Business | General
Retailers must do more to stay on top of competition
Retail outlets need to deliver experiences, not just the basic goods, says a leading retail analyst, and those who don't maintain market buoyancy may be left behind.
- Staff Report
- Published: 00:00 January 23, 2006
Dubai: Retail outlets need to deliver experiences, not just the basic goods, says a leading retail analyst, and those who don't maintain market buoyancy may be left behind.
Phil McArthur, Director of Leasing and Marketing at Dubai Festival City, warned that regional shopping centre managers and retailers will have to continually raise the bar to stay on top.
"The Middle East has caught the attention of the world's retail markets with its ambitious developments and innovative management techniques. The region is progressing at an incredible rate and has firmly cemented its reputation as a leader in the field," said McArthur.
McArthur, who was also recently appointed as the first Middle East based trustee to the International Council of Shopping Centres (ICSC), said competition will be fierce as the amount of leasable area will double to over 118 million square feet by the end of the decade.
However all is not lost as McArthur praised the rise of the region's retail industry and highlighted the change in development strategies needed to keep up with consumer evolution. "We are definitely moving along in the right direction. If we take the UAE for example, it is now the third most successful country in the world at shopping centre marketing."
McArthur's address came hard on the heels of the first phase opening of Dubai Festival City's highly anticipated 2.6 million square feet retail, entertainment and hospitality focal point, Festival Centre marked by the launch of the UAE's largest IKEA destination store in Nov-ember. "Therefore, strong offerings in family entertainment, multiplex cinemas, large food and beverage components and theme parks are all being planned to keep consumers entertained."
Moving in the right direction
'We are definitely moving along in the right direction. If we take the UAE for example, it is now the third most successful country in the world at shopping centre marketing,' says Phil McArthur.
More from Business General
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
