Cyprus Property Dreams
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The Cyprus Mail reported last week that the long-awaited Tiffany shopping mall – the largest shopping complex in Cyprus – will open on 30th May in the Zakaki area of Limassol, near the new port.

The news was met with great excitement by local consumers, eager to have their very own all-inclusive shopping experience available in Limassol. Tiffany will be a venue for far more than just shopping. Apart from the 150 retail units – 80-85% of which will be let by the time it opens – there will be 17 restaurants and cafes and a range of other amenities including a large ice rink and a children’s play area.
The owners, Tiffany Investments Ltd., hope that the mall will attract 4 million visitors every year – between 10,000 and 15,000 each weekend – thanks to the wide range of facilities available on site. Cypriots are looking forward to more variety in their shopping and hopefully lower prices too thanks to increased brand competition.

The Tiffany Mall project has cost €100 million and is Cyprus’ largest-ever investment. Cyprus Finance Minister, Charilaos Stavrakis, addressing a press briefing in April, welcomed the investment initiative and described the new mall as a grand project for both Limassol and the country in general.
Despite the current economic downturn, both consumers and retailers have shown great interest in the Tiffany mall and investors are optimistic about its success, partly based on the commitment already made by retailers. The mall will also be a great tourist asset as there will be scheduled shopping trips for all visitors arriving at Limassol port on cruise ships and a special bus service will operate from hotels to the mall.

Demetris Krikellis, marketing manager of the Tiffany Mall, shrugged off the global economic crisis and said that this new shopping experience will definitely fill a gap in the market. He added that the market profile of a dynamic middle class with purchasing power was perfect for opening of the Tiffany Mall.  “There are no other similar shopping malls in Cyprus. From a business point of view this is a great opportunity.” He continued that that retailers and consumers alike were looking forward to the opening at the end of the month and hinted that there will soon be additional malls all over Cyprus.

Author: Anne Hall

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