The development of residential communities in Abu Dhabi is urging progress in the retail sector, operators said.
The spread of Mohammed bin Zayed City and the rejuvenation of the Musaffah area has encouraged the owners of Dalma Mall to apply for approval for a development that will double its size from the recent 255,000 square metres. Broadening more than 1 kilometre in length, the mall is already home to 320 stores and has a daily footfall of 48,000.
Mall executives have a 10-year tactical design that contains enlarging its entertainment highlights and adding warehousing area.
For the last 18 months they have seen substantial progress in the surrounding area and the sales in our stores. The bridges have been completed in the area and the roadworks have set off and now retailers are seeing a monthly rise of 20% in sales.
Merely 320 shops out of a total capacity of 420 are presently open because the mall is experiencing a renovation and repair which will add four mosques for the nearby community, plus one that can lodge 400 worshippers.
Approximately 1,200 units were added to the residential stock in the capital in the third quarter, taking the total residential stock to about 242,000 units.
According to a retail section account in June, UAE customers are looking greater immediacy of shops, leading to more community formats for their expediency. The convenience store sector was the top rising in the country last year, with the number of stores projected to amplify 10% to 443 by 2018, up from 336 this 2014.
It is motivating to note that the enlargement is coming at the value end of the market. Both Dalma Mall and Circle K transact in everywhere brands that are used by the general public and these are where the upsurge is coming in the population, which of course drives the real estate sector.
By 2016 Circle K assumes to have more than 100 more outlets in the UAE and prepares a further 250 after that.