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If there is one thing that the retail markets in the Middle East excel at, it is generating very good, world renowned and very positive public relations (PR).
They make you realise that in general they are very good at what they do and that the markets have come a long way in recent years by providing world class buildings, with world class service and globally recognised brands. The result is such that the malls often become self generative PR machines, due mostly to their world-beating size, but moreover due to the fact that they are attempting to be the best at what they do, both regionally and globally.
Additionally, from the perspective of the consumers and shoppers that are increasingly visiting the malls, there is the fact that the malls are also very good at making you believe that you are shopping in the world's best retail facilities. If this is so, which given the current situation of very soft, global consumer spending and a general downturn in the major economies, it almost certainly is, then you might already be questioning the rather negative tone of the article and why there should be nothing but optimism for the markets going forward.
Market buoyancy
There is optimism, and plenty of it, the problem lies however, not with the current market buoyancy, which is undeniably strong, but with how the markets in the region continue to move ahead with such vigour. There is the need to maintain this current market buoyancy and at the same time, also preserve their status of world retail leaders. The point is, that the markets here have very ambitious growth plans for the coming 10-15 years, and yet the question that reverberates for me is that of the overall purpose of this growth and how we define the very justification of more and more iconic or unique projects.
Ambition and creativity have been the two key drivers behind the recent market activity in the region. They have shaped the markets that we are now part of, and they continue to do so when we look at the new city projects going forward. The result is such that the bandwagon of successfully iconic and world beating retail projects rolls on, but to what end?
As a region that defines itself on breaking barriers and pushing the boundaries, we now lie on the verge of the delivery of the next great wave of retail projects in the region. We need to be aware not only of the impact that these projects will have regionally but also the perception of these projects globally. Consequently, we no longer need to prove that we can build these structures; we now need to prove that we need these structures. The retail markets will continue to move forward, there is no denying this, and yet as the consumers in other global markets learn to curb their spending habits in the wake of a worsening financial depression, that fact remains that the rather 'in your face optimism' of the Middle East may begin to rub some of these people the wrong way.
Consequently the PR machines of the regional retail markets need no longer to focus inwards with a view to promoting the products globally, but instead need to focus outwards, with a view to stave off any perceptions of misguided optimism in the region. The worst thing for the Middle East retail markets would be for the global press to begin to feel that there may be a sense of absent minded ambition to them; that the overall flamboyance is unnecessary and the many malls being built are simply superfluous.
- The writer is head of GRMC Retail Services, Dubai
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