Middle East leads a $500bn retail market, says MECSC head

Al Shaer, who brings with him a wealth of experience from an exceptional career in the retail sector said, "The outstanding development of shopping centers in the region last year has been outstanding; we have seen the opening of one of the largest shopping centers in the world which is the Dubai Mall along with having one of the largest & most remarkable shopping centers in the Middle East residing in Bahrain."

The Bahraini shopping centre scene have always concentrated on one stop shopping centers as it proved to be very popular in the Kingdom and this trend have just seen an upgrade with one of the largest shopping centers in the region taking Bahrain as its home with the opening of the astonishing Bahrain City Centre which comes with a promise to change the shopping centre scene in the Kingdom bringing a world class shopping, leisure & entertainment experience.

Also it is imperative to note the very notable steps by Seef Mall for its new extension that has already proved to be very popular and the well admired step by Lulu hypermarket's new Riffa outlet. In addition, Luxury seekers have just received a well anticipated improvement with the opening of Moda Mall in Bahrain's World Trade Centre.

Mr. Al Shaer added, "Bahrain has the prospects to be a leader in the retail business due to its business friendly features and its increasing tourist numbers not to mention the great support and attention the government has been giving this sector". The local tourism sector have benefited greatly from the increasing retail space that secured the kingdom as a shopping destination in the region and this puts more responsibility on shopping centers to secure a sustainable easy access/exit and well secured centers that will guarantee a good family atmosphere.

"In 2008, Bahrain has seen the opening of three very notable shopping centers, namely Bahrain City Centre, Moda Mall, and Country Mall along with the opening of Seef Mall's new extension. This major retail market development is the biggest in the Kingdom's history; it is a very notable jump which clearly shows the confidence of investors in Bahrain," Mr. Al Shaer added.

This increases Bahrain's share in the Middle East's $500bn retail market, a market that has developed in just well over two decades to host more than 500 international brands and promises to increase in the midst of the surge of emerging shopping centers in the region where new countries like Iraq & Syria joining the hype and new notable developments coming up in Iran & North Africa. The region will witness the establishment of state of the art shopping centers in 2009 including Dubai's Mirdiff City Centre & Kuwait's 360 degrees. In Bahrain, the launch of The Lagoon project and the completion of Bahrain City Centre's offerings with the opening of the largest cinema complex in the region and the largest indoor/outdoor water park are expected.

Shopping centers began to bring in promising entertainment concepts (i.e. Magic planet, Ski Dubai & the Dubai Mall Aquarium to name a few) which are bringing more and more footfall as those offerings are unique and make the centers that have them evolve into destinations. It is also important to highlight Mall of Arabia in Dubai, One of the world's largest malls when completed, it will offer more than 1,400 retail outlets, a rooftop hotel, waterfront alfresco dining and entertainment facilities, as well as a Restless Planet theme park, earth science museum and planetarium which will create the largest entertainment offerings in a shopping centre in the region.

As the global economic slowdown hits the shores of the GCC countries, there is going to be a clear slow down in upcoming projects, however this could be of benefit to the retail market to look back and be able to be more focused on existing units & centres and be able to develop even more. It is also important to note that even though the slowdown has hit the world - it definitely did not hit all the regions equally as some regions suffered more than others. On the other hand, the expected competition within existing markets will definitely benefit the consumers in one way and the existing shopping centres on the other hand.

Shopping centres are long term investments that will be around way beyond any financial crises and building them in the right place at the right time with the right offerings in a market that is growing rapidly not only in population but in higher education and pay will make it a remarkable investment. Also, this will give the existing centres an advantage over the next few years without the challenge that new centres will impose and this will give the industry a chance to review its high speed growth.

Based in Dubai, the MECSC is a voluntary, non-for-profit association. Established in 1994, the council has more than 750 active members. Covering a territory of 18 countries in the region, the MECSC represents the interests of shopping mall owners, developers, marketing managers, leasing managers & specialists, retailers, consultants, property managers, financiers, accountants, government officials and industry suppliers. Members of the organization get access to a variety of resources including the MECSC exclusive website, annual conventions, workshops, specialized conferences, exhibitions & receiving industry recognition & contacts.