22 May 2017 – Eje Prime
The green light has been given for the creation of the Designer Outlet Center.
Sonae Sierra and MacArthurGlen have obtained a construction licence from the Town Hall of Málaga to build an outlet complex for fashion and accessories brands, next to the Plaza Mayor shopping centre.
The project, born out of a joint venture (Doc Málaga Siteco) between the Portuguese retail group and the British property developer, involves extending the shopping centre in Málaga by 85,198 m2, demolishing the existing night-time leisure areas and creating the Designer Outlet Center space.
To start the expansion works, Doc Málaga Siteco must pay an extra €2.5 million to the Town Hall for the completion of infrastructure work in the surrounding area. The renovated Plaza Mayor will have 107 stores in total, doubling the number of existing stores. It is expected to attract 2.4 million visitors per year.
McArthurGlen, which manages 22 retail complexes in Europe and Canada, closed 2015 with comparable sales €4,000 million, up by 10% compared to the same period a year earlier.
Sonae, meanwhile, owns a network of 250 stores in Portugal and launched thirteen Sport Zone shops and five Salsa outlets in Spain last year. The Sports&Fashion division, which includes the Salsa, MO, Sport Zone and Losan brands, amongst others, increased its turnover by 11.2% in 2016, to €1,439 million.
Original story: Eje Prime
Translation: Carmel Drake
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Source:: AURA Real Estate Experts