Taubman Asia, a subsidiary of US mall developer Taubman Centres, is going to open its first retail project in China developed with it Chinese partner Wangfujing Group on 28 April 2016, the company said on Tuesday.
Located in the heart of the new central business district and administrative centre of the Chinese city of Xi’an, the seven-level shopping mall CityOn.Xi’an is spread across 90,000 square metre (approximately 1 million square feet).
"We have taken a disciplined approach to growth in Asia and are thrilled to see our first China project come to life in CityOn.Xi’an," said Rene Tremblay, president of Taubman Asia.
The shopping mall offers a mix of domestic and international designer and lifestyle brands from fast fashion to accessible luxury. Fast fashion brand Forever21, H&M, Zara and Muji, Coach, Massimo Dutti, Monki are going to open shops in the mall.
It will also offer a wide selection of local, regional and international cuisine, across all price-points and in both seated restaurants and quick service formats.
"There has been excellent tenant demand and we expect to be well over 90 percent leased at opening. The stellar line up of brands shows great confidence in CityOn.Xi’an, and we are committed to working with our retailers to create an exceptional shopping, dining and entertainment experience for customers," said Paul Wright, group vice president of leasing for Taubman Asia.
In August 2012, Taubman Asia made its debut in Asia by teaming up with China’s largest department store operator Beijing Wangfujing Department Store to invest in and manage a shopping centre in the Chinese city of Xi’an. Five months later, the mall developer unveiled its second retail project in China – a multi-level shopping centre with 1,460,000 square feet in Zhengzhou, an economic hub of Central China. The two malls are expected to open next year.
Taubman Asia is a platform for Taubman Centers’ expansion into China and South Korea and focuses on managing and leasing retail real estate projects in Asia. It made its debut in Asia by teaming up with China’s largest department store operator Beijing Wangfujing Department Store to invest in and manage CityOn.Xi’an. Its second retail project in China – a multi-level shopping centre with 1,460,000 square feet in Zhengzhou is also going to open this year.