- Title: ALGERIA: First Western-style shopping mall to open in Algiers
- Date: 5th August 2010
- Summary: ALGIERS, ALGERIA, (AUGUST 4, 2010) (REUTERS) VARIOUS OF MALL EXTERIORS VARIOUS OF WORKERS ON THE SITE VARIOUS OF ESCALATOR VARIOUS OF WORKERS GIVING MALL LAST TOUCHES BOWLING ALLEY VARIOUS OF NEWS CONFERENCE BEING ADDRESSED BY ALLAIN ROLLAND, MANAGING DIRECTOR OF VALARTIS ASSET MANAGEMENT SOUNDBITE (French) ALLAIN ROLLAND, MANAGING DIRECTOR OF VALARTIS ASSET MANAGEMENT, SAYING: "When I came to Algeria in 2006, my wife and I looked for a mall. A friend told me: 'You won't find a mall. It's impossible as it doesn't exist'. So, that was the reason, an economic reason as an investor. And of course, we love this country, that was the emotional reason." WORKER WORKING ON A SIGN SOUNDBITE (French) ALLAIN ROLLAND, MANAGING DIRECTOR OF VALARTIS ASSET MANAGEMENT, SAYING: "Our presence here confirms that we look at this investment positively. Or else, we wouldn't have been here today. We trust the authorities and the infrastructure and especially this sector that we know so well and that's why we want to continue." MORE OF MALL
- Embargoed: 20th August 2010 13:00
- Keywords:
- Location: Algeria
- Country: Algeria
- Topics: Lifestyle
- Reuters ID: LVACAG2YMV4QSPGSJ3QNLQM1GH40
- Story Text: Algiers' business district of Bab Ezzour is getting ready for the opening of the country's first Western-style shopping mall that opens in the city on Thursday (August 5).
The facility opens just a few days ahead of Ramadan, when consumption is high.
Algeria's first foreign retail investment, the mall offers 94 shops, a hypermarket and 20 restaurants, besides leisure activities such as a bowling alley, a gym and a cinema multiplex with eight screens.
The mall is designed to cater to 40,000 customers daily and will have parking for 1,500 vehicles.
Swiss banking group Valartis holds a majority stake in the 92-million-dollar venture.
"When I came to Algeria in 2006, my wife and I looked for a mall. A friend told me: 'You won't find a mall. It's impossible as it doesn't exist'. So, that was the reason, an economic reason as an investor. And of course, we love this country, that was the emotional reason," Allain Rolland, managing director of the Valartis group, told journalists at a news conference.
Rolland, who is also chairman of Societe des Centres Commerciaux et de Loisirs d'Algerie (SCCA), the joint venture behind the mall, said it was planning another complex in Algiers and one in the western Algerian city of Oran.
The opening of the current mall was scheduled for autumn 2008, but had to be postponed several times because of delays. Rolland, however, struck a positive note.
"Our presence here confirms that we look at this investment positively. Or else, we wouldn't have been here today. We trust the authorities and the infrastructure and especially this sector that we know so well and that's why we want to continue."
Most Algerians shop in small neighbourhood stores or markets. There are almost no foreign retail brands. The Swiss investors began their project in Algeria four years ago, as Algeria began to emerge from more than of a decade of violence that killed an estimated 200,000 people.
The violence has eased in the past few years after hundreds of rebels surrendered to the authorities, though al Qaeda-linked militants mount occasional attacks outside the major cities.
Investors hoping to capitalise on improving security have, however, been discouraged by a growing trend towards economic nationalism. Algerian authorities say measures restricting foreign investment are intended to protect national interests. - Copyright Holder: REUTERS
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