RETAIL SPACE
RETAIL SPACE
Zara renovated flagship store re-opens as an eco-efficient store
SPANISH fashion retailer Zara has re-opened its flagship store in VivoCity, Singapore. This newly refurbished establishment showcases the brand’ s latest global concept with its 2,700sqm sales area— approximately doubling the area it had before the refurbishment.
The brand will be distributed in two stores, with the latest collections of Woman, Basic, TRF, and Kids housed under one roof, and a separate store dedicated to Man.
With a new interior design, the store features a façade without windows, providing a transparent view of the store’ s architectural features, collections
CAPITALAND MALL Trust Management Limited( CMTML), the manager of CapitaLand Mall Trust, announced recently that CMT, through its trustee HSBC Institutional Trust Services, has entered into an agreement and in-store mannequins. Designed to provide continuous and comfortable light, the back-lit ceiling provides soft ambient lighting which contributes to a sensory shopping experience. The space invites the customer to enjoy the experience of feeling, touching, observing and interacting with the merchandise.
This store also incorporates the green-building criteria stipulated by Zara’ s parent group, Inditex. As an eco-efficient store, it consumes 20 % less energy and 40 % less water compared to a conventional store, according to the brand. To ensure the store continues to meet these energy reduction targets, its
CapitaLand Mall Trust divests Sembawang Shopping Centre for S $ 248 million
Sembawang Shopping Centre comprises four levels of retail space with a net lettable area of 143,631 sqf.
to sell Sembawang Shopping Centre to a joint venture between Lian Beng Group and Apricot Capital for S $ 248 million( US $ 186 million).
Based on the latest independent valuation, Sembawang Shopping Centre was valued at S $ 126 million as at December 31 last year. The divestment is expected to generate net proceeds of about S $ 245.6 million and a net gain of about S $ 119.6 million when the transaction is completed by June this year.
Tony Tan, CEO of CMTML, said:“ The divestment of Sembawang Shopping Centre is in line with our portfolio management strategy of maximising returns for our unitholders. By unlocking the value of Sembawang Shopping Centre at this stage, it will realise the optimal value for CMT’ s unitholders. As the mall accounts for only about 1 % of CMT’ s total asset value, its sale will have energy use is regulated by a central control centre at Zara’ s headquarters in Arteixo, north-west Spain.
The new store also introduces the group’ s latest technological developments, as part of Zara’ s commitment to improving the quality of service and shopping experience for customers. This includes radio frequency identification technology( RFID) which helps to track the location of garments quickly and precisely to make the products most in demand by customers rapidly available on the shop floor, ensuring customers’ shopping needs are fulfilled. ra
minimal impact on CMT’ s financial performance and distribution per unit. The net proceeds from the divestment will further enhance and strengthen CMT’ s financial flexibility.”
Upon completion of this transaction, CMT’ s portfolio will comprise 15 properties located in suburban areas and downtown core of Singapore. They are Tampines Mall, Junction 8, Funan, IMM Building, Plaza Singapura, Bugis Junction, JCube, Raffles City Singapore, Lot One Shoppers’ Mall, Bukit Panjang Plaza, The Atrium @ Orchard, Clarke Quay, Bugis +, Westgate and Bedok Mall.
Located along Sembawang Road, Sembawang Shopping Centre’ s major tenants include hypermarket Giant, food court Food Junction, lifestyle store Daiso Japan and Yamaha Music School. The mall registered a committed occupancy of 99.4 % as at December 31 last year. ra
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