Shopping Centers Today International

MAR 2016

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

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Page 14 of 59

Majid Al Futtaim opened the DH150 million (about $40 million), 24,500-square- meter (263,700 square feet) City Centre Al Shindagha, in Dubai, United Arab Emirates. Tenants include a Carrefour hypermarket, a Magic Planet and a Vox cinema. The project is part of a trend toward smaller, community-oriented retail centers in the region. Food-and-beverage tenants are becoming increasingly important to retail centers in the United Arab Emirates. Such tenants will occupy roughly 20 percent of the mall space there within 10 years, according to JLL. And 50 percent of shoppers in the Emirates choose to visit a mall just for the food op- tions, according to CBRE. In Japan, homegrown ap- parel retailer Uniqlo plans to allow shoppers to pick up online orders at local 7-11 convenience stores. The free service will be offered at 5,700 stores in Tokyo, Chiba, Kanagawa, and Saitma, before expanding to further stores. Franchiser Genesis Luxury Fashion signed a deal with US-based luxury lifestyle brand Coach to open its first store in India later this year. Construction has begun on the $194 million, 278,000-square-foot Central Plaza i-City mall, part of the Jerde Partnership–de- signed i-City mixed-use development, in the state of Selangor, Malaysia. I-City is a joint venture between Thailand's Central Pattana and Malaysia's i-Berhad. French hypermarket opera- tor Casino Group will sell its majority stake in Thai chain Big C Supercenter for €3.1 billion to Thailand- based TCC Group. Casino, looking to reduce debt, also recently sold its operations in Viet Nam. SM Prime Holdings says it aims to have nearly 118 million square feet of mall space in the Philippines and China by the end of 2018. Philippines-based SM Prime is set to invest some $4.6 billion over the next three years, mostly on upgrades and additions to its mall portfolio, in a bid to double net income to about $670 million. S c t M a r c h 2 0 1 6 / S c t 15 Turkish consumers love to go to the movies. According to research firm Antrakt, movie theatres sold 60.4 million tickets in Turkey in 2015, up 2 per cent from 2014. Malls are a particularly popular destination for movie fans. About 245 of the country's 378 biggest- grossing theatres are located in a mall.

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