IIR Middle East, the organisers of Retail City, has announced that the retail phenomenon that is sweeping the region still remains robust. This has been mirrored by the extraordinary growth of 350 per cent for the international retail real estate event, which is due to take place at the Dubai International Exhibition Centre (DIEC) from 3 – 5 June 2007.
Naomi Koningen, Project Manager, Retail City 2007, explained, “Considering the inaugural event was organised in less than six months, industry support was overwhelming. However, early marketing indicators for 2007 are even more encouraging. With five months still to go we have already sold half of the 7,000 square metres reserved, which represents an overall increase of 350 per cent. With Retail City only in its second year, this clearly justifies our decision to provide a dedicated platform for this dynamic sector.”
Middle East retail developments rank as the second largest growth sector after the residential real estate sector. With 5.3 million square metres of retail floor space already completed and a further 4.6 million square metres of gross leasable area (GLA) still under construction, the retail sector is estimated to be worth US$ 100 billion per annum in the Middle East.
Dubai is currently the regional hub for retail therapy. With some 1.3 million square metres of retail development, it currently represents one quarter of the GCC’s total retail space. According to Retail International, cash tills will ring to the tune of US$ 3,500 per square metre by 2009. Interestingly, Dubai now has one of the most saturated retail environments in the world with more than one square metre of retail space per head of population.
The concept of Retail City was realised at Cityscape 2005. A comprehensive survey revealed that, 46 per cent of visitors were seeking retail investment opportunities and 37 per cent of exhibitors wanted to make contact with retailers and retail real estate developers. In response the inaugural Retail City was launched in June 2006.
This year’s event comprises an exhibition with a parallel three-day networking conference. The exhibition aims to bring together international retail property professionals to develop new joint ventures, exchange views, identify new investment opportunities and encourage retailers and franchises to set up shop in the Middle East. In tandem with the exhibition, the Retail City conference offers a dedicated forum for retail professionals to discuss the latest retail investment strategies and to provide insight into planning techniques. Key issues to be addressed this year will include franchising and emerging markets.
The show will also feature the Retail City Awards and Gala Dinner which was hosted last year by television presenter Shahnaz Pakravan. “The 2007 awards will be even bigger and better. We want to continue to recognise excellence and innovation throughout the retail industry and acknowledge outstanding achievements. This is an ideal platform for innovative retailers to showcase their developments both locally and internationally,” added Koningen.
