$22 million in chain's first venture
A new mall is being developed in Zouk Mosbeh, near the Notre Dame University (NDU). Zulu Mall, which will be open to visitors in 2015, is the first in a chain of malls.
Built over a land area of 26,000 square meters, Zulu Mall will have four floors, with two underground parking floors and a 10,000 square meter outdoor parking.
The Zulu Mall brand is developed and owned by Zulu Properties, a new-born company specialized in the retail and mall industry. The company is owned by businessman Rabih Sfeir, along with other private shareholders. Sfeir has extensive past experience within many financial institutions and investment entities.
Zulu Mall will have a Gross Leasable Area of 25,000 square meters. The management is currently considering the retail brands that will be hosted at the mall. “Our anchor tenants will cater for the demand and for the income average of our catchment area,” said Sfeir, who is also the general manager of the venture. Zulu Mall will be tackling a catchment area of 200,000 people, from different Kesserwan regions such as Zouk, Jeita, Shaile, and Jounieh.
Sfeir said the mall will have over 100 shops, a food court, a supermarket, and a cinema complex. “The supermarket will stretch over a space of 2,500 square meters and we are currently holding negotiations with a supermarket chain to close the deal,” he said.
Over 25 percent of the tenants' mix will be entertainment destinations. “Our location, next to the NDU, requires us to have restaurants and fun places targeting a client base of mainly college students,” said Sfeir.
The company is currently studying another development in Jbeil. According to Sfeir “Traditional retail is shrinking and the trend is towards highly accentuating malls.”
Date Posted: Dec 28, 2012