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New Main Street venture signals confidence in Gib economy

A new multi million pound department store in Main Street is set to open in Gibraltar, defying Brexit uncertainty and underscoring confidence in the local economy.

The store is in the restored ex-Barclays Bank building in the middle of Main Street and will offer multiple leading fashion brands.

“As an established retailer for over 20 years, I am confident that Gibraltar can survive any challenge it faces” said Bhisham Nihchalani, Managing Director of Bharat Ltd and the driving force behind the initiative.

“Tourism is one of the mainstays of the Gibraltar economy and within that the shopping experience is one of the principal attractions for both the day and cruise visitors as well as the longer stay traveller.”

“This megastore is not only a destination for locals and tourists alike, it also places Gibraltar on the map alongside Marbella, Puerto Banus and other shopping destinations in the region and I am really excited at the opportunities it will bring in terms to economic activity and employment.”

The store, which will host a private opening this evening, has been welcomed by the local business community.

“The transformation of this notable building with a strong commercial tradition in the heart of our city into a shopping icon epitomises the adaptability and resourcefulness for which the local trading community has always been renowned,” said Gemma Vasquez, chairwoman of the Gibraltar Federation of Small Business.

It was also welcomed by the Gibraltar Government, which said it signalled confidence in Gibraltar’s future.

“It will serve as a powerful and visible ‘statement of intent’ that is sure to boost confidence in this important pillar of the economy” said Chief Minister Fabian Picardo.