A new mall in Cairo will reflect the growing demand for international brands in the region.
A new luxury mall called Fashion Avenue will be built in the Egyptian capital. The project is implemented by the developer company Al-Futtaim Malls, part of the same name group. The new retail space will be attached to the existing Cairo Festival City Mall, writes Yahoo News.
The new luxury shopping center will offer customers a choice of 80 high-end stores and international brands, with an area of about 45,000 square meters. Fashion Avenue will open in spring 2023. The complex will be located in the New Cairo district, a fast-growing area with nearly 7 million inhabitants.
"A few years ago, we began to notice that a window was opening for experimental luxury, targeting consumers who are on the doorstep, that is, those who will become the luxury consumers of tomorrow," commented Timothy Earnest, CEO of Al-Futtaim Malls.
Against the backdrop of changing consumer activity, he said, malls must continually evolve and renew themselves. Al-Futtaim Group, based in Dubai, is also involved in retail, automotive, real estate, and financial businesses. The group has recently expanded its influence in the Middle East and North Africa.