MIDI plc have secured the first letting at The Point shopping centre in Sliema. Debenhams, the anchor tenant (principal tenant in a mall or shopping centre, typically a well-known chain or other department store), has become the first retailer to sign up to the 16,133 m2 shopping centre, taking a 2,600 m2 store on a long-term lease.
The department store, Malta's first Debenhams, will be operated under a franchise agreement by United Department Stores Ltd, a fully owned subsidiary of United Group Ltd.
Debenhams is a leading department stores group with a strong presence in key product categories, such as women's wear, men's wear, homeware and health and beauty. It has a total of 132 department stores in the UK and Ireland, and a further seven 'Desire by Debenhams' stores, a new small store concept featuring a mix of women's fashion, accessories, lingerie and cosmetics. Debenhams has a further 30 international franchise stores in different countries.
The Point shopping centre, as it will be known, will trade over three levels and, in addition to the department store, will offer a 1,860 m2 supermarket, a 4,200 m2 cinema complex and around 50 individual retailing units, ranging in size from 70 m2 to 600 m2. The Piazza environment will provide further retail and catering outlets.
The centre forms an integral part of a prestigious mixed-use scheme known as Tigné Point, one of the most ambitious development projects ever undertaken in Malta. In addition to the shopping centre, Tigné Point will comprise offices, hotels, tourist and leisure facilities together with restaurants and bars, and around 485 luxury apartments.
Excavation work is now complete and the main construction work is due to begin in May. The opening of The Point is planned for spring of 2009.
"The successful conclusions of our negotiations with United Group, the franchisees for the Debenhams anchor store, was reached at a very opportune moment as major civil works are about to get underway," Ben Muscat, CEO of MIDI plc, explained. He said Debenhams is a known brand in Malta that will no doubt be followed by other prestigious international brands as tenants at The Point.
Simon Gatt Baldacchino, director of United Group, said Debenhams has awarded its franchise for Malta to United Department Stores Limited, a subsidiary of United Group. This subsidiary is one of the pillars of the group's diversification strategy.
"We believe that The Point is the best and most ideal venue for Debenhams in Malta."
Designers at Debenhams include Nigel Cabourn, Jasper Conran, Jane Packer, George by Duffer, Anthony & Alison, Pearce Fionda, Betty Jackson, Ben de Lisi, Julien Macdonald, John Rocha and Matthew Williamson.
Debenhams plc was listed on the London Stock Exchange in May 2006.