New theaters drove revenue at the company's fastest growing mall.
Azrieli Group subsidiary Kanit Hashalom Investments Ltd., which owns eight malls across Israel, posted more than NIS 4 billion in revenue in 2007, up 8% on 2006. The number of visitors rose by 10% to more than 130,000 per day.
Kanit Hashalom's malls include the Azrieli Center in Tel Aviv, the Malha Mall in Jerusalem, and the Ayalon Mall in Ramat Gan. The company will open its ninth mall in Modi'in next month. The Ayalon Mall reported the highest increase in revenue in 2007 - up 10%, boosted by a new cinema chain, YES Planet, and the adjacent food court. Kanit Hashalom's highest-earning tenant is the fashion chain Pull and Bear, while Hanes showed the fastest growth.
Azrieli Group added that the aggregate revenue of Israel's top 30 mall is NIS 20 billion a year.
Published by Globes [online], Israel business news - www.globes-online.com - on February 19, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008