Sakal Plans to Open $25 Million Youth Shopping Site in New York

Haim Sakal's VHS plans to open a youth shopping site in Manhattan based on a $25 million investment.

The site will be similar to that at Herzlia Marina's Arena Mall, and will include fashion, music, entertainment, food and beverages, and sport. According to Sakal, the company will partner with a group of investors and a local developer.

"The plan is to open similar sites in central cities around the world," Sakal said. "They will be based on fashion, entertainment and a social strategy. We have concrete talks in a number of cities; the most central is New York."

Sakal said that VHS does not plan to build additional similar sites in Israel, adding that the fashion brand names that he imports will open independent stores.

Arena mall's 4,000-square-meter site is scheduled to open this weekend, following an investment of $7.5 million.