Merex Investment is redeveloping its lifestyle beachfront destination La Mer and using its successful transformation of City Walk in Dubai as a benchmark for the revival of its failing assets.
La Mer is to be renamed J1 Beach, with 13 new dining and club venues due to open in September 2024.
Occupancy rates at City Walk, which the company’s chief called its “most challenging asset”, went from 41 percent between 2017 and 2020 to 98 percent last year as a result of a “lengthy process of changing the look and feel of the destination”.
Originally launched as a fashion high street, City Walk failed to perform as a result of factors including weather conditions - given most of it is outdoors - and the wrong strategy and retail mix, Merex’s CEO says.
22 июл 2024
