Dalma Garden Mall

What Dalma Garden Mall does

Dalma Garden Mall, operated by Dalma Invest LLC, is the first shopping mall established in Armenia, opening on October 20, 2012 in Yerevan. The mall spans approximately 50,000 square meters and houses more than 100 retail tenants, including international brands such as Zara, Massimo Dutti, New Yorker (the Inditex group), Nike, and Lacoste, alongside local Armenian brands including Sali, Light Effect, and Nairian. Beyond retail, the property integrates entertainment facilities: a CinemaStar cinema complex with 6 halls running 10-15 films daily, a PlayLab bowling alley, a PlayLab Kids children's zone, a food court, and supporting mall services such as a nursery room, first aid room, info center, dressing room, and ATMs from eight Armenian banks. The property features more than 500 plants creating a "garden" atmosphere and deploys two service robots, Dali and Mali, for customer navigation. The underlying platform is a real-estate-led retail destination rather than a technology company, with digital touchpoints limited to a corporate website, mobile application, online gift card e-commerce, and event programming.

The business generates revenue through multiple streams: recurring rental income from retail tenants (its dominant line, with 100+ lessees), transactional revenue from entertainment services (cinema ticket sales, bowling, children's play, parking), and gift card sales distributed through the customer service center, Evocabank branches, and online banking. Gift cards are priced in denominations from 10,000 to 2,000,000 AMD with a 6-month validity and 2-3 business day delivery. Dalma Magazine, launched in 2025, covers fashion and lifestyle content in print and digital form. Marketing channels include the company website, blog, news section, Dalma Magazine, mobile app, and an active events calendar (concerts, sports screenings, fashion events, and seasonal celebrations). The customer base consists primarily of Armenian general consumers — families, fashion-oriented shoppers, and entertainment seekers — while the B2B customer set comprises international and local retail brands seeking entry into the Armenian market.

The firm is privately held by Dalma Invest LLC, an Armenia-incorporated LLC with no disclosed parent company, subsidiaries, external institutional investors, or public listing. Following a 2025 rebranding initiative that included visual identity updates, mobile app improvements, and the launch of Dalma Magazine, the company continues to operate as a single-location retail destination with no announced expansion into additional Armenian cities or international markets. There are no disclosed funding rounds, M&A activity, or leadership changes in the available data.

Name

Dalma Garden Mall

Legal name

Dalma Invest LLC

Website

https://dalma.am

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Dalma Garden Mall, operated by Dalma Invest LLC, is Armenia's first major shopping mall in Yerevan, spanning 50,000 square meters with over 100 retail tenants, a six-screen cinema, bowling, dining, and digital services serving Armenian consumers and brand tenants.

Ownership category

akta.pro rank

Headquarters

HQ city

Yerevan

HQ country

Armenia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Retail Tenant Rentals: Revenue generated from renting retail space to local and international brands including Zara, Massimo Dutti, New Yorker, and local brands such as Sali and Nairian
2. Gift Card Sales: Sale of gift cards valued between 10,000-2,000,000 AMD with 6-month validity, available at customer service center, Evocabank branches, and online
3. Cinema Operations: CinemaStar within the mall features 6 halls showcasing 10-15 movies daily
4. Entertainment Services: Bowling alley, PlayLab Kids zone, and food court operations
5. Parking Services: Front and back parking lots serving mall visitors

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Dalma Garden Mall operates a unified retail and entertainment destination in Yerevan, Armenia, leasing space to more than 100 local and international fashion, lifestyle, and electronics brands and operating in-mall entertainment including CinemaStar (6 halls), PlayLab bowling, PlayLab Kids, and a food court. It complements its physical venue with directly sold Dalma Gift Cards, a seasonal Dalma Magazine, a mobile application, an informational website, and customer services such as a nursery room, first aid, and an info center.

Product overview

Dalma Garden Mall operates as a unified retail and entertainment platform centered around its flagship shopping mall in Yerevan, Armenia. The core offering is the physical shopping destination featuring over 100 retail brands (local and international), complemented by digital and service products including the Dalma Gift Card (prepaid card for purchases across stores and entertainment), Dalma Magazine (fashion/lifestyle publication), Cinema Star (6-screen cinema), and essential mall services such as Nursery Room, First Aid Room, Info Center, Dressing Room, and ATM services. The ecosystem also includes a website and mobile application for browsing brands, news, blog content, and purchasing gift cards online.

Differentiator

Problem solved

Functional benefit

Brands

• Dalma Magazine: A fashion and lifestyle magazine published seasonally, serving as a portal to fashion trends and lifestyle content for customers.

Products and services

• Dalma Garden Mall Physical retail and entertainment destination spanning approximately 50,000 square meters in central Yerevan, housing over 100 local and international retail brands, a 6-screen CinemaStar cinema, PlayLab bowling, PlayLab Kids, a food court, and mall services for general consumers and families in Armenia.
• Dalma Gift Card

Quantifiable outcome

• 40+ million visitors in first decade of operation
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• EvocabankcoreChannel Partner/ Reseller/ DistributorEvocabank serves as a distribution channel for Dalma Gift Cards, allowing customers to purchase gift cards at Evocabank branches. Online banking services are integrated for gift card purchases with home delivery within 2-3 business days.
• CinemaStarcoreStrategic or Co-development PartnerCinemaStar operates a cinema complex within Dalma Garden Mall with 6 halls showing 10-15 movies daily. Movies shown include Armenian productions like Opa Papa, Junior Mher, 13 Kilometers from the Tunnel, as well as international films like Backrooms. Tickets are sold through CinemaStar's own platform.
• Armane TravelminorGTM or Marketing PartnerTravel agency partner featured in Dalma Magazine blog content promoting travel destinations such as Sri Lanka. Collaborative content marketing relationship.
• FC Ararat-ArmeniaminorGTM or Marketing PartnerFootball club that held official presentation event at Dalma Parking, demonstrating community engagement and event partnership.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Regional players

• AFIMALL City: Large Moscow shopping mall combining fashion anchors, entertainment, dining, and leisure on a single integrated site. Comparable as a CIS-region retail-real-estate benchmark for scale, tenant mix, and entertainment integration, though operating in a different geographic market than Dalma.

Direct peers

• Yerevan Mall: Largest competing shopping mall in Yerevan, opened 2014 by Multi Group, housing international and Armenian retail, dining, and entertainment. Directly competes for Dalma's same tenant mix and shopper base in the same city.
• Tashir Mall: Major Armenian/CIS shopping mall and mixed-use development operated by Tashir Group, combining retail, dining, and entertainment in formats similar to Dalma. Competes for international brand tenants and Armenian consumer share.
• Rossia Mall: Established Yerevan shopping mall with multi-floor retail, dining, and entertainment. Directly competes for fashion anchor tenants and shopper footfall within the same Yerevan catchment area as Dalma.
• Megamall Armenia: Smaller-scale competing shopping mall in Armenia, offering a mix of retail and entertainment tenants. Directly competes for budget-sensitive consumer share in Yerevan alongside Dalma.

Broad incumbents

• SM Prime Holdings: Largest mall operator in the Philippines, running 80+ shopping centers anchored by retail and entertainment. Comparable as a multi-format shopping-center operator running large mixed-use destinations with high tenant density and entertainment integration.
• Majid Al Futtaim: UAE-based operator of large mixed-use malls including Mall of the Emirates and City Centre properties, with anchored retail, in-house cinema (VOX), dining, and entertainment. Relevant as a broad incumbent demonstrating the mixed-use retail-entertainment operating model Dalma runs at single-site scale.
• Unibail-Rodamco-Westfield (URW): Global shopping center operator running premium mixed-use malls worldwide with fashion-anchored tenant mix plus dining and entertainment. Comparable at the level of operating model sophistication (events, branded content, omnichannel integration) even though its regional footprint is materially larger than Dalma's.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/dalma-garden-mall

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dalma Garden Mall