Nicosia Mall Explained

Nicosia Mall
Logo Alt:Logo
Location:Nicosia, Cyprus
Address:2 Madrid Street, 2306 Nicosia, Cyprus.
Opening Date:November 21, 2018
Developer:Nicosia Malls Properties (NMP) Ltd.
Number Of Stores:140+
Floor Area:82000m2
Floors:3 (UG, GF, 1)
Parking:1,700 spots
Publictransit: NICOSIA MALL
Website:https://nicosiamall.com

Nicosia Mall is a shopping mall located in the Lakatamia-Anthoupolis area, southwest of the centre of Nicosia, capital of Cyprus. It opened in November 2018 and is the largest mall in Cyprus.

History

Plans for the mall were announced in 2010.[1] Construction of the mall began in 2011 but work was suspended during an economic crisis in 2013. In 2017, Bank of Cyprus supported a €25 million refinancing and restructuring of the Nicosia Mall development, becoming a shareholder in the parent company, NCMH Nicosia Mall Holdings Ltd.[2] [3] The move helped construction resume in 2017, and the project was then completed in 14 months. After it opened on 21 November 2018,[4] [5] it averaged 407,000 visitors a month (3.7 million in total) in the first eight months of 2019.[6] In late 2019, Bank of Cyprus sold its 64% stake in the Nicosia Mall for around €96m to buyers including retailers with stores in the mall.

In early 2020, during the COVID-19 pandemic in Cyprus, Nicosia Mall closed all its stores apart from the Athienitis supermarket,[7] though some stores later operated 'pick-up' services allowing customers to collect online or telephone orders.[8] All shopping malls were closed during the 2020 Christmas period,[9] finally reopening in February 2021.[10]

Facilities

The Mall has a total floor area of 82000m2, making it the largest mall in Cyprus;[11] it is also the largest in terms of number of outlets.[12] It has 48000m2 of retail space provided by around 140 outlets ranged over three floor levels, with mostly underground parking for 1,700 cars. It also houses a food market and a six-screen Rio Premier cinema which also offers open air cinema screenings.

Transport access

Nicosia Mall is situated on the south side of the A9 motorway, northwest of the Anthoupoli interchange. It is connected to the city via four bus routes.[13]

See also

External links

Notes and References

  1. News: Howarth . Nigel . Plans for new shopping malls in Cyprus . 17 August 2022 . Cyprus Property News . 2 December 2010.
  2. Bank of Cyprus sells Nicosia Mall . 18 August 2022 . Cyprus Mail . 22 August 2019.
  3. Ashurst advises Bank of Cyprus on refinancing and restructuring of Nicosia Mall (6 October 2017) . Ashurst . 18 August 2022.
  4. News: Turner . Katy . New Nicosia mall to welcome the crowds . 17 August 2022 . Cyprus Mail . 20 November 2018.
  5. News: Doors open at Nicosia Mall . 17 August 2022 . e-kathimerini.com . 21 November 2018.
  6. News: CYPRUS: Nicosia Mall clocks up 3.7 mln visitors in first 8 months . 17 August 2022 . Financial Mirror . 5 August 2019.
  7. News: Shkurko . Jonathan . Coronavirus: Nicosia Mall closed with the exception of Athienitis supermarket . 17 August 2022 . Cyprus Mail . 16 March 2020.
  8. News: Theodoulou . Nick . Coronavirus: shopping malls say unfairly targeted, state creating economic hardship . 17 August 2022 . Cyprus Mail . 11 December 2020.
  9. News: Agapiou . Gina . Coronavirus: MPs not satisfied with reason given for closing malls before Christmas . 17 August 2022 . Cyprus Mail . 14 January 2021.
  10. News: Coronavirus: Shops slash prices to draw crowds as they re-open . 17 August 2022 . Cyprus Mail . 8 February 2021.
  11. Web site: fm . 2019-08-21 . CYPRUS: Recently opened Nicosia Mall to change owners . 2022-08-16 . Financial Mirror . en-GB.
  12. News: The best shopping experience Cyprus has to offer . 21 August 2022 . Scala.Cy . 19 October 2021.
  13. Web site: Cyprus By Bus . 2022-08-16 . m.cyprusbybus.com.