• Property developer reveals that interest now exceeds new leasable area
• Work on the 30,000 square metre expansion project already under way
• Leading retail operator Alshaya affirms commitment to mall and region
Senior business leaders representing some of the world’s biggest global
retailers have expressed excitement at the business opportunities that
will be created through the redevelopment of Manar Mall, after
construction work began earlier this year on the AED230 million
expansion project.
The
new development includes a spectacular waterfront retail promenade
overlooking local mangroves and a brand new entertainment centre.
Work
on the 30,000 square metre expansion project commenced on 16 April
2015, and Barry Ebrahimy, Head of Commercial at Al Hamra Real Estate
Development, said the expansion of Manar Mall continued to generate huge
interest from tenants looking to take advantage of new space. Demand for existing retail space was also high, he said.
“Despite the fact that we had already received expressions of interest for the majority of the
new leasable when the project was announced, we have continued to
receive large volumes of enquiries. Some of those enquiries include
major global fashion brands and discussions are ongoing. We are also
pleased with how are plans are coming together in terms of ensuring
space left by tenants moving to the promenade is filled,” he said.
Leading
international retail franchise operator M.H. Alshaya Co., which
currently operates 8 brands in Manar Mall – H&M, Next, Milano,
Dorothy Perkins, Mothercare, Claire’s, MAC and Pinkberry – has
underlined its ongoing commitment to the Mall.
“Alshaya
will be opening its pharmacy brand Boots in the Mall later this year,
and is looking at further food brands in the future," said a company
spokesperson.
Alshaya
operates over 2,800 stores across diverse customer sectors, including
fashion and footwear, health and beauty, food, optics, pharmacy, home
furnishings, and leisure and entertainment. Alshaya’s portfolio includes
some of the world’s most recognised retail brands, including Starbucks,
H&M, Debenhams, American Eagle Outfitters, and Victoria’s Secret.
Debbie Stanford-Kristiansen, CEO of Novo Cinemas also said about the expansion:
“Our
aim at Novo Cinemas is to provide the ultimate cinema experience and
part of that means securing prominent locations for our entertainment
centres. As the most popular shopping and leisure destination in the
northern emirates Manar Mall fits the bill, and as populations continue
to grow, its expansion has the potential to create opportunities and
increase footfall, creating synergies between the retail and
entertainment industries.”
Meanwhile,
mother of two, Patricia McInnes shared her thoughts on the expansion
project, which she said made perfect sense given the current retail
landscape in RAK:
“In
Ras Al Khaimah there are a lot of smaller malls right next to each
other. Even though some are half empty, more malls keep springing up. I
can’t see the logic. Expanding Manar Mall and having everything in one
place makes much more sense and the new stores are very exciting. I’m
sure my kids will enjoy the waterfront area too,” she said.
