Mall of the Emirates Among the World's Most Lucrative Malls
DUBAI, UAE, October 22, 2012 /PRNewswire/ --
Mall of the Emirates is the number one in the Middle East for sales per square foot
Mall of the Emirates, Majid Al Futtaim Properties' flagship mall in Dubai, UAE, the region's top shopping resort, has been ranked the 7th most productive shopping centre in the world, earning USD 1,423 per square foot per annum, according to recent research by the International Council of Shopping Centres (ICSC), as published in Shopping Centre Today.
According to ICSC, the 2.5 million square-foot Mall of The Emirates is nearly three times more profitable per square foot than the industry average, and its sales surpass those of some of the most internationally renowned shopping destinations in Los Angeles, Toronto and Orlando.
Since opening its doors in 2005, Mall of the Emirates has witnessed consistent footfall growth and impressive demand from retailers. In the past seven years, Mall of Emirates' annual footfall numbers have increased by an average eight to ten per cent annually. In the first half of 2012, the Mall welcomed more than 20 million visitors, on track to surpass 2011's total of 36 million visitors. Despite already housing an impressive 535 international retail brands, including over 80 luxury stores, there are currently over 160 international brands on the waiting list for space at Mall of The Emirates.
Peter Walichnowski, Chief Executive Officer of Majid Al Futtaim Properties, commented: "We are very pleased to be recognised on an international level, which confirms our position as the retail leader in the Middle East region including Dubai, one of the world's most iconic shopping destinations.
"The key to our continued success is to provide the best access to the most sought-after brands and leisure concepts. We strive to not only remain relevant to consumers, but to exceed their expectations, which is what we call the art of proactive asset management. We are constantly investing in renovating our offerings, refreshing our retail mix and developing new entertainment concepts. This has not only contributed to our leadership of the market, both in the region and worldwide, but has also played a fundamental role in positioning Dubai as the second top retail hub in the world after London."
Mall of the Emirates, was ranked seventh in the ICSC rankings, behind shopping centres in Sydney, New York City, London, Las Vegas and Miami.
ICSC's annual survey maps the global retail centres, classifies the world's 15 most lucrative malls and analyses factors contributing to their success. Mall of the Emirates is the only mall in the Middle East to qualify among the world's top 15 shopping malls. Population density, mass affluence and strong brand identities were identified as key sales drivers. Data from Green Street Advisors, KPMG, Thomas Consulting, Shopping Centre News and other sources was used as a basis for this analysis.
Mall of the Emirates
Mall of the Emirates, the world's first shopping resort, currently features more than 535 international brands with a total GLA of 233,467 sq. m including department stores, fashion, lifestyle, sports, electronics and home furnishing outlets and the largest Carrefour in the city. The compelling family leisure offer includes a Magic Planet family entertainment area, a 14-screen VOX Cinemas, the world-renowned Ski Dubai - the Middle East's first indoor ski resort and snow park, the 500-seat capacity Dubai Community Theatre and Arts Centre and more than 95 international dining and café options. The Mall houses over 80 of the world's most renowned designer brands in Fashion Dome and Via Rodeo; and has two adjoining hotels: the 5-star Kempinski Mall of the Emirates and the 4-star The Pullman Hotel, Mall of the Emirates.
Majid Al Futtaim Properties
Majid Al Futtaim Properties is the leader in ownership, development and management of shopping malls together with hotels and communities in the MENA. Majid Al Futtaim Properties has changed the face of shopping, leisure and entertainment across the region with eleven world-class malls operating in the UAE, Bahrain, Oman and Egypt and two currently under development in Cairo and Beirut. The Company's shopping malls continue to witness a steady increase in footfall with more than 140 million visitors in 2011.
Majid Al Futtaim Properties has four flagship shopping malls. Majid Al Futtaim Properties also owns nine hotels in the UAE and two in Bahrain, all of which are linked to the company's shopping malls. The hotels' strategic proximity to the company's shopping malls promotes direct access to a wider international demographic and attracts more than 1.2 million guests annually. The Company is currently in joint ventures to develop three master-planned communities in Oman, Lebanon and Sharjah, UAE.
1. CBRE 2012
For further information:
Alex Blake Milton/ Katharine Crallé
SOURCE Majid Al Futtaim Properties
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