International retailers commit to Golden Mile
Palm Jumeirah Agreements Boost Investor Confidence in Dubai’s Iconic Island
August 18, 2010 12:15 by Rasha Reslan
Golden Mile JV Company, a joint venture between IFA Hotels & Resorts (IFA HR) and Istithmar World, is pleased to announce initial retailer commitments between the Golden Mile, Palm Jumeirah and market leaders Waitrose, Starbucks, Boots Pharmacy, Pinkberry, Drs Nicolas &Asp and Optivision. The asset management of Golden Mile, Palm Jumeirah 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.”
In addition to retail commitments by Starbucks, Pinkberry, Boots Pharmacy and Optivision, the upscale UK supermarket chain Waitrose will become the island’s first full line Supermarket. With a 1,140 square-metre outlet, Waitrose will be located in Building 1 on the retail promenade of the prestigious Golden Mile, Palm Jumeirah – a 36,000 square-metre residential, retail and commercial development comprising 10 identical and interconnected 11-storey buildings on the western portion of the Palm Jumeirah’s trunk. Building 2 will offer a variety of restaurant and entertainment choices.
Major retailers traditionally expand into areas that are proven centres for growth and subsequent hot spots for real estate appreciation. The vote of confidence brands such as Waitrose, Starbucks and Boots Pharmacy bring to the Golden Mile, Palm Jumeirah development, and to the island overall, comes at a crucial time for investor confidence in the Emirate.
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 square-metres 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 concluded: “There has been a great deal of interest in this exclusive retail space and that has allowed us to ensure an elite group of premium brands are represented. We have also been able to assure the presence of prestigious companies based in the UAE, like Drs Nicolas & Asp whose Golden Mile outlet will be their seventh in Dubai.
“We are making a real push to finalize agreements on any remaining retail space, so that we can deliver this project to residents of the island as soon as possible. We look forward to sharing further positive news with the sector in the weeks and months to come and to bringing this essential service to both the residents of Golden Mile, Palm Jumeirah and to the island as a whole.”