Ofer Ramat Aviv Mall in Tel Aviv Undergoing Renovations
The Ofer Ramat Aviv Mall that belongs to Ofer Malls Group is undergoing some major improvements, some of which are expected to reach completion in the first six months of this year.
The mall is quite known for offering its customers with a rather unique entertaining experience and is undergoing improvement.
The improvement process
As a matter of fact, it just got done with the first phase of the said improvement in which the mall’s visibility was upgraded through an investment of NIS 40 million.
This includes replacement of the railings, ceiling and flooring. They are also making changes to the variety of stores in the mall to help distinguish it as the leading mall in the country.
In addition, doing so would also bring it to the level of international and most prestigious quality brands. When it comes to changes, they are planning on expanding and upgrading Zara.
The current area of the branch is around 1,700 square meters, but they are planning on almost doubling it to 3,000 square meters, as they want to redesign the store to ensure it meets a high-quality standard.
The upper floor of the new store will have the men’s department, while the lower floor will have the children’s and women’s department.
The changes
The mall will also see the first store of the Lululemon brand open in Israel, which will be on the second floor and cover an area of approximately 500 meters.
It will be in place of the Mango branch that will replace Castro on the lower floor. The online brand Alo Yoga will open its branch next to Mango.
The brand is opening a store on the mall’s ground floor and it is expected to take up about 215 square meters.
There is also a third floor under construction in the mall, which will house the fast food complex, from its current place on the second floor.
The second floor will see unique and new brands and stores. The third floor’s construction is expected to finish by the year end.
The numbers
It will cost approximately NIS 20 million for upgrading the mall’s visibility, expanding the Zara store and adding the third floor.
The Ramat Aviv Mall will see its NOI increase by almost NIS 11 million once the upgrade is completed. The CEO of the mall, David Ben Moshe, also discussed the project.
The chief executive said that the mall is a unique one that offers the highest quality of shopping experience and entertainment in the country.
He said that the variety offered by the mall and the access to international brands makes it a rare one in Israel and it also offers a high-level culinary experience to people.
He added that they were making significant changes to the mall right now because they were looking towards 2025.
The CEO added that the changes would help in keeping the Ramat Aviv Mall at the top when it comes to malls in Israel that are offering access to luxury and quality brands.
