Absurd at Big: Property in Glilot called "most significant," but numbers remain undisclosed

A year and a half after Big Fashion Glilot opened with great fanfare and became one of the company's most prominent shopping centers, it is precisely about this site that it is difficult to learn anything from the owner's financial reports. Big, reporting this week on the results of the second quarter of 2026, publishes detailed data on a series of centers much smaller than it, but the figures for the complex in Glilot do not appear separately.

This is not "just another shopping center" in the portfolio. The complex, which opened in February 2025 with an investment of about 2 billion shekels and spans 44,000 square meters of commercial space, brought about 160 stores and restaurants to the market and quickly became a significant player in the region. All spaces are occupied, and the company reports a waiting list of brands interested in entering.

However, anyone trying to understand from current reports how the complex is performing will find it grouped with the centers in Or Akiva, Gedera, Karmi Gat, and the Big Ashdod expansion under the "New Projects" category. The five together contributed about 7 million shekels to rental and management income in the quarter.

The company explains that they publish detailed data only on mortgaged centers. Glilot is not mortgaged and is not defined as a material asset according to reporting rules, so its results are not presented separately. Nevertheless, in the investor call, it was noted that the number of visitors on a weekday stands at about 25,000 on average, and on Saturdays at about 40,000. "These are phenomenal data," said CEO Hay Galis, noting that it is the "most significant complex that also interests everyone."

Recall that in the past, during the first months of operation, revenues in Glilot reached about 90 shekels per square meter per day (about 4 million shekels per day), and last winter the figure dropped to slightly less than 60 shekels per square meter. Industry sources estimated then that it was approaching a revenue rate of about 1.5 billion shekels per year.

The fire in Petah Tikva

At the group level, Big continued to grow in the quarter. Income from rent, management fees, and other sources totaled about 690 million shekels, an increase of about 2.5% compared to 673 million shekels in the same quarter last year. Net profit jumped by about 60% to 428 million shekels, compared to 268 million shekels last year.

In the first half, revenues totaled about 1.37 billion shekels, an increase of 4.6% compared to 1.31 billion shekels in the same period, while net profit decreased by 9% to 639 million shekels, compared to 706 million shekels in the first half of 2025.

The next project expected to take a central place in Big's retail activity is being built in Petah Tikva. On August 8, a fire broke out at the construction site, and the report stated that the company is still "assessing the damages." In the investor call, Galis noted that the fire was caused by a technical malfunction due to heat load.

The company says the center is expected to open in the second half of 2029 and that the fire will not change the schedule. "The fact that there are still enough years until the end of the project allows us to manage things without damage to the schedule," explained Galis.

This center will include about 65,000 square meters of commercial space, and the investment is estimated at about 2.2 billion shekels. Already in November 2024, Big signed contracts to rent about 40,000 square meters (about 60% of the space) with some of the largest groups in the market, including Fox, Factory 54, Electra, Renoir, and Castro. Since then, other strong players have been added to the list of tenants.

Growth in Ashdod

Among the centers mentioned in the reports, two more are worth noting. First, the most successful center detailed in the report is located in Ashdod. The Net Operating Income (NOI) in the second quarter stood at about 23.7 million shekels, almost twice that of the next center, Big Fashion Nazareth, which reached about 12.2 million shekels. Average rental fees in Ashdod rose from 119 shekels per square meter per month in the first quarter to 151 shekels in the second quarter, slightly above the 147 shekel average recorded in 2025.

Second, in Gedera, the occupancy figure in the second quarter stood at "only" 92%, after the average occupancy in the center was 96% in 2025. At the same time, income from already occupied spaces actually improved. Average rental fees rose from 87 shekels per square meter in the first quarter to 103 shekels in the second quarter, and in contracts signed during the quarter, the average price reached 129 shekels per square meter.