Te Dubai Mall
this year. Stretching over an area of 100,000 square metres, the expansion has proven an attractive gateway for international companies to enter the Kuwaiti market. According to its developers, “the expansion presents a new and unique concept of shopping by bringing an exciting experience to shoppers in its different districts,” including a luxury shopping mile and an interpretation of a traditional Kuwaiti souk.
Saudi Arabia – Young consumers, high demands A relatively high oil price has largely shielded Saudi Arabia from the
effects of the economic downturn. High average incomes have resulted in increased consumer demand, making Saudi Arabia a prime target for international retail brands. Although the Kingdom has dropped three places to 7th position in the GRDI in 2011, A.T. Kearney believes this is reflective of the relative performance of higher-ranked nations rather than Saudi Arabia’s underlying fundamentals. Consumer confidence in Saudi Arabia is high while spending is increasing
rapidly, with most disposable income spent on food, apparel, health and beauty. Non-food categories grew 8 per cent and food categories 4 per cent in 2010. Similarly to Kuwait, Saudi Arabia has a relatively young population with high disposable income, “placing the Kingdom’s consumers at the top of interest for retailers expanding into the region,” A.T. Kearney said.
UAE – Still the flagship destination Despite an increasingly saturated market and the resulting drop of the
UAE from 7th to 9th place in the GRDI in 2011, “the Emirates still continue to be the flagship destination for retail brands seeking to establish a presence in the Middle East,” a global 2011 CBRE Retail Research Report has found. Recovering quickly from the economic downturn, tourism, sizable household consumption and ample retail space are boosting the retail sector. Massive expansion plans of retail space are also on the way in Dubai and Abu Dhabi. Te Dubai Mall (TDM) has recently announced a 1 million square
feet expansion adding to the existing 12 million square feet development. In 2011, TDM has reached a record of 54 million visitors and also recorded robust visitor arrivals in January 2012, Emaar Malls Group reports. Abu Dhabi is also currently witnessing large scale retail space expansions
across the emirate, with three shopping malls to be completed this year: Paragon Bay Mall on Reem Island, Capital Mall in Mohammed Bin Zayed City and Deerfields Townsquare on Yas Island. In the Northern Emirates, Majid Al Futtaim Properties have just opened
Fujairah City Centre, the region’s largest shopping and entertainment complex with a GLA of over 30,000 square metres.
Egypt – Political unrest no hindrance to growth Fourteen months after the ousting of President Hosni Mubarak, Egypt
is slowly evolving as a promising retail opportunity. Having moved up to 12th place in the GRDI, Egypt’s retail market is expected to grow 10 per cent over the next five years, driven by a large, active and growing population of more than 80.4 million that is gaining purchasing power, according to A.T. Kearney. “Egypt is proving attractive to large global retailers because, compared to other North African countries, Egypt has a low share of modern retailing, low levels of market consolidation and growing consumer demand,” the firm said. Growth is especially strong in the grocery sector, with Carrefour having doubled its sales area in Cairo and Alexandria over the past five years - 15 more stores are scheduled to open in the country. Te development of several major shopping centres is also on the way. Damac Properties have recently announced the completion of the first phase of Park Avenue Mall in Cairo, a premier boutique retail and commercial destination with 657 retail units and 84 office units in over 120,000 square metres of land. “We already have an impressive list of international brands moving to Park Avenue. Tere are more than 200 fashion stores, over 50 furniture and homeware shops, as well as a plethora of small boutiques,” said Niall Mc Loughlin, Senior Vice President of Damac Properties. Construction also continues on Cairo’s Festival Centre, a 160,000 square
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