IOI City Mall gearing up for a new space

Mangalesri ChandrasekaranJune 20, 2016

 

Strategically located malls, like the IOI City Mall, still attract customers despite the sluggish retail property market. Commenced in the year 2014, the mall with a net lettable area of over one million sqft is now gearing up for a new space.

“The success of IOI City Mall shall be replicated in its phase two development, with an additional one million sqft and a major convention centre as the management aims to deliver a space for social and economic connection,” said IOI City Mall Sdn Bhd marketing and leasing head Chris Chong.

The addition of two blocks Grade A office towers and the completion of the five-star Le Meridian Hotel in mid-July are expected to invite more diversified excitement that will draw bigger crowds to the mall, especially during weekdays.

 

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Situated near the IOI Resort in Putrajaya, the mall has an occupancy rate of about 95%, with rental rates ranging between RM5 and RM20.

Meanwhile, the mall is anchored by major brands such as the 13-screen Golden Screen Cinemas, HomePro, Index Living Mall, Parkson departmental store (second largest outlet), District 21 Adventure Park, Olympic-size Icescape Ice Rink and the first conceptual “Food First” Tesco store in the country.

Other specialty retail offerings of the mall include its mini-anchors, namely Borders, Brands Outlet, Food Junction, Harvey Norman, H&M, LOL, Molly Fantasy, Kidzoona, Padini Concept Stone, Sports Direct.com, Toys R Us, Uniqlo, Wangsa Bowl and YFS.

The mall houses a varied mix of fashion and accessories categories as well as over 100 food and beverage (F&B) outlets. Some of the extraordinary F&B outlets not to be missed are Magnum Putrajaya, T-Lounge by Dimah, Nathan’s Famous, Tony Roma’s, Dal.komm Coffee and Johnny Rockets’s.

Also, there is an al-fresco stretch of The Symphony Walk located on the ground floor, which overlooks the golf course and lush greenery.

Aside from the good tenant mix, the success of IOI City Mall can also be attributed to its unique entertainment components, which is a major “crowd pulling” factor.

For instance, the 70,000 sq ft Apocalypse-themed Adventure Park – District 21, and the 30m by 60m ‘biggest ice rink in Malaysia’ – Icescape Ice Rink, have successfully stirred interest in the Klang Valley as they appeal to different age groups with their experiential offerings.

Moreover, the mall is ideally located with good road connectivity. With its location strategically laid between the gateways to Putrajaya and the south of the Klang Valley, the mall is poised to be the convergence point with all-round accessibility for businesses, leisure and tourism.

 

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Thus, the RM1.5 billion development has managed to cater all retail and entertainment needs in the convenience of 670,000 households, or a 2.8 million population catchment, within a 30-minute drive.

Retail Group Malaysia (RGM) revealed in a report that the Malaysian retail industry posted a 4.4% drop in sales in Q1 2016 compared with the 4.6% growth registered a year ago.

Based on the interviews with the Malaysian Retailers Association members, the report attributed the poor showing in Q1 to the weak Chinese New Year sales in February and the higher pre-goods and services tax (GST) sales last year.

The estimated growth rates for Q3 and Q4 2016 are 5% and 5.5%respectively. The overall retail market is getting increasingly competitive and transforming at a fast pace.

Fashion, together with F&B, are now considered basic for most malls, while the entertainment component is getting bigger in almost all sizeable malls. People are more likely to travel further and stay longer in a mall with at least a unique attraction.

The industry will continue to see shoppers’ experience being enhanced with personalised or interactive services and technology-driven facilities, such as a car finder system, marketing programmes, shoppers’ rewards and festive-related campaigns.

Images: Sourced from The Star

 

Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email mangales@propertyguru.com.m

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