Shopping Centers Today

APR 2015

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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10 S C T / A p r i l 2 0 1 5 w o r l d aT a g l a n C e Retail could prove to be a main pillar of Irelandís re- covery, with tourists spend- ing a potential 800 million euros a year on both sides of the border, according to a report by Retail Ex- cellence Ireland and the Northern Ireland Indepen- dent Trade Association. Carrefour has reported progress in its efforts to re- vitalize itself, reporting that operating profit for the past year rose 6.7 percent to 2.57 billion euros. The France- based retailer intends to increase its capital spending this year to between 2.5 bil- lion and 2.6 billion euros, opening new stores and renovating and expanding existing ones. Luxury developer DAMAC Properties plans to build what it calls a tropical rain forest ecosystem at its AKOYA Oxygen master development community in Dubai. The community is situated within a large retail and entertainment zone. The Dubai Rainforest, which will be created in a large dome, is expected to be completed prior to the World Expo in 2020. Investment fund Austra- lianSuper has bought a 25 percent stake in the 2.2 million-square-foot Ala Moana Centre in Honolulu. The A$1.1 billion ($776 mil- lion) investment is the biggest single property transaction undertaken by the A$84 bil- lion retirement fund, itself Australiaís biggest. S C T Mexico will get 38 new shopping centers this year, at an investment of about $1.66 billion, according to a report by Juan Ignacio Ro- dríguez, in charge of ICSC´s Mexico research committee. The malls will add one mil- lion square meters of GLA. Nearly a third of the projects will open in Guadalajara, the state of Mexico and Monterrey. In 2014, 24 malls opened throughout Mexico. An estimated 200 malls will open in Mexico over the next decade. Mall parking fees have stirred much debate in Chile, but a study published by Hermann Consultores, commissioned by Chileís mall trade group, reveals that only 29 malls, less than a third of the countryís total, charge for parking. Just 13 of the 32 centers in San- tiagoís metro region charge. Those that do, the study says, are located in areas with a high concentration of offices and retail. The first to impose fees was Parque Arauco in Santiago, in 2007. Bahrain developer Diyar Al Muharraq says work on its 115,000-square-metre (about 1.2 million square feet) Dragon City project is pro- gressing ahead of schedule. The Chinese-themed retail complex will contain about 750 retail spaces, 4,500 square meters of warehouse space and car parking for some 1,500 vehicles. The Dragon City retail complex, which is situated in the Di- yar Al Muharraq megacity project, will open in June. South Koreaís conglomer- ate Lotte will team up with Japanís Mitsubishi and Toshiba to develop a multi- billion-dollar real estate complex in Ho Chi Minh City. The "Eco Smart City" will be built in the new urban area of Thu Thiem in District 2. The US$2 bil- lion development, which is expected to break ground in September, will feature re- tail, hotels, office buildings and apartments. t h K o r e a í s c o n g l o m e a u l d p r o a R i t u M anoj jethani / ShutteRSto c k . c o M

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