The developer behind one of the first big shopping malls in Karachi plans to construct other malls in Pakistan by raising finance through a property investment fund.
Dolmen Group, the company behind the newly built 25 billion Pakistani rupee (Dh973 million) Dolmen Mall and office complex in Pakistan's biggest city, will build a similar sized mall in Lahore and hopes to entice international and Arabian Gulf retailers to the project.
Opened last September, Dolmen Mall in Clifton, Karachi, has 162 stores and has attracted a whole host of well-known brands.
It is one of the first mixed-use developments in Pakistan and will eventually encompass a mall, four commercial towers and a hotel or serviced apartments.
"If you take only 20 per cent of the total population as a customer of international brands, then there are more numbers in Karachi than Dubai," said Nadeem Riaz, the chief executive of Dolmen Group. "In Karachi there are a lot of wealthy people."
Mr Riaz wants to use the profits generated from his first major mall to provide an income to investors in a fund that will finance the mall in Lahore.
He plans to become a major malls developer across Pakistan.
Debenhams recently signed a deal to become an anchor tenant in the Karachi mall and Majid Al Futtaim operates a Hyperstar supermarket, which is a rebranded form of Carrefour.
Dolmen Mall in Karachi is also in talks with a major Gulf retailer to make up the last anchor tenant.
Other brands trading in the mall are Next, Timberland, Tissot, TAG Heuer, adidas, Mango, Nine West, Monsoon and Mothercare.
"Only a few brands were operating in Pakistan before this mall," said Mr Riaz.
He added the mall in Karachi attracted an average of about 18,000 people per day, which regularly grew to 100,000 at weekends.
The entire mall and office complex in Karachi is 4 million square feet, with 550,000 sq ft of retail space.
In the food court, Noodle House, Subway, Fatburger and Papa Roti, among other brands, are present.
"After the first mall, it depends on the [property fund] return," said Mr Riza.
"Our strength now is the brands, they are there and ready to move anywhere Dolmen moves."
The international professional services company Deloitte last year cited Pakistan in a report on countries that were potentially lucrative markets for retailers.
Dolmen Group owns and operates two small shopping centres in Karachi as well as the major mall in Clifton.
The company is family owned. Mr Riza declined to disclose annual profits or sales.
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