The Mercury Towers project is set to make waves, not only for its staggering investment value of €650m and its 4,000 sqm of outdoor public space in an urban area where such spaces are scarce but also for the transformative impact it is expected to bring on the local urban fabric and the local retail sector, says CEO Marcel Bonnici.
Spanning 4,000 sqm of outdoor public space, Mercury Towers is a beacon of architectural innovation, quality, and futuristic design brought to life by Zaha Hadid Architects.
Its recently inaugurated shopping district hosts around 80 retail brands, and four operational F&B establishments, with an additional nine international branded restaurants slated for staggered openings in the coming months. The project anticipates an annual footfall of around 3,000,000 people.
Initiated in 2016, the Mercury project faced challenges on an international front.
“The onset of the COVID-19 pandemic disrupted global dynamics, impacting the project’s reliance on foreign professionals and suppliers. Additionally, geopolitical events, such as the war in Russia, resulted in inflationary pressures, while an earthquake in Turkey affected our suppliers and service providers in that country, challenges that unfolded on an island heavily dependent on imports,” said CEO Marcel Bonnici.
“As Mercury Towers approaches completion, the project is set to enter a new phase in mid-Q2 of 2024. At this juncture, we anticipate the operational launch of a luxury five-star hotel, the ME by Melia, the completion of the external building facade, and the full functionality of all F&B outlets.”
.“Subsequent timelines encompass a continuous stream of openings, including the entertainment arena, which is set to revolutionize the leisure offering locally, an indoor Go Kart Track, and other innovative and highly technological attractions, making Mercury Towers a unique and iconic project of unprecedented standards for Malta,” he added.
A project set to redefine the local retail scenario
“In the current retail landscape, we want Mercury to bring newness and nowness by focusing fully on the brand experience supported by the visible architectural innovation, quality, and futuristic design of this landmark. We sought an aesthetic where the design concepts and retail fitouts of our various partners, each brand will be showcased in a completely new way, guaranteeing an exciting and immersive shopping experience.”
Bonnici pointed out that Mercury’s Shopping District introduces new brands to the market, together with limited edition products and collections.
“A number of established brands have relocated their flagship stores to Mercury so now, the district caters to diverse preferences, offering a mix of premium, medium, and lifestyle brands, with upcoming additions to include upper-premium and luxury offerings,” he added.
Mercury has curated an elevated tenant mix with the introduction of the innovative shop-in-shop concept, Barlowes on Level 1 which hosts over 30 premium brands under one roof and complemented by a café and aperitif bar.
“The complex introduces exclusive mono brands, and in the coming months, an impressive lineup of entirely new brands, unseen on the island, will be launched,” said Bonnici.
Notable additions include the flagship Nike store, Hugo Boss, Mango, Twinset, and comprehensive product ranges from Calvin Klein and Tommy Hilfiger. Mercury will also be home to the first Illy Restaurant in Malta, among other exclusive collaborations and partnerships. Once fully operational, catering establishments will be offering diverse cuisines ranging from Italian to Middle Eastern and Pan-American.
Bonnici pointed out that the fundamentals of the whole project rest on three main value sets: art and design, innovation and technology, and responsibility.
“Everything we do aligns with these values. We shall be engaging with the artistic community by incentivizing collaborations in visual arts and beyond and have taken good care in the preservation of Mercury House – A Grade 2 building of architectural and historical interest.”
“From an operational perspective, we created a state-of-the-art waste management facility within the project itself and we have measures in place for minimizing energy consumption and rainwater collection not to mention, public access from Triq San Ġorg to Triq Gort through our square and a large public space to welcome all the community.”
Against all this, the viability of this project has been questioned with some having described it as ‘yet another retail destination’.
“The Mercury Shopping District transcends being merely ‘another retail destination’. The area desperately needed improvement and regeneration, a fact that became quite evident during the early planning phases of the project.
“Moreover, beyond the highly curated retail experience with internationally-branded food and beverage concepts, and entertainment, we will distinguish ourselves through our commitment to community-oriented experiences founded on a cultural programming calendar launching fully in 2024,” concluded Bonnici.