• Friday, June 14, 2024
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BusinessDay

More boost to retail as Maryland Mall opens with strong value proposition

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It was another major boost to the retail industry in Nigeria as Maryland Mall opened recently for business, bringing with it a uniqueness that sets it apart from the pack crowding the retail space in the country at the moment. It is not just another mall, but a well crafted retail facility that is out to elevate retail experience and also give boost to the agro-allied industry.

Located where the Maryland Shopping Center used to be, the mall which sits on a total land size of 7,700 square metres, enjoys a pride of place at one of the most important arterial routes (Ikorodu Road) in Lagos today with an estimated 5,000 cars passing through every hour.

Maryland-MallOne of the mall’s unique features is its building dimensions which gives its length as 75 metres, breadth 40 metres, and height 19 metres. It has 6,500 metres Gross Lettable Area. It also has the first dedicated underground car park within any mall in Nigeria. Above all, the exterior of the mall will be a 550 square meter LED screen, the largest in Sub-Sahara Africa.

CCTV cameras and monitoring room, elevator, escalator, basement parking, car park control barriers and equipment , LED advertising screens, etc, are some of the facilities which make the mall’s value proposition strong coupled with its mix of local and international brands anchored by Shoprite, The Place restaurant, Stanbic IBTC Bank, amongst other retail, hospitality and entertainment brands.

Maryland Mall was developed and promoted by Purple Capital Partners Limited (PCPL)—a specialist investment firm with business areas in Principal Investment, Private Equity and Real Estate. PCPL has raised over USD50 million to fund its various projects in the retail, entertainment and leisure (REL) sectors over the last three years. Maryland Mall is its flagship retail project so far.

At the commissioning of the mall fondly called the Big Black Box which was designed by a Nigerian architectural firm, cmD+A, led by Architect Tosin Oshinowo, Obinna Onunkwo, a managing partner at PCPL,disclosed that the development of the mall marked the evolution of young entrepreneurial spirit, explaining that none of those involved in the conception, design and development of the mall was above 40 years.

It is the hope and belief of both the promoters of this N5 billion retail, lifestyle and entertainment facility and other retail stakeholders that it will make its mark in realizing the economic potential of Lagos and Nigeria in general.

“It is my sincere belief that this new mall will help to expose and grow the manufacturing and commercial potential of Lagos state and, by extension, the national economy”, said Onikepo Akande, President, Lagos Chamber of Commerce and Industry (LCCI), who declared the mall open.

Continuing, she said, “indeed, retail is one of the cornerstones of trading and investment, and Purple Capital, the developers of Maryland Mall, have done extremely well to give Maryland a new lease of life through this retail investment”.

The commissioning of the mall came barely two months after Purple Capital attracted additional funding for its development in the form of a N800 million investment from asset management firm, AXA Mansard Investments Limited, and Omotola Mobolurin, Purple Capital’s chairman, was delighted with this feat achieved in time and on budget.

“I am delighted about the safe arrival of this new retail, lifestyle and entertainment infrastructure with the capacity to provide merchants and shoppers with amenities and services that befit the state’s mega-city status. It is particularly gratifying that the construction and financing for this retail development is being concluded on time and within projected funding estimates”, he enthused.

 

CHUKA UROKO