and outdoor spaces within our estuary location.

Europe

MAPIC Insight 18
Landquart Fashion Outlet, Landquart, Switzerland
Developer: VIA Outlets

VIA Outlets, the industry-leading owner-operator redefining the outlet shopping experience across 11 premium outlets in Europe, has seen important remodelling works for destinations in the VIA Outlets portfolio continuing. At Sevilla Fashion Outlet, Spain, an additional 3,800sq m GLA will be added, which is scheduled to open at the end of 2023. Oslo Fashion Outlet, Norway, also celebrated last November with the inauguration of a new car park, adding a total of over 1,000 convenient parking spaces for visitors. Plans have also been finalised for the 4,707sq m expansion of Landquart Fashion Outlet, Switzerland, with a scheduled opening date of Q4 2024.

MAPIC Insight 19
King Cross, Zagreb, Croatia
Developer: SES Spar European Shopping Centers

SES has been managing the King Cross shopping centre in Zagreb, Croatia as owner and operator since 2018. Now SES is developing the established centre into Croatia’s most modern shopping mall. Construction work to completely refurbish the centre will begin in 2024 and it is set to be completed for autumn 2025. With next year’s complete centre refurbishment, SES is investing over 40 million euros in total to boost the appeal of the shopping mall. With this in mind, the forecourt also features in the plan alongside a new centre and attractive outdoor eating areas, Mediterranean style. The existing shopping areas will be adapted alongside the creation of adventure zones and children’s play areas. The project will create an additional 5,000sq m of leasable area on site. The mall currently has 35,000sq m of gross leasable space (GLA), 55 shops and 1,600 parking spaces.

Europe’s first integrated resort, City of Dreams Mediterranean, developed by Melco Resorts & Entertainment, officially opened its doors in Limassol in July, marking the beginning of a new era for tourism in Cyprus. With a total investment exceeding €600M, the iconic City of Dreams Mediterranean is one of the largest development projects of its kind ever undertaken in Cyprus. City of Dreams Mediterranean aims to establish the island as a year-round destination for premium tourism, world-class entertainment, as well as a hub for international business and conference tourism. As Europe’s largest and premier integrated resort, City of Dreams Mediterranean delivers an incomparable experience to satisfy every taste, ranging from luxury hospitality – with its fourteen-storey hotel featuring 500 guest rooms and suites – to designer-brand shopping, iconic architecture, renowned art, sporting facilities, outdoor amphitheatre, family adventure park, as well as world-class conference and exhibition space, spacious and contemporary gaming experience and fine dining.

MAPIC Insight 20
Neyrpic, Grenoble, France
Developer: Apsys Group

Currently under construction by developers Apsys Group and with an estimated opening date of this year, the Neyrpic scheme is located in the town of Saint-Martin-d’Hères opposite the Town Hall, a few minutes from downtown Grenoble and is part of a vast urban renewal project. Neyrpic aims to provide the municipality with attractive living, leisure and sharing spaces and to contribute to its economic development, in respect for the major metropolitan balances, the history of old factories and the requirements of the ecological transition. Designed as an energetic, multi-functional place where commerce, leisure, sport and nature will be inextricably linked. The heart of the project is an external square with spacious terraces – places for relaxation and fun. A place designed and implemented in accordance with the idea of sustainable development, respecting the character of the place and offering added value to the city’s residents.

MAPIC Insight 21
Alpes The Style Outlets, Valserhône, France
Developer: NEINVER

NEINVER is continuing construction works at Alpes The Style Outlets, which once completed will mark the company’s 17th outlet centre across six European countries. Alpes The Style Outlets, which will be NEINVER’s second outlet centre in France, boasts an exceptional location near the Swiss border, close to Geneva and next to key tourist destinations. It will feature 20,400sq m of GLA, over 90 boutiques and restaurants providing both local and international cuisine. Located 25 minutes from Geneva, the scheme will offer 1,350 parking spaces and will have direct access to the A-40 motorway, a key transport link between France and Switzerland and to popular winter destinations. The opening date has not yet been announced but once complete it is expected to create around 500 direct jobs.

On 13 April this year, the first phase of To Dream by developer Nhood was inaugurated, becoming the largest Urban District in Piedmont, born from an innovative concept in line with Romania Sviluppo’s mission. To Dream has been developed in Turin, on a total area of 270,000sq m, including an open shopping centre and a parking lot, in a strategic position, an unprecedented concept of integration between shopping, leisure, services, offices and hospitality. A refined design, an offer of 107 activities including 24 restaurants, among which major brands and firsts in Italy have landed along with a vast entertainment area, an eight-screen cinema, a gym, numerous services and a four-star hotel, as well as the new headquarters of Michelin, not to mention the go-kart track, one of the longest in Europe, built on three levels. All of this has been combined in an urban park that makes To Dream a real attraction for all targets.

MAPIC Insight 22
Prishtina Mall, Prishtine, Kosovo
Managed by Sonae Sierra

Opened back in March, Sonae Sierra is responsible for managing Prishtina Mall, the largest shopping centre in Southeastern Europe. With a GLA of 115,000sq m, the project has been positioned as a regional entre intended to serve the surrounding area of the Balkans. It hosts more than 230 prestigious local and international retail brands and food and entertainment options across three and a half levels. The mall has 3,500 car parking spaces. Some of the retailers present at the mall include French home improvement and do-it-yourself goods retail brand Mr Bricolage, which occupies 3,000sq m of space, streetwear brand Sizeer Kosova, fashion company DIESEL in 160sq m of space and Swedish fashion brand H&M in 2,144sq m of space. The new Prishtina mall features a CineStar, the largest movie theatre chain in Southeast Europe and HyperActive, a gaming and sports area located within 12,000sq m of space.

Under development by HJ Invest and on course to open in late February 2024, Galeria Goplana will be a modern shopping centre featuring attractive architectural design that will become a new landmark and a popular leisure destination in the city of Leszno. It will have 9,000 sq m of retail floorspace anchored by 25 stores, with the first premises expected to be handed over to tenants in November this year. Global real estate services firm Cushman & Wakefield is the leasing agent for the complex. Anchor tenants will include such well-known brands as Half Price, Biedronka, Just Gym, CCC, Pepco, Rossman, Sinsay, Apart, Tabak, Świat Książki and Plus GSM. In addition to a perfume shop, the complex will also offer a broad range of restaurants and cafés.

NEPI Rockcastle’s €136M Promenada Craiova development in central southern Romania officially opened its doors on 5 October. The retail scheme has attracted a host of international brands and is the largest retail development by size and investment value opening in Central and Eastern Europe in 2023, according to CBRE. The overall retail scheme has a total gross lettable area (GLA) of approximately 80,000sq m, larger than originally planned due to strong retailer demand for space exceeding the initial projected supply. The scheme comprises a 53,300sq m GLA shopping centre and a 10,400sq m GLA retail park, both owned by NEPI Rockcastle. In addition, the retail scheme incorporates a 16,000sq m GLA DIY store, owned by Dedeman. The shopping centre is 99.9 per cent let and offers over 100 stores, among them international brands. It also boasts Craiova’s largest outdoor panoramic terrace, which is surrounded by restaurants and cafes.

FASHION HOUSE Group, the operator of the only two professional outlet centres in Romania have started construction works on the second phase of the second Outlet Centre in the local portfolio, FASHION HOUSE Pallady, which will open its doors in the third quarter of 2024. The expansion project will cover in phase two an area of 5,727sq m, of which 53 per cent is already leased and will benefit from the presence of renowned brands such as Guess, Tommy Hilfiger, Calvin Klein, Under Armour or Sport Vision and others, which will transform FASHION HOUSE Pallady into one of the most sought-after smart shopping and leisure destinations in eastern Bucharest. FASHION HOUSE Pallady currently operates on an area of approximatively 8,000sq m, with phase one hosting dozens of stores of famous brands such as Nike, BSB, Triumph, Lee Cooper, Ecco, Puma, Penti, Sizeer, Tom Tailor or U.S. Polo Assn, restaurants, cafes and a children’s play area.

MAPIC Insight 23
Eurovea, Bratislava, Slovakia
Developer: J&T Real Estate

After 13 years of operation, Eurovea became the largest shopping centre in Slovakia as its extension opened on 25 May. The centre reports an occupancy rate of 95 per cent and it has brought new brands and innovative concepts to the area. Developed by J&T Real Estate, the extension has added 26,000sq m to the existing GLA of 59,000sq m, bringing to a grand total of 85,000sq m which is home to 320 stores and restaurants, cafes and other food outlets. Prior to the expansion, 13.5 million people visited the shopping centre annually. The outlets in the extension, as well as some which have been refurbished include Cinema City, which expanded the number of its movie theatres to 17 and opened in August.

An official bolt tightening event has taken place to celebrate a major construction milestone in the first phase delivery of West Bar in Sheffield city centre. West Bar is a £300m, award-winning development that is transforming a strategically important gateway site in Sheffield to provide one million square feet of mixed-use space. This includes 500,000sq ft of new Grade-A workspace, residential apartments, new high quality public realm, multi-storey car parking, together with new retail and leisure uses. As well as providing much needed new housing, it will deliver the city’s largest office floorplates whilst supporting up to 8,000 new jobs. Being developed by Urbo (West Bar) Ltd, a joint venture with Peveril Securities, the first phase is due to open next year.

Middle East & North Africa

Bahrain Marina Development Company has announced that work has started on its $525M mixed-use project located on Manama’s eastern coastal strip. Spread over a 256,000sq m area, the Bahrain Marina project will offer a unique blend of living, shopping, scenic beaches and diverse water sports activities. It will boast a total of 274 residential units as well as 192 retail outlets in addition to a 68,637sq m hotel that will have 304 rooms. The Bahrain Marina masterplan was designed by Benoy, a global leader in architecture and master planning. The project is aimed at fortifying the tourism sector, aligning with the overarching goals of the national tourism strategy and asserting its stature as a global tourism hub. It augments tourism’s contribution to the domestic economy said Najibi, adding these concluded agreements signify a pivotal commencement for project construction. The marina will have 1,769 underground parking spaces along with 235 berths for yachts and boats.

Solitaire by developers Al-Marqab Investment Company is set to be Riyadh’s newest multi-use lifestyle destination and will consist of three aboveground levels of retail, food and beverage, entertainment, wellness and sport offerings and three levels of basement parking. Within the city of Riyadh, Solitaire will occupy a 60,000sq m area bordered by King Abdulaziz Rd, Al Imam Saud Ibn Faisal Road and Al Thumamah Road. With views to the south revealing the prestigious King Abdullah Financial District, affirming this prime location within the city. The North Ring Road is just 2km away, making the asset easily accessible from Riyadh’s outer suburbs. As a multi-use lifestyle destination with design work by Benoy, Solitaire’s focus is on providing a unique, 360° lifestyle offering encompassing the key areas of retail, dining, entertainment, wellness and sport. An opening date has not yet been announced.

MAPIC Insight 24
1364AH, Riyadh, Kingdom of Saudi Arabia
Developer: Unified Real Estate Development Co.

1364 will be a world-class shopping, dining and entertainment centre that offers Saudi society a place to express and fulfil their modern desires. The 1364 shopping centre will be a location as unique as the Diplomatic Quarter itself, with extensive greenery and water features to ensure that the project is an extension and continuation of the Diplomatic Quarter, with well blended contemporary architectural practices and a modern, attractive merchandise mix to attract young professionals and families from all over Riyadh. Set to bustle with energy and activity, day and night; there will always be something new for guests to discover at the 1364 site, from live music, casual bites, play areas and an extensive cultural scene, 1364 springs to life, offering ever-changing activities for families and trendy meeting places that create the ultimate social scene. Under development by Unified Real Estate Development Co. the scheme does not currently have an opening date.

MAPIC Insight 25
VIA Riyadh, Saudi Arabia
Developer: Takamul Project Management Company

Back in May this year, the VIA Riyadh project was unveiled by developer Takamul Project Management Company and became a new addition to Saudi Arabia’s entertainment and tourism portfolio. Representing a new era of luxury, the luxurious destination marks a significant milestone in Saudi Arabia’s journey to enhance its entertainment offerings. VIA Riyadh is situated near the Diplomatic Quarter and the development intermingles iconic names, from the globally renowned St. Regis hotel, to resplendent designer brand stores and top-level restaurants, to the Renaissance cinema that offers lavish levels of comfort and exclusivity. An architectural masterpiece inspired by the Salmani architecture and urban style, VIA Riyadh was designed to work in perfect harmony with the local identity of the capital, preserving the unique identity of the city.

Scheduled to open this quarter, The Warehouse Kuwait by developer Tamdeen Group is the country’s first premium mainstream destination. Blending the possibilities of contemporary architecture with a traditional streetscape feel, the 106,640sq m project will include over 170 retail stores, vehicle showrooms, seven movie theatres and over 2,300 parking spaces. Centrally located in one of Kuwait’s most dynamic areas, the shopping centre serves as one of the prime destinations in the Al-Ahmadi Governarate, easily accessible from the King Fahd Bin Abdul Aziz Highway and the Fahaheel expressway. Strategically located in South Subahiya, visitors all across Kuwait can enjoy seamless and convenient access to the shopping destination. In terms of household retailers, the shopping centre will be anchored by the multinational furniture conglomerate IKEA who will be opening its doors to its largest store in Kuwait, as well as the Kuwait-based Middle East furniture chain ABYAT.

Being developed by Azad Properties and on course to fully open this year after the initial launch ceremony took place earlier this year, the Souq7 development in Jeddah, Saudi Arabia celebrates legacy and culture in an entirely reimagined souq setup. It reflects modernity and innovation in line with Vision 2030, while also embracing the Middle East’s originality, stimulating the senses and inciting a sense of discovery. Following the “one-stop-shop” motto where shoppers can find anything and everything they want under one roof, Souq7 will be divided into seven main zones coming together in a beautiful mosaic that forms an all-encompassing lifestyle and retail space. The zones are food stuff zone, the family entertainment zone, an electronics zone, furniture & home supplies zone, building material zone, automotive zone and a multi-use zone. Spreading over 728,000sq m of space, Souq7 will feature 4,000 shops, around 7,000 parking spaces, 108 buildings and five mosques.

MAPIC Insight 26
The Red Sea
Developer: Red Sea Global

Red Sea Global is behind The Red Sea, another giga-project in Saudi Arabia with a focus on eco-tourism. Formerly known as the Red Sea Project, The Red Sea is on track to welcome its first visitors in 2023. It is billed as the world’s most sustainable luxury tourism destination. Directly employing 35,000 people, the project showcases the landscape and rich cultural heritage of the Red Sea Coast. Upon completion in 2030, the destination will comprise 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites. The destination will also include luxury marinas, golf courses, entertainment, leisure facilities and an international airport. The project is being developed over 28,000sq km along Saudi Arabia’s west coast including more than 90 islands. The destination will include hotels, residential properties, leisure, commercial and entertainment amenities, as well as supporting infrastructure that emphasises renewable energy and water conservation and re-use.

MAPIC Insight 27
The Line, NEOM, Saudi Arabia
Developer: PIF

Meanwhile NEOM is a region in the north west of the Kingdom of Saudi Arabia. NEOM means ‘new future’ and with more than 3,600 staff – from 97 countries – already living and working here onsite, it is already a home for people who dream big and want to be part of building a new economic model for the country and the world. NEOM, also the developer, is already under construction and the first destinations will come online in 2024. The project is phased, with OXAGON also getting its first residents in 2024 and TROJENA becoming a place to live, work and holiday in 2026. The first modules of THE LINE will also be activated in 2026 and by 2030, where some one million people will become residents in NEOM, rising to nine million in 2045. The Line is just one section of this ground-breaking development. THE LINE is set to be a cognitive city stretching across 170km, from the epic mountains of NEOM across inspirational desert valleys to the beautiful Red Sea. A mirrored architectural masterpiece towering 500m above sea level, but a land-saving 200m wide. THE LINE redefines the concept of urban development and what cities of the future will look like.

Jawharat Jeddah mall will be one of the modern centres in the city of Jeddah, which aims to establish a diversified centre as a new and integrated destination for entertainment and shopping with the latest international brands. Distinguished by its strategic location, its proximity to the important areas of the city and with a proposed land area of 170,746sq m, a GLA of 87,145sq m, an entertainment area of 17,475sq m and more than 200 stores, this exciting new mall is due to open in the first quarter of 2024 by developer Cenomi Centers.

MAPIC Insight 28
The Avenues Project, Riyadh, Saudi Arabia
Developer: Mabanee

The Avenues – Riyadh by developer Mabanee is expected to open by 2025 and it is located at the heart of Saudi Arabia in the North of Riyadh City. The Avenues – Riyadh is expected to become one of the largest commercial malls in the Middle East with a gross leasable area of 400,000sq m and will include five- and four-star hotels, residential apartments, medical facilities, offices and a parking lot for 15,000 vehicles, making it an ideal destination for shopping, entertainment, and accommodation in the Kingdom of Saudi Arabia. Additionally, it will contribute to strengthening the service and retail sectors and creating more than 20,000 job opportunities for Saudi nationals.

The Point represents a strategic partnership between the Red Sea Markets Company Ltd., Asir Investment Forum and the Tourism Development Fund. The Red Sea Markets Company, a member of the SEDCO Holding Group, owns one of the most important shopping and entertainment projects in the Kingdom, Red Sea Mall in Jeddah and it is working to replicate this success in Abha and position The Point is the Asir region’s leading tourist destination for shopping, entertainment and recreation. The project is expected to contribute in generating 2,500 job opportunities in the region, with investment opportunities for small scale businesses. It will incorporate various activities in an urban architectural landscape complementing the identity of the Asir region, in line with its economic and tourism requirements. Upon completion at the end of 2026 it will comprise of constructed areas of 150,000sq m, green areas totalling 50,000sq m, a 1,000sq m youth centre, a 6,000sq m hypermarket, two fountains and water attractions, a 3,000sq m health centre, 10 cinemas, 150 retail stores, 41 restaurants and cafes, 1,500 car parking spaces, a Hilton Residence of 100 hotel apartments & a Canopy by Hilton Hotel with 150 guest rooms.

MAPIC Insight 29
New Murabba, Riyadh, Saudi Arabia
Developer: New Murabba Development Company

Saudi Arabia will soon be home to the world’s largest modern downtown in Riyadh, titled New Murabba, the Kingdom’s Crown Prince Mohammed bin Salman bin Abdulaziz, Prime Minister has announced. The project is scheduled to be completed by 2030 and will add on to the Kingdom’s roster of 15 upcoming giga-projects, set to transform the nation. The launch of the New Murabba Development Company (NMDC) aims to develop the world’s largest modern downtown in Riyadh, which will contribute to the city’s future development in line with Saudi Vision 2030, the Saudi Press Agency (SPA) reported. New Murabba will feature eco-friendly zones, walking and cycling paths and over 80 entertainment and culture venues. Spread across an area of 19sq km at the intersection of King Salman and King Khalid roads, the development will boast 104,000 residential units, 9,000 hotel rooms and 980,000sq m of retail space. In addition, the development will include more than 1.4 million square metres of office space, 620,000sq m of leisure assets and 1.8 million square metres of community facilities.

Place Vendôme is a multi-billion Qatari Riyal mixed-use development in Lusail City. Place Vendôme is a project of United Developers, a group of four Qatari investors who partnered to align their expertise in retail, real estate, construction and contracting. United Developers envisioned Place Vendôme as a groundbreaking example of the entrepreneurship, vision and energy of Qatari commitment to the nation’s development. The project broke ground on 17 March 2014 and opened its doors to the public on the 15 April 2022. The 1,150,000sq m development hosts two five-star luxury hotels, Le Royal Méridien and Palais Vendôme, a Luxury Collection Hotel, Le Royal Méridien Residences, a mall featuring up to 560 different retail outlets with an exclusively luxurious wing dedicated to top designer labels and a central entertainment component showcasing constant attractions. The hotels and residences are operated by Marriott International, delivering a luxurious and authentic experience that aligns with the Place Vendôme brand.

DAMAC Group, the leading UAE-based business conglomerate, has announced the opening of DAMAC Mall, adding a new retail and leisure destination to Dubai’s luxury landscape. The mall was officially opened on 1 September 2023. DAMAC Mall presents an expansive 110,000sq ft space that seamlessly integrates retail, hospitality, leisure and entertainment offerings. The mall was envisioned as a hub for unique shopping experiences. The mall, located within DAMAC Hills features major international and local brands across various categories, including 30 retail stores and 10 F&B outlets. The inaugural ribbon-cutting ceremony was followed by the opening of a sprawling 28,000sq ft Spinneys supermarket in addition to the grand opening of Starbucks, Papa John’s, Vietnamese Foodies, American Wax, Al Jaber Opticals, Al Ain Pharmacy and Lingo Play Area for children. A 9,000sq ft Fitness First gym and a dedicated 8,000sq ft MEDCARE medical facility are believed to open soon.

MAPIC Insight 30
Expo City Mall, Dubai, UAE
Developer: Emaar

Expo City Mall by developer Emaar is on course to open its doors in 2024 in Dubai, UAE. The upcoming 385,000sq mall is set to be situated in Dubai’s Emaar South project and feature a large-scale offering of over 190 shops and F&B outlets. Nestled within the progressive Dubai Expo City, this upcoming mall will offer an unparalleled experience. With a focus on providing an immersive shopping experience, the mall will be home to an extensive collection of fashion, electronics, home furnishings and speciality stores. With its impressive array of offerings and a commitment to providing exceptional experiences, Expo City Mall will be a must-visit destination for shopaholics, foodies and those looking for entertainment venues.

Spanning over 45,000sq m by developer Al-Futtaim Real Estate Group, Festival Avenue will soon take Cairo Festival City Mall’s celebratory experience to the next level of luxury and fashion. Set to be Cairo’s ultimate fashion forward destination welcoming international renowned brands, this top-of the-line extension will open its doors in 2023 introducing a series of 80 first-to-the-market luxury men’s and women’s fashion brands together with jewellery and watch brands that will call Festival Avenue their first address in Egypt. Festival Avenue will also offer an entertainment destination for all ages and an assortment of restaurants with indoor and alfresco outdoor seating.

MAPIC Insight 31
Zenata Mall, Casablanca, Morocco
Developers: Al Futtaim, Marjane Holding, Sonae Sierra & Société d’Aménagement Zenata

Set to open in 2025, Al-Futtaim Malls looks ahead to 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. Over the past year, 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, leisure destination with a differentiated Food Hall. Zenata Mall, 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.

RECENT ARTICLES