Beirut, 25 February, 2020: Acres Development Holding, owner and operator of LeMall shopping malls, has announced its decision to close the Sin El Fil branch of its mall chain at the end of March 2020.
The decision comes amid deteriorating economic conditions in Lebanon which have negatively impacted household spending in a wide range of sectors, coupled with a difficulty importing from abroad, in light of the financial crisis, and a lack of bank facilitations.
These factors represent a fundamental impediment to the sustainability of shops, restaurants, and establishments operating in LeMall Sin El Fil, affecting investors, tenants and partners alike.
Acres would like to extend its gratitude and esteem to the founder and chairman of Al Habtoor Group, Khalaf Ahmad Al Habtoor, for his full support and continuous cooperation, and to laud the solid bilateral relationship it has enjoyed with the Al Habtoor Group throughout the past years.
The company would also like to commend all the partners of LeMall Sin El Fil with whom it has recorded a string of achievements, be they staff and employees, tenants, suppliers or clients of LeMall Sin El Fil.
In addition, the company wishes to confirm it will continue to serve its customers and visitors at its two other branches, LeMall Dbayeh and LeMall Saida, whether they seek to shop or enjoy the variety of restaurants and entertainment activities. The company is also resolved to continue with its plans to expand in the future through new projects in the pipeline.
Finally, Acres hopes for peace and security for all of Lebanon and the return of the country’s stability and economic vitality.