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Dubai: Soaring rents in GCC shopping malls, which jumped about 22 per cent recently, are not stopping the growth of the region's retail sector, reports show.
More than 4.6 million square metres of retail space will be added to the Gulf's present retail space, boosting the segment's contribution to the economy, according to Retail International, the UK-based retail experts.
Among these, Dubai - the region's largest retail market - will see the development of 1.3 million square metres added to its malls.
The GCC region's retail space is set to reach six million square metres in 2007, according to Simon Thomson, an international retail consultant based in the UK.
Dubai has more than 30 large shopping malls, which are largely reshaping the emirate's organised retail scenario - well supported by the leading retail chains such as Carrefour, LuLu Hypermarkets, Spinneys, Geant, a number of cooperatives as well as neighbourhood stores and supermarkets operated by Choithram, Al Maya Group, and Lal's, Safeer Group among others.
In the longer term, Retail International projects that "the organised retail footage across the GCC could reach 15 million to 16 million square metres," its latest report says.
Meanwhile, the third edition of the Retail Middle East Exhibition (RME), one of the region's most eminent retail trade events, was inaugurated at Expo Centre Sharjah yesterday by Shaikh Abdullah Bin Salem Al Qasimi, chairman of Sharjah's Diwan Al Emiri.
The three-day RME features more than 75 brands from Germany, Italy, Singapore, UK, China, India and the UAE. Among the major participating brands are Kingsmen, Avion, Tensator, Mainetti, Polaris, Wanzl and Prisma.
"The event, besides equipping the regional retailer with the tools to push profits in an accelerating market, will provide an insight in to the changing trends including the latest technological developments taking place in the retail sector globally," said Ahmad Mohammad Al Midfa, chairman of the Sharjah Chamber of Commerce and Industry.
Fast facts: GCC - a retailing giant
- Retail rents have jumped about 22 per cent in recent months.
- More than 4.6 million square metres of space will be added to the Gulf's existing retail space.
- The GCC region's retail space is set to reach six million square metres in 2007.
- GCC retail space could eventually reach 15 million to 16 million square metres.
- Dubai has more than 30 large shopping malls.
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