New concept shopping mall poised to welcome 500 retailers
It’s five times the size of a CFL football field and has 500 shops. The New Horizon Mall is the first of its kind in Alberta. The shopping centre is designed to mimic an international market.
Entrepreneur Moe Kharfan purchased four units.
“It reminded me of shops overseas you go to in the old days, these bazaars. This is a modern-day bazaar with goods from every facet of life,” Kharfan said.
He’s invested several hundred thousand dollars and hopes to rent them out to potential retailers.
Others have also capitalized on the unique concept.
The developers allow retailers to purchase their own units rather than leasing them, which is typical practice in traditional shopping malls.
Ramesh Prajuli purchased one unit and will open up his Himalayan Arts and Crafts shop.
“Where I am from, Nepal, we do have same concept there. When I found this similar concept in this country it was an exciting opportunity in that way,” Prajuli said.
Sabi Mattu is opening up a perfume boutique in the mall and got his keys on Thursday.
“The economy was down and I was thinking, ‘Should I do this?’ Mattu questioned. “But when I thought about, ‘There’s 500 others around me this is going to be a big concept.’ I am not alone here.”
All but one of the 500 units have been sold. Eli Swirksy, president of The Torgan Group, is one of the developers.
“We invested to build a mall to have individually owned. Five-hundred owners all diversified so it’s not a big risk to each one of the owners,” Swirsky said.
The retailers will be moving in over the next few months and it’s hoped all the spaces will be occupied by this summer.
The mall is located just outside the city limits, in Balzac, a short distance from Cross Iron Mills.
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