Top retailers to open shop at Golden Mile
Dubai, August 16, 2010
Golden Mile JV Company, a joint venture between IFA Hotels & Resorts (IFA HR) and Istithmar World, has announced initial retailer commitments from international firms for its Golden Mile, Palm Jumeirah, project.
The companies include market leaders Waitrose, Starbucks, Boots Pharmacy, Pinkberry, Drs Nicolas &Asp and Optivision.
Golden Mile, Palm Jumeirah is a residential, retail and commercial development comprising 10 identical and interconnected 11-storey buildings on the western portion of the Palm Jumeirah’s trunk.
The asset management of Golden Mile is undertaken by IFA Hotel Investments, a wholly owned subsidiary of IFA HR that manages the leasing of IFA HR’s residential and retail outlets, as well as asset managing its hotel, leisure and food and beverage ventures.
Joe Sita, president of IFA HI, stated: “We are certain the connection between positive retail news and economic recovery will not be lost on investors, and we are delighted to be the bearers of good news. We believe that the introduction of these brands to the island will further bolster investor confidence in Dubai’s luxury developments and, of course, we are also happy to be able to provide Palm Jumeirah residents with some much-needed and long-awaited shopping outlets.”
The upscale UK supermarket chain Waitrose will become the island’s first full line supermarket. With a 1,140 sq m outlet, Waitrose will be located in Building 1 on the retail promenade of the Golden Mile.
Building 2 will offer a variety of restaurant and entertainment choices.
Waitrose, which has more than two hundred branches across the United Kingdom and operates in Dubai via a licensing agreement with Fine Fare Food Market will be among the 36 specialty stores that make up the 7,000 sq m of retail space available.
Opportunities to join Waitrose in the Golden Mile, Palm Jumeirah are still available to international brands and services; however, interested companies must meet Golden Mile JV Company’s selection criteria to be considered, Sita said. –TradeArabia News Service