Egypt’s Marakez opens new retail destination in Cairo
Construction work began on the 64,000 sqm. Town Centre development in August 2019
Egypt based mall developer and operator Marakez has opened its 64,000 sqm. Town Centre retail development in Cairo, which is expected to serve more than two million people in the area.
Located between the Ring Road and the Ismailia-Cairo Road in Cairo, the new on-the-go retail destination has over 25,000 sqm. of GRA, and is also situated close to the new Adly Mansour metro station and the Salam Bus Station.
According to a statement from Marakez, the new retail destination includes a variety of retail outlets for fashion, cosmetics, electronics, home accessories and appliances. With total investments exceeding $17 million, Town Centre is anchored by international brands, including Carrefour, Mostafa El Sallab, LC Waikiki, Active, and many more, the developer stated.
“Town Centre is a convenience mall with direct access from the Ring and Ismailia roads that will transform the retail and leisure landscape of this area serving the residents of Gesr El Suez, El Nozha El Gedida, El Salam, Ein Shams, and all the way to Oraby and Shorouk,” said Basil Ramzy, CEO of Marakez.
“The lack of organised retail and the densely populated area were key drivers for Marakez and its main partners Carrefour, Mostafa El Sallab, and LC Waikiki for establishing an organised commercial centre as an alternative to the current decentralised retail offerings. Town Centre supports Egypt’s socio-economic vibrancy by catering to the needs of its local communities,” he added.
The statement also added that throughout the year, Marakez had taken a number of proactive steps to support the safety of its customers, employees and the community by adhering to the most protective measures to mitigate the transmission of Covid-19. The company has also implemented strategies to minimise any repercussions to the realisation of its numerous projects and has continued construction on all its projects across Egypt, it added.
Marakez also noted that it is implementing a strategic investment plan in Egypt of more than $1.28 billion focusing on key projects in Cairo and other governorates with a new mall projected to open every year, the following two years.
