Dubai: Shoppers at Mall of the Emirates (MoE) will find more retail options as the mall adds additional stores.
Fashion brands are expected to account for in excess of 45 per cent of the shopping mall’s sales this year, Dimitri George Vazelakis, executive managing director of shopping malls at Dubai-based conglomerate Majid Al Futtaim (MAF), told Gulf News.
The Dh100 million redeveloped Fashion District features 30 stores, including seven brands debuting in Dubai in a boutique format and existing brands. The debut brands include McQ, Halston Heritage, Alice and Olivia, Maje, Elie Tahari, Sandro and Co Wonder.
“By the end of 2015, 25 per cent of our retailers will be completely new. This includes new brands into the UAE, making their debut in this region, as well as completely transforming existing retailers,” Vazelakis said.
Vazelakis was speaking on the sidelines of a press conference on Monday announcing the opening of the newly redeveloped Fashion District, which was accessible to the public on Friday.
He pointed out that the mall will have both luxury and bridge brands, which are brands that are situated between high-end and low-end brands in terms of price.
“We’re not just focused in one particular selection but across the board to provide a full complement of brands at all different price points,” he said.
The 5,000 square metre Fashion District is the first phase of a Dh1 billion redevelopment project in the mall that is set for completion in late 2015.
Vazelakis said the second phase is expected to be completed by early 2015 and will include an additional 25,000 square metres of new retail space. It will include a relocated Vox cinema, food and beverage offering and a lifestyle centre.
MoE attracted around 40 million visitors last year, Vazelakis said. He expects footfall in the mall to increase “in excess of 10 per cent” in 2015.
MAF said it will invest more than Dh3 billion over the next five years to expand its business in Dubai after recording a 10 per cent increase in revenue last year.
The company’s plans include two new hotel developments and renovations of two existing hotels, the redevelopment of Deira City Centre, the opening of four Carrefour supermarkets and two hypermarkets, as well as construction of a new 14-screen cinema complex.
MAF has three business units, including MAF Properties, MAF Retail and MAF Ventures.