Gulf mall operators rein in expansion as the coronavirus pandemic and low oil prices upends a retail industry built around huge centres catering to tourists and wealthy locals via hadeelalsayegh
FILE PHOTO: A woman walks in an almost empty mall amid the outbreak of coronavirus disease , in Dubai, United Arab Emirates March 22, 2020. REUTERS/Rula Rouhana/File Photo
Emaar Malls, owner and operator of the world’s largest shopping centre, Dubai Mall, did not respond to a request for comment. A growing population and steady stream of tourists has seen more projects planned in recent years even as competition has intensified and footfall has levelled off. MAF, which operates 27 malls across the Middle East, said retailers in the Gulf region were not expecting a meaningful recovery for the sector in the next 18-24 months. Foot traffic at its malls in the United Arab Emirates in May was less than half of what it was a year ago, it added.He said the impact was being felt, from retailers to companies in their supply chain. Some of the firms will “throw in the towel” this year, he added.
Though malls reopened last month in the region’s two largest markets, Saudi Arabia and the UAE, some customers still worry about COVID-19. “To get 80% from online, vs 20% brick and mortar - that’s not gonna happen in the next 20 years,” the executive said.
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