People walk near the fashion dome at the Mall of the Emirates shopping centre in Dubai. Picture: REUTERS
Still, enough new retail construction is expected over the next two years to fill more than three Mall of Americas: 1.5-million square metres, according to consultancy JLL, increasing the amount of retail space in Dubai by about 40%. Destination malls and local shopping centres serving its 3.3-million inhabitants are holding their own. The weak spot in Dubai’s retail sector — which makes up 26% of its GDP — turns out to be its many regional malls.
Sales were so good, he said, that landlords “could increase the rent by 10, 15% and they probably wouldn’t even notice”. Tenants happily paid their mall’s various service charges and marketing fees while even decorating their shops to the owner’s standards, Kennedy said. In retail, about 19% of store space was vacant in the third quarter, up from 12% two years earlier, according to JLL. Rents have been falling by double digits since 2018. In September, the consequences of the building binge were on stark display in the city’s financial heart. Where tall buildings connect to a new $272m retail corridor with space for about 200 stores, only two dozen were open.
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