Majid Al Futtaim injects US$1.4 billion into Mall of the Emirates Africa, Middle East In Dubai, Majid Al Futtaim (2024 turnover: €8.53 billion from 87 stores and 29 malls, up 1% year-on-year) unveiled a US$1.4 billion investment in mid-April to revamp the Mall of the Emirates.…
In a booming second-hand market, 2nd Street continues Asian expansion Asia Japanese second-hand specialist 2nd Street continues to expand, opening a first store in Singapore at the end of April in the 313@Somerset centre (26,800 sq.m of net leasable area).…
Simon Property steps up in offsite retail media Americas Simon Property Group, the world’s leading commercial property company (2024 revenue: US$5.96 billion, up by 5.4%, via 229 malls covering 180 million sq.m and 2 billion visitors per year) announced the launch of a new data feature on March 27,…
APAC: occupancy rates rise, retail investment up 27% in 2024 Asia In Japan, the Tokyu Plaza Ginza mall in Tokyo has been acquired in early February for US$1 billion by Gaw Capital and Patience Capital.…
Philippines’ SM Prime announces the opening of 5 new malls Asia SM Prime Holdings, the Philippine commercial property giant, is continuing to expand. With 5 openings planned for 2025 –…
Retail property: Blackstone strengthens on the U.S. West Coast with a US$4 billion acquisition Americas On November 6, 2024, U.S. investment fund Blackstone (US$336.1 billion in assets) announced the acquisition of Retail Opportunity Investments Corp (valued at US$2.13 billion) for approximately US$4 billion in cash,…
Emaar Properties invests US$400 million to expand the Dubai Mall Africa, Middle East The Dubai Mall (opened in 2008) is about to undergo major works. Owner Emaar Properties is investing US$410 million to expand the world’s 6th largest shopping centre,…
USA: malls only 2.3% away from returning to pre-Covid-19 traffic Americas According to Placer.ai, shopping centre traffic in the U.S.A. is almost back to pre-Covid-19 levels. While foot traffic in 2021 was 10.9% lower than in 2019,…
USA: Ikea wants to take advantage of falling valuations and acquire more malls Europe While e-commerce has plateaued at around 25% of sales for the past 2 years, Ingka Group (total sales €47.6 billion in 2023,…
South Korean group Lotte conquers Vietnam Asia Having withdrawn from the Chinese market, South Korean conglomerate Lotte is increasing investments in Vietnam, like other rivals. On September 23rd,…
