Multi-stage re-development underway for Mall of Emirates
The popular shopping destination of Dubai, namely, the Mall of Emirates (MoE), has announced a multi-stage re-development project worth about Dh.1billion.
Evolution 2015 is the most ambitious project of Mall of Emirates till date, with total investment of Dh.1billion, said Dimtri Vazelakis, the Executive Managing Director - Shopping Malls for Majid al Futtaim Properties, said MoE parent firm. The project unveils a series of new shopping, dining and entertainment concepts, and has begun work on phase one, a new Dh.100mn district, dedicated to contemporary fashion, with more than 30 international brands, which would be open to public by early 2014.
The onset of phase one would create a unique fashion and lifestyle destination, which would complement the existing luxury and mid-market fashion offer, Vazelakis said.
The new fashion district will support the wider aspiration of emirates towards Dubai Fashion 2020. More announcements by MoE further stated that mid-range fashion retailers entered more new markets than any other sector last year, accounting for 22 percent of all new opening, followed by ‘Luxury and Business Fashion’ retailers at 20 percent. At present about 50 percent of stores at the MoE are dedicated to Fashion, offering an attractive platform for some of the world’s most sought-after brands.
In 2010, the MoE underwent an expansion to launch the Fashion Dome, a 10,500 sqm precinct, dedicated to house more than 80 luxury brands and up-market dining. In 2012, about 44 percent of mall’s total sales were from fashion category, demonstrating the strength of fashion retail market in the UAE.
When the transformation of Mall of Emirates is complete, more than 25 percent of their favourite shopping destination will be completely new to them, including brands that make their UAE debut alongside existing retailers.
Posted on 12/9/2013
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