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A mall story
The outlook for malls in the UAE is good, according to a new analysis report. But with so much new space coming online, can that be right? Kipp takes a look.
August 18, 2010 1:34 by Samuel Potter
It’s all good if you’re a mall in the ‘hood, according to the Dubai Chamber. It has just released an analysis report indicating that Dubai’s retail sector has shown a high growth performance “thanks to the concept of modern retailing as well as high per capita income levels.”
It points to the opening of major malls Dubai Mall, the Arabian Centre and Marina Mall as evidence of the robust health of the industry, as well as the imminent arrival of the Mall of Arabia. It says sales at malls rose 17 percent during the Dubai Summer Surprises festival in 2009, with total revenues at 23 shopping malls across Dubai reaching AED1.49 billion, up from AED1.27 billion at the same shopping malls in 2008. “What is significant is that retailers have said that their sales during the 2010 DSS were up on 2009 levels,” says a press release. The value of retail sales is expected to grow by 3.6 percent in 2010, it says.
“As the UAE recovers from the effects of the global economic downturn, a pick-up in consumption levels as households have higher real disposable incomes (on the back of falling inflation), an easing in credit availability as well as an expected influx of tourists in the second half of this year and in 2011, will all encourage cash flow within the retail sector,” says the release.
That’s a relief, as Kipp was concerned about all the empty stores we see when we shop in the mall. Perhaps we are shopping at the wrong time.
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