JLL: The Future of Retail Malls in MENA
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The announcement that the 2022 FIFA World Cup will be held in Qatar has had significant impact on the country as it prepares to host one of the most anticipated sporting events in the world.
Middle East markets are benefiting from the ongoing global economic instability according to research carried out by CB Richard Ellis.
The retail sector accross the MENA region will see a significant shift in emphasis over the next few years with far greater attention focused on community led retail.
A number of new trends are emerging within the retail sector including:
The intensified competition among shopping centres in some markets has created the need for mall owners to assess re-positioning options such as tenant mix, expansion opportunities and refurbishment in order to remain competitive. Older malls that lack 'pull factors such as entertainment and F&B options will ultimately suffer and some may be converted for non-retail uses.
Changing consumer shopping patterns and particularly the increased use of internet retailing will make way for a new breed of retailers. This trend may positively impact the retail environments required in the long-term. Retailers may be encouraged to provide a showcase for the products complete with knowledgeable and well trained staff.
The future of retail will be focused more on community concepts that provide service-oriented options that are in line with the needs of the local catchment.
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