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 Welcome to Retail International® News. ________________________________________________________________ MECSC Annual Convention 2008 Dubai on target for 100 million sq.ft GLA Simon Thomson, Principal of Retail International®, said “Obviously if all this space gets built it will represent more than a 100 per cent uplift. The dramatic growth in the population and economy of Dubai no doubt can be advanced as reasons to justify this extraordinary addition to the amount of retail space in Dubai”. He added, “it will be interesting, however, to see whether this increase in space will result in an equivalent increase in the number of new retail brands in Dubai. Failure to do so will result in yet more ‘clone malls’ and do little to add value to the Dubai retail experience”. More from http://www.mecscconvention.com/marketreport.php ________________________________________ Gulf retail space grows by 2 million sq m Dubai: Mon, 10 Mar 2008: Trade Arabia The Gross Leasable Area (GLA) of organised retail space in the Gulf increased 2.1 million sq m during 2007 to 7.75 million sq m, predicts Retail International®. The additional supply represents about three times the average rate of economic inflation over the same period in most GCC countries, said the annual survey undertaken by Retail International of shopping malls across the Mena region. The survey said a whopping 4.4 million sq m GLA is already under construction and due for delivery by 2011, with some 2.6 million sq m GLA expected during 2008-2009. This amounts to a combined growth of some 57 per cent, it said. Looking further into the future towards 2020, current forecasts by Retail International predict a completed supply of organized retail “footage” in excess of 18.5 million sq m across the GCC nations. ____________________________________________ Simon Thomson, Principal Retail International®, interviewed by BI-ME on Dubai shopping centre market Bigger follows big in Middle East retail Author: Trevor Lloyd-Jones Source: BI-ME Published: 20 June 2007 Full interview at direct link to BI-ME alongside. ______________________________________________ Retail International named for The Lagoon Bahrain 20 December 2006 'A leading retail consultant has been commissioned by Abu Dhabi Investment House (ADIH) the developers of the pioneering commercial freehold development, The Lagoon Bahrain, to help craft the retail mix at the landmark waterside project. UK-based Retail International, one of the world's top retail consulting firms led by Simon Thomson has completed a blueprint plan to ensure that the retail offering at the Lagoon Bahrain is both balanced and sustainable'.
Michael Lawrence, ADIH's director of real estate, said "This is a very well considered report which will help ensure that we get the balance and mix right for the customer, a task which is always more complicated than it perhaps sounds".'
_________________________________________________ GCC Retail Rents rise 22% in 2006 with demands on space continuing.
Source: BI-ME
"The organised retail space in the Gulf Cooperation Council countries will top 6 million square metres by 2007........." ....Quote Business Intelligence Middle East www.bi-me.com Full text from link at image alongside. __________________________________________________ MECSC Convention Dubai 2007 The organised retail space in the Gulf Cooperation Council countries will top six million square metres by 2007, says a study by Retail International, an independent retail consultancy offering specialist professional services to the industry. The findings were published in Retail International’s Review of the Year from a pan-regional survey of 250 shopping centres. Simon Thomson, an authority on the region’s retail and mall operations and owner of Retail International and a founding member of the Middle East Council of Shopping Centres (MECSC), said: “In the longer term, we project that organised retail footage across the GCC could reach 15 to 16 million sq m within the next 10 years.”
Full details from www.mecsc.org and from the attached link.
Retail City Dubai 2007 Reports provided by Retail International. Available from Retail City website by clicking attached image link. _________________________________________________________
Retail City Conference, Dubai, U.A.E In particular Simon Thomson highlighted some of the challenges being posed by Macao, Singapore, South Africa and even the UK - where mega retail/gaming resorts have been legalised to provide Las Vegas style venues - to the likes of Dubai, where gaming is outlawed. 'To ensure the return year on year of such high spending tourists, Dubai would have to provide a superior offer', Thomson said, 'if it is to become a serious competitor with these other global destinations'. Simon Thomson, Principal Retail International, presented the Most Innovative Retailer of the Year Award to 'Better Life' the specialist home appliance division of the Easa Saleh Al Gurg Group, Dubai. The award was received by Ajai Kumar Dayal, General Manager, retail and marketing of the Group, at a gala ceremony attended by top Middle East businesses and retailers at the inaugural Retail City Awards held at the Dubai International Exhibiton Centre on 4 June 2006. The following is a report of his presentation published by BI-ME: Simon Thomson is Principal of Retail International®, the firm that conducts regular studies of Middle East trends and development, as well as consulting for many leading shopping mall developers. He is also a founding director of the Middle East Council of Shopping Centres (MECSC). In his presentation Thomson said Dubai's organised retail sector represents about 23% of the total GCC US$65 billion retail investment value, as measured by the gross leaseable area of retail space currently. The Retail Survey by Retail International® tracks all the current and future developments in the GCC's 200-plus shopping malls as well as the 50-plus malls in North Africa and the Levant. This is published as an ongoing database. As the retail sector's growth outshines that of the rest, the region is likely to see a major upswing in hypermarket activities in the coming years, he said. "The GCC represents 9.2 million square metres of gross leasable area (GLA) or 83.7% of the Middle East's 10.7 million square metre GLA." "With five million square metres of gross leasable area completed and a further 4.2 million square metres currently under development, the GCC clearly dominates the retail landscape in the Middle East. The rest of the region lags well behind with 900,000 square metres completed and 600,000 square metres currently under development in the Levant." The size of potential uncommitted retail development in the GCC may reach nearly four million square metres, which means in five years the Gulf's retail development could reach a whopping 13.3 million square metres GLA. He said per capita retail spend in the GCC at about US$1,800 is well below the US level of more than $9,000 and about $7,000 in the UK. However, it is well above of India and China's per capita retail spend of about US$150 and US$300 respectively. Upcoming Middle East retail projects 2006-2010 Dubai Outlet Mall, Dubai: 100,000 square metres; 200 outlets close to the Dubailand project; parking for 9,000 cars; estimated 2008-2010 17 -19 September 2005 Simon Thomson, Principal Retail International® spoke on Conference Day Two. The topic was: Latest Global Trends In Retail Development And Investment And How They Translate To The Middle East. A synopsis of his presentation follows:
GCC Malls worth $65 billion say Retail International® The investment value of the current stock of shopping malls in the GCC countries is $65 billion. This figure was suggested by Simon Thomson, Principal of Retail International® during his presentation about retailing in the Middle East at Cityscape 2005 in Dubai. This is based on Retail International’s regular survey of over 200 shopping malls in the Gulf States and Saudi Arabia. By the year end Retail International® have identified some 4.9 million square metres of floor space as being completed in the GCC with a further 900,000 square metres in the Levant. Within 5 years the consultancy expect some 14 million square metres to have been completed across the region. The gross revenue that these malls generate is forecast to generate some $30 billion a year equivalent to about 5.5% of the combined Gross Domestic Product of the GCC countries. The total retail sales volume for the GCC said Thomson is about $55 billion but this is dwarfed by the likes of Russia, India and China, which are currently running at $200 billion, $300 billion and $675 billion respectively. Thomson said that the ME will remain small compared with the potential of China and India and that the threat of low prices and the huge size of these markets must not be allowed to overshadow smaller markets including the Middle East. To counter this situation Thomson suggested that developers and retailers in these smaller markets will need to formulate a superior offer and that cloning of architecture and retail formats from the west could not be relied upon to gain market superiority. He concluded that there are enormous opportunities for developers and retailers from the Gulf to take advantage of their experience and financial resources to exploit the potential of emerging markets such as China and India.
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