THE Tiffany shopping mall, which opens on May 30 in Zakaki, Limassol, represents Cyprus’ largest-ever commercial investment with a total cost of approximately €100 million. It will be the biggest mall on the island with 150 retail outlets, 17 cafés and restaurants and an ice skating ring.
Yet with the economic fortunes looking so bleak internationally, one could be forgiven for thinking that investors may be viewing the project’s launch with some trepidation.
Not so, says Demetris Krikellis, marketing manager of Tiffany.
“The current situation in Cyprus is ideal for the opening of a mall. Local retailers and consumers have great anticipation for the opening, not only of this mall but also of additional malls all over Cyprus,” he said. “The Tiffany shopping mall is based on ideal market characteristics, a dynamic middle class with purchasing power.”
According to Krikellis Tiffany will fill a gap in the market. “There are no other similar shopping malls in Cyprus. From a business point of view this is a great opportunity,” he said.
While acknowledging the significance of the economic crisis, Krikellis feels its effects locally have been exaggerated. “Cyprus has been affected by the world crisis but to a much smaller degree than the average EU country. In Cyprus we have not experienced any large scale consequences coming from the crisis – including the bank system that has shown stability,” he said. “The market has proven to be a ‘tough’ player with great reflexes.”
He said both consumers and retailers have shown great interest in Tiffany’s, adding that investors believe that retailers view malls as a ‘safe’ choice when it comes to expanding their business.
“A mall is a very dynamic and safe ‘tool’ for business expansion all over the world,” he said. “This is why newcomers in the market are mostly looking for shopping malls when they want to expand in new countries. This is a worldwide fact and it is not just happening in Cyprus.”
Local consumers, eager to experience a mega-mall, will also benefit both in terms of the variety on offer and competition between brands that is expected to lower prices.
“There will be great competition between brands. For the consumer this means greater variety, more choice, better prices.
“Cypriots visit shopping malls quite often during their trips abroad to the UK, Greece, Dubai etc and are quite happy that such an exciting shopping and entertainment ‘experience’ will be available in Limassol very soon,” he said, adding that the mall will also be a strong tourist asset.
He bases part of his optimism on the commitments already made by retailers. Seventy-five per cent of the 150 retail spaces had been rented by the beginning of April. “We believe that by the opening of the mall more than 80-85 per cent will be rented,” Krikellis said.
The sheer scale and scope of the mall provides further grounds for optimism. “The Tiffany shopping mall is not just shopping! It is also a recreational area for families, an entertainment venue for young adults and teenagers, a place to meet friends and have fun and an informal business meeting point,” he said.
“This mall is a centrally controlled, air conditioned and secured environment that will serve every visitor’s needs for shopping, entertainment, leisure and culture. In addition, the Tiffany Shopping Mall is located in prime location with easy access and ample parking with 1600 spaces.”
In addition to its 150 retail shops, the mall’s entertainment section located at the building’s lower level will also feature a large and modern ice ring, along with a kids’ land and electronic arcade. There will be ten fast food restaurants, three cafeterias, two espresso corners and two casual dining restaurants.
The mall expects to attract four million visitors annually, or eight to ten thousand on weekdays and 10-15,000 on weekends and holidays.
“The catchment area of this mall is mainly the residents of the broader area of Limassol plus the tourists visiting Cyprus every year including cruise ship visitors arriving at the port,” Krikellis said.
