Several months ago, the entire project management team of the most ambitious and iconic project in the Ukrainian real estate market – Ocean Mall – restarted their work and preparations for the opening. Who is on board?
Several companies are participating in launching more than 100,000 sqm during a particular context in the country. Firstly, it should be mentioned that Ocean Mall (Kyiv) is part of a series of megamalls managed by the local development company Mandarin Plaza. Both Lavina Mall and Blockbuster Mall are open and operating successfully. The average daily traffic of Lavina can reach 50,000 visitors per weekday. The project is under the Mandarin Plaza management team, NAI Ukraine, Urban Experts, and Nhood Ukraine.
Why now?
Ukraine is facing a difficult period – a full-scale war initiated by the Russian Federation. However, according to a recent report published by NAI Global based on data collected from sources such as Eurostat, Capital Times, the National Bank of Ukraine, etc., Ukrainians are showing bravery not only on the front lines but also in business. Despite the strain that the country’s economy has experienced, Ukraine has already come close to pre-war indicators. For example:
- Today, the generation of retail from 1 square meter has reached a record. Only for the Kyiv region, the generation is about $1,000.
- Migrants who have left the country and financially support their families with remittances provide additional support for Ukraine’s economy.
- Families of Ukrainian soldiers serving at the front have begun to spend more due to the increase in soldiers’ wages (up to $2,500-4,000), which also stimulates economic development.
- The state is attempting to promote the attraction of foreign investments and minimize risks.
- Ukrainians spend a higher percentage of their income on shopping than European citizens. This is due to free education, healthcare, lower customs burdens, and less dependence on loans.
At the beginning of 2024, the business has already improved its estimates regarding its activities. Among the main restraining factors:
- High-security risks.
- Delays in receiving external financing.
- Logistical problems due to the blocking of the western border.
- Weak investment demand.
- A significant shortage of qualified personnel.
- Seasonal weakening of economic activity at the beginning of the year.
The support of allied countries and victories on the front lines will make Ukraine more attractive for investment by foreign companies. There are already multinational businesses with production lines in China that are looking for alternative locations for their facilities — Ukraine can be one of the best options due to its logistical location and economic stabilization.
What to expect from the iconic mall that will open its doors in the geographic centre of Europe?
The most innovative and high-quality shopping and leisure centre project in Kyiv (Ukraine) – Ocean Mall, with a GLA of more than 100,000 square meters, is in the final stages of construction. One of the objectives of Ocean Mall is to create a unique mix of mass-market and premium brands that are not present in Ukraine.
The format of Ocean Mall is a retail resort, with a focus not only on shopping but also on the entertainment component.
Key characteristics:
- Located in the downtown area of the capital city, with a population of 4 million people.
- Intersection of the main city roads, metro station, and dozens of public transport routes within the city and out of town.
- Large parking facility for 3,000 cars with convenient connections to the main roads.
- Connected to the existing #1 in sales shopping centre Ocean Plaza.
- More than 800 shops (Ocean Mall and Ocean Plaza together) – from luxury to affordable fashion – carefully planned on different levels, including a hypermarket, 50 fine dining, family or fast-food restaurants with terraces and breathtaking views of the city centre, rooftop bars, and clubs.
- One of the biggest indoor entertainment centres full of cutting-edge technology – VR, AR, AI.
- Cinema with innovative technology – Dolby Digital and Samsung technology, premium halls with dining.
- The biggest F&B zone (more than 10,000 square meters), including a Food hall, Food court, Family restaurants, Fine dining, Casual dining, and Fast casual.
- The biggest indoor fountain in Europe with aqua, sound, light shows, and a professionally equipped stage that operates every day.
The project’s team emphasizes that their main mission is to create a concept that plays several roles. First of all, it is an answer to worldwide fashion trends – the tenant mix of the mall mixes brands like modern fashionistas do in their looks – combining affordable fashion brands with Kering or LVMH brands. Ocean Mall is also positioned as a destination for internal tourism, addressing the logistical challenges Ukrainians face due to the war. It also integrates technologies and historical heritage – an architectural monument will be integrated into the façade of the mall, while inside, the latest cinema and entertainment solutions will be found. Ultimately, the mall’s mission is also to serve as an entry point for new brands, which are showing high interest in Ocean Mall and intend to mitigate existing risks. The mall’s leasing team already confirms that Ukrainians will see new retail names on the shopfronts of this highly anticipated project – Ocean Mall.
