Dubai: The building blocks of retail development are coming along nicely in Sharjah and the northern emirates.
“Sharjah, in particular, has benefitted from an influx of new residents as housing costs in Dubai continue to rise,” said Mohammad Faheem, senior research analyst at CBRE. “Retailers, such as Majid Al Futtaim through Sharjah Holding [a joint venture between Sharjah Government and Majid Al Futtaim Properties], are now opening community malls.
“There are also plans to open two more community malls in Sharjah under the Matajer Mall brand by the end of next year. Another, Sharjah Mall, is currently under construction in the Al Khan area. In Ajman, there are reports of Bin Ghedayer Investment Properties opening Dana Mall by early next year.
“Looking at the quality of retail offerings in the northern emirates and population growth, there is still potential to increase the retail landscape. Despite being in close proximity to Dubai, shopping malls in these areas have been able to achieve high occupancy rates and footfalls with limited scope for new entrants. High occupancy rates in existing regional malls and limited space for new retail entrants has resulted in expansion of existing malls as well as emergence of new ones,” Faheem said.
