Rishon LeZion's Kanyon HaZahav Opens Platinum Floor, Becomes Israel's Largest Mall
Kanyon HaZahav in Rishon LeZion has opened its new 12,000-sqm Platinum Floor for 100 million shekels, making it Israel's largest mall at 122,000 square meters following full acquisition by Migdal.
The Mall of Israel (Kanyon HaZahav) in Rishon LeZion has officially opened its new Platinum Floor, spanning approximately 12,000 square meters with an investment of about 100 million shekels. Following this expansion, the mall's total area reaches approximately 122,000 square meters, making it the largest shopping mall in Israel by area.
The opening comes a few months after a significant ownership shakeup. In late June, the Migdal insurance company acquired the remaining 25% stake held by the Gindi family for about 840 million shekels, completing full ownership of the asset. Migdal previously held a 75% stake, which it purchased from the family in 2008 for about 1 billion shekels.
Ownership Structure and Future Partnerships
While the construction work progressed, the ownership structure underwent fundamental changes. Shortly after Migdal completed the acquisition of the Gindi family's share, a planned deal to transfer control of the mall to Melisron fell through. In September 2025, Melisron signed an agreement to acquire 51% of the rights in Kanyon HaZahav for 818 million shekels, but in July of this year, it withdrew from the agreement after receiving indications from the Competition Authority that approval was unlikely.
Following the cancellation of the deal, Migdal remained the sole owner of the mall and began searching for a new partner to enter the property and assist in its management and enhancement. This is an exceptional asset for the insurance company, which manages hundreds of billions of shekels in assets, as Kanyon HaZahav is the only shopping mall in Israel that it directly owns.
New Stores and Future Outlook
Operating on the newly opened floor are about 30 stores, including anchor stores and flagship branches of fashion, footwear, accessories, cosmetics, and lifestyle brands, such as Victoria's Secret, Toys "R" Us, and Flying Tiger Copenhagen.
"We are excited about the opening of the new floor, which includes stores from leading brands with a rich and diverse mix that strengthens Kanyon HaZahav's position as a leading national shopping destination," said Tal Gindi-Friedman, former owners' representative who led the floor's opening process.
Kanyon HaZahav was established in the early 1990s by brothers Moshe and Yigal Gindi. Even before the opening of the new floor, it spanned about 110,000 square meters and included around 430 tenants.
