UAE’s Supermarket Giant Lulu Group Gets into the Cinema Business

Line Investments & Property, the shopping mall development and management arm of Lulu Group International, and Star Cinemas have entered a joint venture to launch cinema screens across the UAE and the region, they said on Monday.

Star Cinemas currently operates 76 screens, and the venture will be adding 22 more –nine screens at Al Wahda Mall and three at Al Raha Mall in Abu Dhabi, and six screens at Al Foah Mall and four screens at Barari Outlet Mall, Al Ain.

“At Line Investments, we believe in delivering exceptional customer experiences and providing a diverse range of shopping experience. We are delighted to partner with Star Cinemas to lead the entertainment facilities in our malls. Their commitment to excellence aligns perfectly with our vision, promising an immersive and captivating movie-going experience that sets new standards of entertainment for our patrons,” said MA Ashraf Ali, Executive Director of Lulu Group International.

“We are truly thrilled and honored to partner with Line Investments & Property LLC in this exciting venture. The journey commences soon with the opening of 22 screens and commencement of work at Dubai Silicon Oasis, followed by Sharjah Central and RAK Mall in Ras Al Khaimah. Besides being the largest movie distributor in the Middle East

Aldar Increases Investment In Retail Portfolio To $272m

we will also now be the second largest cinema operator in the UAE,” said Ahmad Golchin, Chairman Phars Film and Star Cinemas.

The signing ceremony was held at the Lulu Regional Office, Al Qusais, and attended by MA Ashraf Ali, Ahmad Golchin, Satyajit Pendharkar, Chief Operating Officer of Star Cinemas, Wajeb Al Khoury, Director of Line Investment & Property, and Biju George, General Manager Abu Dhabi region.

They also announced the opening of Star Cinemas in Dubai Silicon Oasis Mall, Sharjah Central Mall, and RAK Mall. The JV makes Star Cinemas the second largest cinema operator in the UAE, based on screen count. Source:Gulf News(https://bit.ly/3KwCozY)

The investment announcement follows the completion of Yas Mall’s Dhs500m redevelopment plan unveiled in 2021, which resulted in the transformation of the mall from a client journey, operating and financial performance perspective.

As with Yas Mall, Aldar will leverage its active asset management capabilities to emulate the outperformance witnessed by Yas Mall by enhancing financial operating performance and ultimately the asset values of Al Jimi Mall and Al Hamra Mall.

UAE’s Aldar Properties has unveiled a $136m (Dhs500m) investment plan to redevelop the Al Jimi Mall in Al Ain and Al Hamra Mall in Ras Al Khaimah – two of the property firm’s key retail portfolio assets in the country. The investment takes Aldar’s committed spend on redeveloping key retail assets to Dhs1bn.

The property firm has approved a redevelopment plan for Al Jimi Mall to enhance the customer journey and reinforce its position as the mall of choice for residents and visitors in Al Ain. The plan aims to increase the gross leasable area by

20 per cent to 91,000 sqm and introduce new anchor retailers, premium international brands, and popular food concepts. The mall will remain open to customers with the project expected to be fully completed by Q1 2025.

Following the acquisition of Al Hamra Mall in February 2022, Aldar’s redevelopment plan for the mall reimagines its spaces through a refurbishment of the façade, expanded F&B offerings, and the introduction of additional wellloved brands. With work already underway, the project is being rolled out in phases and is set to be completed in mid-2024.

“Our investments in Al Jimi Mall and Al Hamra Mall enable us to cater to evolving customer needs and create vibrant retail destinations for all, in line with global retail trends,” said Saoud Khoory, Chief Retail Officer at Aldar Investment.

“The redevelopment plan for Al Jimi Mall is a gamechanger for the retail scene in Al Ain and helps us deliver long-term value for the community. We are also delighted to be furthering our investment in Ras Al Khaimah as the emirate continues to show strong growth potential as a hospitality, tourism, and residential destination.” Read More…

Source:GulfBusiness(https://bit.ly/3s9Frbe)

Fat Brands to Open 20 New Johnny Rockets Units in Texas

Coach Owner Tapestry to acquire Michael Kors, Jimmy Choo Parent Capri Holdings for $8.5 billion

‘Barbie’ is a Hit and All Kinds of Business Are Hopping on The Bandwagon

Fat Brands has opened 66 new units so far this year, including 25 in Q2, according to Fat’s latest quarterly release. The company plans to open 175 total units this year. That growth is driven by new franchising agreements, Board Chair and Former CEO Andy Wiederhorn said. “In 2023, we have signed over 150 new franchise development deals, bringing our total pipeline to over 1,100 signed agreements. This represents over 50% EBITDA growth over the next several years,” Wiederhorn said in the Q2 results announcement. “They are quickly developing many Fatburger and Buffalo’s Express locations in addition to Round Table Pizza locations which is part of an 80-store development deal for the state, the first of these stores are set to open soon in San Antonio,” Taylor Wiederhorn said in the press release.

Source: RestaurantDive–(https://bit.ly/3DRzjqv)

Robotaxi Expansion Gets Green Light in San Francisco

Tapestry, the fashion conglomerate behind Coach and Kate Spade, will acquire competitor Capri Holdings in a $8.5 billion deal announced Thursday. The transaction will create an American fashion giant that — while still not quite as large as its European competitors — will be better positioned to compete in the luxury market. It brings together six fashion brands: Tapestry’s Coach, Kate Spade and Stuart Weitzman and Capri’s Versace, Jimmy Choo and Michael Kors. Together, the company will have the size and scale to reach more customers across the globe and better compete in the luxury market, Tapestry CEO Joanne Crevoiserat said on a call Thursday morning. In a CNBC interview, she said the acquisition will help Tapestry reach a broader base of customers across ages and incomes. Read More…Source:CBNC(https://bit.ly/47vJX48)

Mattel’s Theme Park in Arizona to Open in 2024 with Hot Wheels & Barbie Attractions

During its first few days in theaters, “Barbie” ranked in $337 million globally in the box office, the largest opening weekend of 2023 so far. But even before the numbers came in, “Barbie” was a merchandising hit. The film had been generating hype for months, thanks to a star-studded cast, beloved director, dazzling aesthetic – and a seemingly endless array of Barbie-themed merchandise. In June, brand strategist Moshe Isaacian started keeping track of the official partnerships on Twitter. A scroll through his thread shows, among other things: A gaming console, pair of shoes, hotel, house, insurance commercial, a candle, rugs, nail polish, roller blades, a toy car, a lunchbox, dog apparel, a toothbrush and several other items emblazoned with the Barbie logo, awash in hot pink. Isaacian has posted about roughly 50 partnerships. Read More… Source:CNN (https://bit.ly/3KCAqye)

Amazon Results Could Bode Well for Rival Retailers Walmart, Target

Two “robotaxi” firms have been given the green light to start charging for service throughout San Francisco. The move marks a major expansion for the companies, which previously faced limits on when or where they could charge for rides. Approval from regulators came despite objections from police and fire officials, activists and others. Analysts say the decision could usher in a new era for driverless car services. Waymo, which shares a parent company with Google and has been offering free rides in its driverless cars throughout San Francisco riders since last year, called the decision “the true beginning of our commercial operations in San Francisco”. Rival Cruise, a subsidiary of car giant General Motors - which has predicted the business could be generating $1bn in annual revenue by 2025, described the moment as a “historic industry milestone”. Read More… Source:BBC(https://bit.ly/3QBbOJW)

Mattel has confirmed that its new theme park in Arizona will open in 2024. The company has also released additional details about the park’s Hot Wheels and Barbie attractions. Per a press release, Glendale’s upcoming Mattel Adventure Park will be a year-round facility with two Hot Wheels coasters – Hot Wheels Bone Shaker: The Ultimate Ride and Hot Wheels Twin Mill Racer. The former is an 84-foot-tall family coaster featuring the hot rod skull design, while the latter offers a double loop and two corkscrews. “Mattel Adventure Park is an amazing opportunity to bring our beloved brands to life,” said Julie Freeland, Senior Director of global location-based entertainment (LBE) at Mattel. Construction is underway and substantial progress has been made on what will give fans of all ages a day of thrills and nostalgia. Read More… Source:Blooloop(https://bit.ly/3qyFInu)

Amazon’s strong quarterly results are one more sign that Americans are still shopping, despite months of ominous economic indicators, and could be a positive signal for Walmart and Target, who report next week. The e-commerce giant reported a 4.2% jump in sales on Amazon.com and a 6.4% jump in sales at its physical store operations, which include Amazon Fresh, Whole Foods and Go convenience stores, for the second quarter ended June 30. Walmart (WMT.N) and Target (TGT.N), the two biggest retailers in the United States, have set a cautious tone for the rest of the year. But despite rising interest rates and credit card debt, Americans are still spending. David Klink, Senior Equity Analyst at Huntington Private Bank, said he saw “encouraging” signs in Amazon’s results. Read More…Source: Reuters (https://bit.ly/3YwmnzQ)