Melisron Ltd. (TASE: MLSR), controlled by Ofer Investments, is investing NIS 120 million to enhance and enlarge Ramat Aviv Mall in North Tel Aviv. Half of the amount will be spent in the first six months of 2023. In the first stage, NIS 40 million is being spent on renovations and redecorations including new flooring, ceilings, railings and infrastructures.
In addition to enhancing the appearance of the mall, a third floor will be added by the end of the year covering 3,000 square meters. Melisron will not be required to pay for the additional building rights, which were included in the 2007 plan.
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The new third floor will include a fast food hall, replacing the existing food hall on the second floor, where fashion and other brand outlets will be opened.
Changes are currently underway in the mix of stores in the mall. The Zara outlet is being expanded from 1,700 square meters to 3,000 square meters, for example, with the new enlarged store opening in April before Passover. A new international brand to open in the mall is yoga wear retailer Alo Yoga, which is currently opening its first Israeli outlet in the TLV Mall at an investment of $1 million. A similar amount will be invested in the 215 square meter Ramat Aviv mall store which will open on the first floor in April, next to Mango.
Canadian athletic apparel retailer Lululemon will launch its Israeli chain with a 500 square meter store on the second floor of the Ramat Aviv Mall, replacing the Mango store which will move down to the first floor to replace Castro, which is closing its store.
Opened in 1997, Ramat Aviv Mall has 19,000 square meters of commercials space and 7,000 square meters of offices as well as 1,700 parking spaces. The mall currently has 140 stores including leading international and Israeli retail brands.
Published by Globes, Israel business news – en.globes.co.il – on January 23, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
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