The 2007 MECSC Conference looks to the future of regional shopping

The focus of the convention, however, quickly shifted to the future of the retail real estate industry in the region. And that future, delegates and visitors were told, will involve massive growth, more diversification and an increasingly central role in regional economies.

Held at the Dubai International Convention & Exhibition Centre and titled “Middle East Shopping Centres Come of Age,” the two-day convention was opened by journalist and futurist James Bellini. “In terms of retail, there is no more exciting place on this planet,” Bellini said, pointing out that a rising per-capita income, a growing demand for high-quality shopping experiences and diverse patterns of consumption pointed to continued expansion for the regional industry.

Optimistic projections of the region’s retail real estate industry are more than valid, said Majid Saif Al Ghurair, MECSC Chairman and President of BurJuman, during his welcome speech. The region’s shopping centres, Al Ghurair said, have become “case studies, both in terms of design and the services on offer.”

Michael Kercheval, President of the International Council of Shopping Centres, said that the industry will undergo dramatic changes over the coming years. Having entered into a phase of “Globalization and Diversification,” Kercheval said, shopping centres are being built without regard to borders, and are increasingly driving broad economic growth. “Shopping centres are key to the fiscal wellbeing of communities and nations,” he said. “They are the catalyst for true progress in our communities.”

Kercheval described the factors that will dictate where and how shopping centres are built in the future. He said there will be an “accelerated trade-off between experience and convenience” in the coming years. Dubai’s traffic woes, for instance, will play a part in where future malls are developed and the shape they will take. “I expect an expansion of mixed-use projects, with retail at the core,” he said, pointing out that such developments give people more reasons to travel to a shopping center. “Convenience is going to weigh heavily on what shoppers will do.”

The premier event of its kind in the region, this year’s MECSC Convention is the largest yet, attracting over 300 delegates from around the world, along with more than 40 exhibitors from the region and beyond. Several leading retail experts are speaking at the event, including former Harley Davidson head Clyde Fessler and Emirates Airlines’ Gary Chapman. The Leasing Fair & Trade Expo, running concurrently with the conference, has attracted record numbers of leading retail real estate companies. The event runs from March 19 through March 20, 2007.