Malta’s largest mall, the €60 million The Point, part of Sliema’s Tigné Point development, will open at the end of March 2010 to introduce a new retail experience to Malta.
The Point’s 14,000 square metres of rentable space is to be occupied by 49 retail units, many of which are flagship stores of well-known global brands already established locally and a host of new names making their debut in Malta.
Among them is the 2,500-square metre Debenhams store, besides a collection of international fashion brands. At the lower level, Chains supermarket will take up 1,800 square metres with what promises to be a high quality, diversified proposition.
According to Ben Muscat, chief executive officer of Tigné Point developer Midi plc, most of the stores, which average over 200 square metres in size, will be fully operational on opening date.
“One aspect of The Point’s design brief was the creation of a sense of space,” said Mr Muscat. Mr Muscat added that the retail units at The Point are innovative in design as similar headroom and size have never been available to tenants in Malta before.
Mr Muscat pointed out that all tenants at the mall are Maltese. Entrepreneurs have endeavoured to invest millions of Euro in shop fits and new jobs, and The Point’s management has been encouraged by the take-up of retail units at comparably high rents. It was evidence, Mr Muscat believed, that Maltese business confidence is heartened despite the economic climate.
The Point will be served by over 1,000 basement car parking spaces. The entire development’s pedestrian areas are extensive. Mr Muscat said that at 2,500 square metres, Piazza Tigné is as large as Valletta’s Pjazza Regina, while the north public piazza occupies a further 1,000 square metres. A network of pedestrian passageways permeate the entire peninsula on which Tigné Point sits.
Mr Muscat said. “Tigné Point is a peninsula adjacent to Sliema, a thriving and bustling commercial destination with a considerable residential component, so it was a natural evolution of Sliema for Tigné Point to have a strong commercial element.”
Mr Muscat also believed Tigné Point has much to offer to the local community.
“The Point is not a retail centre in isolation – it is part of something larger, something that was always envisaged as a mixed-use holistic destination,” he explained. “Pjazza Tigné will be commissioned in May and, following this, Fort Tigné will then be launched as the first heritage and leisure destination in Sliema. For the first time, tourists will also then have a cultural reason to visit Sliema.”
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