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Eyeing Luxury Market Growth
Patrick Chalhoub, co-CEO of The Chalhoub Group, talks about the region’s luxury goods market and vision for the future.
May 23, 2012 3:22 by kippreport
So it’s not a question of how many brands you have, it is how much you invest in a particular franchise, a brand, and how you’re going to develop it. So, a very strong dedicated team that could share experiences, could share the back office. They are absolutely dedicated to what they do and how they do it. It’s not a question of quantity rather than quality. If we cannot offer quality work then we are moved out or we move out.
How has the arrival of The Dubai Mall changed the luxury market here?
Before The Dubai Mall, prior to 2008, Dubai had a total retail area of about 2m sq m. Dubai Mall brought in another 500,000sq m or an additional 25 percent of space. When you add to any market in the world 25 percent extra retail space or 20 percent of the overall leasable area, it does change the game. Dubai Mall entered the market with a 20 percent share of the leasable space at a time when the slowdown was at its worst. But it entered with an offer, which is much more adapted, I would say, to the market and market dynamics than any offer before it. So, clearly, Dubai Mall has at least 25 to 30 percent of the total retail market here. So, definitely, it has changed the perspective of the Dubai market. Since it came at the time of the slowdown, no new additions of this quality or scale have been made and we have seen a sort of stabilization.