Annual MECSC Convention to address trends and the future of retail in the Middle East

The convention, which attracts the region's prominent business leaders will address current trends, the future and explore new opportunities. The event, now in its 13th year is a highlight on the industry calendar and will feature several high profile international guest speakers who will address best practices, environmental sustainability, investment and development.

According to the 2008 Annual Report from Retail International (the independent London-based shopping centre consultants specialising in the Middle East) by the end of 2009 the retail sector will contribute as much as 50% to Dubai's Gross Domestic Product. While economists and finance ministers have voiced concern at double-digit inflation over the past year in some nations of the Gulf region, exacerbated by the weakness of the US Dollar to which the GCC currencies are pegged, the outlook for the retail sector is optimistic particularly in terms of Gross Leasable Area and spending.

"At the end of 2007 the Gulf had 7.75 million square metres of Gross Leasable Area of organized retail space, a 2.1 million square metre increase on the previous year. The industry is expecting a similar, if not larger, increase this year," said Ms Kim Redman, Regional Director, MECSC.

"The innovative mall developments of the region are applauded globally and this coupled with a continued surge in tourism arrivals and increasing footfalls, equates to a very promising future for the retail sector. In a word, growth. We can expect continued sustainable growth," she added.

The Retail International study on the Middle East's retail developments places Dubai far ahead of the rest of the region and predicts retail spending for the United Arab Emirates as a whole, to surpass the Dhs37bn-mark by 2009.

Commenting on Dubai's trends, Ms Redman said, "Dubai's retail spending is forecast to cross Dhs27.8bn by the end of next year. By all accounts this is as a result of the massive retail and commercial developments such as Dubai Festival City, Mall of Arabia, Mall of the Emirates and the Dubai Mall. Dubai's strategic position as a trading hub also factors."

Simon Thomson, a widely recognized guru in the retail sector across the Gulf, and principal of Retail International, says, "Looking further into the future towards 2020 current forecasts predict a completed supply of organized retail footage in excess of 18.5 million square metres across the existing GCC nations."

This year's Middle East Council of Shopping Centres convention promises to be bigger and better than ever, with a focus on best practices, environmental sustainability, investment and development. The convention comprises two key components: Conference and the Trade Exhibition which features the Leasing Fair, Trade Expo and new for 2008, a dedicated Retail Zone, which will showcase existing brands and newcomers side by side, who are seeking to expand their presence in the region.

"We have been conscious that in order to maintain our position as the Middle East's premier networking event for the retail real estate industry, we have had to continue to develop novel ideas and incorporate them into the convention." said Kim Redman.

"For example, last year we introduced the Leasing Fair and Trade Expo which were exceptionally well received and form part of the programme again this year."

Conference guest speakers

An enviable line-up of speakers will feature at the convention including Karim Rashid who will present The Design Experience Economy, Eric Kuhne who will present Market Place of Idea, and showcasing the topic Funky Business is acclaimed Dr Kjell A Nordstrom, one of the world's most influential management thinkers.

Exhibition

A showcase of some of the world's largest malls and landmark projects, the Exhibition has emerged as the 'deal making' platform at the annual convention.

Trade expo

The Trade Expo has developed into the most important sourcing event for the shopping centre and retail industry, providing new prospects for product suppliers and service providers.

Retail Zone

Featuring fashion, food & beverage and specialty brands the Retail Zone adds another dimension to the Convention.

The 2008 MECSC Annual Convention is sponsored by Aldar, Colliers, Dubai Properties, Emaar Malls Group, Burjuman, Grand Optics and Ovaz Marketing & Investment.

According to Kim Redman, Regional Director, MECSC, attendance at the Convention is a must for everyone from shopping centre owners, developers and managers through to real estate professionals, PR/marketing practitioners, architects and bankers.