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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