DEBENHAMS, Anchor Tenant at The Point
MIDI plc have secured the first letting at The Point shopping centre in Sliema. Debenhams, being the anchor tenant (*), has become the first retailer to sign up to the 173,660 sq ft (16,133 sq m) shopping centre, taking a 27,987 sq ft (2,600 sq m) store on a long term lease. The department store, which is Malta’s first Debenhams, will be operated under a franchise agreement by United Department Stores Ltd, a fully owned subsidiary of United Group Ltd.
Debenhams is a leading department stores group with a strong presence in key product categories, such as womenwear, menswear, home ware and health and beauty. It has a total of 132 department stores in the UK and Republic of Ireland, and a further seven Desire by Debenhams stores, which are a new small store concept featuring a mix of women’s fashion, accessories, lingerie and cosmetics. Debenhams has a further 30 international franchise stores in different countries.
The Point shopping centre, as it will be known, will trade over three levels and, in addition to the department store, will offer a 20,022 sq ft (1,860 sq m) supermarket, a 45,210 sq ft (4,200 sq m) cinema complex and around 50 individual retailing units ranging in size from 753 sq ft (70 sq m) to 6,459 sq ft (600 sq m). The Piazza environment will provide further retail and catering outlets.
The centre forms an integral part of a prestigious mixed-use scheme known as Tigné Point, which is one of the most ambitious development projects ever undertaken in Malta. In addition to the shopping centre, Tigné Point will comprise offices, hotels, tourist and leisure facilities together with restaurants and bars and around 485 luxury apartments.
Excavation work is now complete and the main construction work is due to begin in May 2007. The opening of The Point is planned for Spring 2009.
“The successful conclusions of our negotiations with United Group, the franchisees for the Debenhams anchor store was reached at a very opportune moment as major civil works are about to get underway” explained Mr Ben Muscat, CEO of MIDI plc. He added “Debenhams is a known brand in Malta that will no doubt be followed by other prestigious international brands as tenants at The Point.”
Mr Simon Gatt Baldacchino, Director of United Group, said: “Debenhams has awarded its franchise for Malta to United Department Stores Limited, a subsidiary of United Group. This subsidiary is one of the pillars of our Group’s diversification strategy. We believe that The Point is the best and most ideal venue for Debenhams in Malta.”