Thursday, Mar 14, 2013
Dubai: Nakheel is reviewing over 400 lease applications from retailers looking for a spot in the 200 stores at Nakheel Mall since the project was announced in February, a senior company official said.
The Dubai-based property developer has received 420 lease applications for Nakheel Mall so far and is in negotiations with about 40 to 50 applicants on lease rates, said Adnan Hegrat, managing director of Retailcorp World, a subsidiary of Dubai World. New brands from Singapore and Europe, looking to enter the Middle East for the first time, have applied to rent space at the mall, he said. A mix of international and home-grown brands, mainly from food, beverage and fashion, have applied.
“We have daily requests,” said Hegrat. “We have a strategy to get all the well-known brands that have a good reputation and wider reach.”
Nakheel is reviewing the applications according to how suitable they are within their tenant mix that aims to have “everything under one roof,” he said.
Nakheel has hired a third-party company to study and recommend the lease rates for stores at the mall, the rates in other malls, Nakheel Mall’s position vis-à-vis other malls and consumer demographics before it negotiates with tenants, Hegrat said.
The Dh2.5 billion Nakheel Mall will be located in Palm Jumeirah and is expected to be completed by 2016. The mall covers 424,000 square metres, including a 4,200 square metre supermarket and two anchor department stores, a nine-screen cinema and six medical clinics.
By Deena Kamel Yousef Staff Reporter
Gulf News 2013. All rights reserved.
