Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
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SHOPPING CENTERS TODAY C E N T E R S T A G E +1 646 728 3800 fax: +1 732 694 1730 www.icsc.org Editor in Chief eDMUnD MAnDeR +1 646 728 3487 EDIT O R IA L Managing Editor BRAnnon BoSWeLL +1 646 728 3488 Star attraction IslaMabad's Centaurus Is pakIstan's bIggest Mall to date By Madhusmita Bora Copy Editor VALeRie DAViD Art Director John D. LeWiS Contributing Editors MARÍA BiRD piCÓ MADhUSMiTA BoRA STeVe BeRgSMAn DAViD BRinn JoeL gRooVeR MATT hUDginS MARgAReT JACKSon Ben JohnSon eLAnA KRASneR BeTh MATTSon-Teig STeVe M c LinDen MiSTY MiLioTo AnnA RoBATon KenneTh RoBeSon SpenCeR RUMSeY eLiZABeTh SCoTT DeeS STRiBLing KiMBeRLY pfAff TChAng eLYSe UMLAUf-gARneAU BenneTT VoYLeS ADVE RT IS I NG & M A R K E T I N G AMie LeiBoViTZ +1 773 360 1179 aleibovitz@icsc.org SUZAnne TAngUAY +1 646 728 3475 stanguay@icsc.org SALLY STephenSon +1 847 835 1617 sstephenson@icsc.org Production Coordinator DAViD STACKhoUSe +1 646 728 3482 dstackhouse@icsc.org IC SC O FFIC E R S Chairman BRAD M. hUTenSKY President and CEO MiChAeL p. KeRCheVAL Vice Presidents gAR heRRing, SCDp DAnieL B. hURWiTZ ADAM W. ifShin John MoRRiSon, CDp BRUCe poMeRoY, CDp Secretary-Treasurer KenneTh A. M c inTYRe JR. for article reprints, call (866) 879-9144 or contact sales@fostereprints.com SCT (ISSN 0885-9841) is published monthly. VOLUME 34, ISSUE 5 © 2013, International Council of Shopping Centers, 1221 Avenue of the Americas, New York, NY 10020-1099; phone, +1 (646) 728 3800; fax, +1 732 694 1730. All rights reserved. Periodicals postage paid at New York, N.Y., and additional mailing offces. Subscriptions $70 per year; Canada and other foreign $99. Single-copy price $20 (May issue $30). For subscription information call +1 727 784 2000. POSTMASTER: Send address changes to Shopping Centers Today, Yizeth Vergara, 1221 Avenue of the Americas, New York, NY 10020-1099. Publications mail agreement No. 41482022, return undeliverable Canadian addresses to PO Box 503, RPO West Beaver Creek, Richmond Hill ON L4B 4R6. photo: © Wanisha hrukh Copy Chief DAViD S. oRTiZ T he opening of The Centaurus, in the pakistani capital of islamabad, in March, was a matter of greater seriousness than is seen with the vast majority of mall openings anywhere in the world. even the prime minister attended the ceremony for this $450 million mall, which is, at 350,000 square feet, the country's largest. The mall industry is in its infancy in pakistan, a country of some 4.5 million, and foreign retailers are thin on the ground. So with the likes of The Body Shop, gap, Mango and nike as tenants, the Centaurus is creating some excitement. The five-level center is much more than just stores and a food court, its developer says. The Centaurus has a five-screen cinema, a children's play area and even a wedding lounge. "our team was very keen on doing something unique and different," said fahad farid, group manager of development at pak gulf Construction — a joint venture between Al Tamimi group, of Saudi Arabia, and Sardar Builders, of pakistan. indeed, the facility boasts atriums, panoramic elevators, water features and many escalators. The center was designed by Atkins, the British firm behind the Burj Al Arab hotel, in Dubai, United Arab emirates, considered one of the world's tallest and most luxurious hotels. The Centaurus (named after the constellation) is attached to two residential towers, a luxurious hotel and an office tower. pak gulf Construction had toyed with the idea of selling mall space to the tenants but decided against that in favor of keeping a continuous revenue stream instead. "There is a growing middle class in pakistan, particularly with working women, all of whom want to indulge in international brands," said faith hope Consolo, chair- man of prudential Douglas elliman's retail leasing and sales division. "As of today, it's 80 percent leased." Monthly rent is about $5 per square foot, according to Consolo. (prudential Douglas elliman has no business relationship with the Centaurus.) Some 26,000 shoppers turned up when the Centaurus held a soft opening in february, jamming the roads with traffic. The mall is located in the center of the Jinnah Avenue federal district, which offers a large and affluent daytime population, Consolo says. on weekends the mall is drawing an average of 20,000 shoppers, says farid. Building a mall is no easy task in islamabad, in large part because of the thicket of government regulations there, farid says. political upheaval and issues with security are hardly encouraging to foreign investors either. As a result, mom-and-pop stores and only a few foreign chains dominate the retail scene in islamabad, a city of just over 1.5 million. This is why the opening of the Centaurus was such a big deal. over time, the mall is expected to attract more foreign brands. presently, 25 percent of its tenants are foreign retailers. Among them, Doner Kabab, oakley, T.g.i. friday's and Yogen früz are making their pakistani debut at the Centaurus. "it will definitely be a trendsetter," said farid, "which will change the shopping concept in islamabad." SCT M ay 2 013 / SCT 19