Developer and Ontario real estate expert in Calgary to discuss why this $200 million mall is not typical
Calgary A.B. Developer of the $200 million New Horizon Mall was in Calgary today to announce 11 new stores opening at its internationally themed mall. With an additional 28 stores scheduled to open in the next 4 weeks and 11 stores open now, total stores open by the end of October will be 39. New Horizon Mall is fulfilling its mandate of offering a culturally diverse shopping destination.
“New Horizon Mall is not a typical mall. We are not leasing to the large regional and national retail chains you see in every other mall,” says Eli Swirsky, president, The Torgan Group, who developed New Horizon Mall in conjunction with its partner, MPI Property Group. “Our stores are owned and being leased by creative and entrepreneurial small business operators from every walk of life. We congratulate the new stores and look forward to seeing another 22 open by the end of the month.”
Existing stores open for business today include Koreana B&H, unique facial beauty products from Korea; Silk Road Importers, men and women’s undergarments; Eye Optix, optometrist for glasses and contacts; Print Genic, printing and graphic design services; National Neon, mall signature services; Trend UP!, facial care, accessories and teeth whitening; Kase Gallery, cell phones and accessories; DM Jewelers, jewelry and accessories; Just Juniors, children’s clothing; Perfume Boutique, perfume and cologne; and Connect Bell, cell phones and accessories.
New stores to open in the coming days include: Trustic, rustic home décor; K-Mobile, cell phones and accessories; Zeek’s Gadgets and Gizmos, gadgets and accessories; Massage Heaven, massage services; Vedic Tea, tea shop; Cellniche, cell phones and accessories; and Dream Design & Décor, unique handmade décor items.
New Horizon Mall is the first major commercial condominium shopping mall in Alberta where each retail store is purchased outright. As a commercial condominium, stores may be owner-operated or purchased by an independent investor and leased to a retailer. The Torgan Group was the developer of Pacific Mall in Markham, Ontario, another large commercial project which launched in 1993.
Stephen Wong, Founder of Living Realty which sold all of the stores at Pacific Mall and founder of Living Properties, the property management company for Pacific Mall in Calgary today too, says, “Pacific Mall required two years to complete its fully-occupied status after construction on the mall was completed in 1997. We were in the exact same situation six months after opening Pacific Mall. It takes time for so many brand-new businesses to set up as every store is different, but over the last 20 years, Pacific Mall has maintained stable occupancy and has had tremendous success.”
Wong says, “Stores that cost $60,000 in 1993, sold for more than $480,000 in 2018. The stores in prime locations never go up for sale as they generate a lot of revenue. One of the larger stores in Pacific Mall’s Atrium originally sold for $280,000 in 1993 and was recently sold for more than $2 million.
“This type of shopping mall is unique. At Pacific Mall, we had similar growing pains as some owners switched their store’s products and there were delays. It is interesting that at the beginning of Pacific Mall we had about 60 per cent of store owners who operated their own stores but as the Mall gained momentum and rents went up, this percentage fell to 40 per cent as some owners preferred leasing out their stores.”
Photo caption: New Horizon Mall, the biggest international mall in the Calgary region with more than 500 stores.
From left to right: Eli Swirsky (Torgan Group President), Sarabjit Singh Mattu (Store Owner and Operator – Perfume Boutique), Stephen Wong (Founder of Living Realty)
Photo credit: Bud Moore Photography
New Horizon Mall offers the opportunity to those who have always wanted to start and operate their own businesses in a vibrant, contemporary and convenient mall environment but have never had an opportunity to do so until now. For those who prefer to lease their unit, a number of store operator options are available immediately.
With the Holiday season about to kick off, New Horizon Mall has launched a Store Opening Bonus Program with grants available to stores that open before December 31. It has launched initiatives such as media and advertising campaigns, external signage, store operator incentive programs and video entertainment.
The mall itself celebrates entrepreneurship, diversity and cultures and is attracting crowds as its high-tech Main Stage has provided a new venue for festivals. More than 3000 people enjoyed a full day of entertainment at New Horizon Mall for the Mid-Autumn Festival and 4000 came for an Eid Festival in the late summer. The next big event is the Fall Festival / Halloween on October 27 which is also expected to attract huge crowds with various promotions and entertainment planned for the whole family.
New Horizon Mall is open daily from 12 pm to 8 pm. Interested groups can inquire about holding events as its high tech Main Stage offers live video streaming to a gigantic video screen and no venue fee. The main stage is specifically designed to match the unique shopping experience with culturally distinct forms of entertainment, events, holiday celebrations and fashion shows to be organized year-round.
New Horizon Mall is supporting investors and store owners with its business referral program which connects investors with businesses interested in pursuing leasing opportunities from New Horizon Mall’s independent unit owners. Interested parties should stop by the leasing centre (Unit C-50) at the Mall or by calling 1-855-851-2888 or emailing firstname.lastname@example.org. (http://newhorizonmall.com/connect/)
To view New Horizon Mall’s media kit (backgrounder, fact sheet) please, click – here –
For more information on New Horizon Mall visit www.newhorizonmall.com/
About New Horizon Mall www.newhorizonmall.com/
New Horizon Mall is a $200 Million mall only 20 minutes from downtown Calgary and directly across from CrossIron Mills in Rocky View County. The mall will be comprised of at least 500 unique stores, an entertainment stage and a food court with room for 300 shoppers. Tailored to Calgary’s sophisticated market, the malls visionary retail experience, proven in major markets throughout the world, offers exotic colourful allure of an international mall set in the comfort and beauty of a sublime, contemporary upscale architectural masterpiece.