Dubai: Mall of the Emirates (MOE), developed by Majid Al Futtaim Properties, announced in a statement on Tuesday that it is undergoing a redevelopment valued at Dh1 billion.
“[It] is the largest redevelopment project Mall of the Emirates has embarked on to-date, and will set a compelling standard of design and shopping excellence for the retail landscape,” the statement said.
The project, or Evolution 2015, will bring more stores, as well as dining and entertainment options to the mall by 2015. No details were provided on how the project is financed.
Phase one, which commenced this summer, will introduce a Dh100 million fashion district across an area of 5,000 sq.metre, and is expected to be completed by early 2014. It will add more than 30 international brands, including debut brands, to the existing options in the area.
“The onset of phase one, which will create a unique fashion and lifestyle destination, will complement our existing luxury and mid-market fashion offer,” said Dimitri Vazelakis, executive managing director - shopping malls at Majid Al Futtaim Properties in the statement.
MOE is strengthening its fashion category. Over 45 per cent of MOE’s 560 plus stores are dedicated to fashion, the statement showed.
Also, last year, 44 per cent of the mall’s total sales came from the fashion category, it said.
The mall’s redevelopment will help position itself as new malls enter the market, Mat Green, head of research for the UAE at CBRE, a real estate consultancy told Gulf News.
“It is important for Mall of the Emirates to keep improving to maintain its top position in the market. I think there’s good potential for further expansion,” Green said, adding that the “well-established” mall has a good location and customer base.
In 2010, MOE launched the Fashion Dome in 2010 over an area of 10,500 sq.m, with more than 80 luxury brands and dining.
Some of the new retail projects in Dubai include Nakheel’s mall on the Palm Jumeirah, as well as the Dragon Mart and Ibn Battuta Mall expansion.
Dubai’s retail sector is strengthening, as the number of tourists and the population increases, according to Green.
Retail supply is meeting demand for now, he added.
