Opening of a new luxury shopping center in Cairo in 2023
MILAN – As luxury adapts to the post-COVID-19 reality, there are more emerging markets to watch out for, including Egypt.
Al-Futtaim Malls, a retail developer that is part of the Al-Fattaim group, is banking on high luxury consumption in the country and particularly in Cairo, where it is considering a new development called Fashion Avenue, to flank the festival. of existing Cairo. City Mall with high-end services and approximately 80 luxury boutiques on 484.00 square feet.
More from WWD
The shopping complex will debut in spring 2023 and will be located in the New Cairo neighborhood, a booming area home to 7.09 million people.
“A few years ago, we started to see a window open for experiential luxury, aimed at consumers who are about to become, that is, those who will become the luxury consumers of tomorrow.” said Timothy Earnest, group director and CEO of Al-Futtaim. Shopping centers.
“We must constantly evolve and update [the format] as the distribution landscape has changed, where and how people buy goods, we need to stay at the forefront of the story, ”he said, noting that while the transactional focus will always be the key, experiences can add value and maximize marketers’ income.
“Our main goal is to always respond to what people want and to make them happy,” he said.
The new mall reflects the growing interest of international companies in the region, including Dubai-based Al-Futtaim Group, the holding company active in the retail, automotive, real estate and finance which has extended its presence in the Middle East and North Africa. and the countries of the Middle East in particular.
According to Earnest, “the world is starting to look to the region and the city to attract big business.”
Marking the debut of the Fashion Avenue complex, Al-Futtaim Malls has partnered with Vogue Italy and its Vogue The Talents division, headed by Sara Sozzani Maino, aimed to “support, nurture and help establish Egyptian designers in the market. There are voices out there that can blend very well with what’s already at the mall, ”noted Earnest.
Vogue Italia Special Projects Manager Sozzani Maino revealed that the region-specific talent search will open in November for three to four months for all emerging women, men, accessories and jewelry designers from from Egypt. She stressed that craftsmanship will be a key part of the research.