Dubai to build twenty new community malls
Tapping into the growing demand for smaller retail space
The latest project in Dubai's mall development will be launched by a 1 million square foot shopping mall in Dubai's International Media Production Zone (IMPZ) — the first of its kind to be built in Dubai.
George Kostas, CEO of Majid Al Futtaim Properties (MAF) said the format would eventually be taken to all MAF'S existing markets around the middle East, including the UAE, Saudi, Oman, Lebanon and Egypt.
There is already five small malls in Sharjah and two more under construction, under the My City Centre branding, which Kostas describes as a small supermarket-anchored mall.
"We're out there now looking for more locations and we're hoping to roll out more," Kostas explained, "You could do easily another 10 or 20 in Dubai quite easily based on the way the city's grown and structured."
A typical community mall is typically between the size of 10,000 sqm to 35,000 sqm. The new IMPZ project will be 300,000sqft in its first phase, about 10 percent bigger from the size of MAF's flagship shopping centre, Mall of the Emirates — which is also going through a current expansion to be completed by the end of March 2015.
"There is a great initiative for this smaller, community-based centre," Kostas said.
The new shopping mall projects plan to be built within the next few years, creating an even bigger consumer industry in the heart of the UAE.