Inaugural Retail City opens today

Responding to the extraordinary retail revolution prevalent throughout the region, Retail City comprises a three-day networking conference and exhibition that will aim to bring together international retail property professionals to develop new joint ventures, exchange views, identify new investment opportunities and encourage retailers and franchises to set up shop in the Middle East.

Retail City International Exhibition Director, Franck Dailles said,

"The idea for the event was conceived at Cityscape 2005. We conducted a number of surveys and out of the 24,000 participants we found that 46% of visitors were seeking retail investment opportunities and 37% of exhibitors were hoping to make contact with retail developers. That clearly justified our decision to provide dedicated support to this dynamic sector".

Featuring along side the exhibition will be the Retail City Conference, offering an ideal platform for all retail professionals to discus the latest retail investment strategies and provide insight in to planning techniques. Key issues to be addressed include the rapidly changing retail landscape, India's retail market covering today's opportunities and tomorrow's projections and the contentious issues facing the retail industry such as the challenges new Middle East shopping centres face trying to open on time and with full occupancy.

Other key conference sessions will include retail developments around the globe and the trends already evident throughout the region. Including presentations on retail investment strategies towards mixed use developments and what the region has to offer international retailers.

Retail City organisers have also announced the first Retail City Awards. The awards, to be presented on 4 June 2006, will recognise outstanding achievements in the retail industry throughout the Middle East.

Middle East retail developments rank as the second largest growth sector after the residential real estate sector. With 4.5 million square metres of retail floor space already completed and a further 2.5 million square metres of gross leasable area (GLA) still under construction, the retail sector is estimated to be worth US$ 30 billion per annum in the GCC countries alone.

Dubai is currently the regional hub for retail therapy, witnessing over 630,000 square metres of retail development last year and currently represents over one third of the GCC's retail development. According to Retail International, cash tills will ring to the tune of US$ 3,500 per square metre by 2009.

However other GCC countries have been quick to follow, as huge budget surpluses, political stability, and investor confidence filters through to inject new found consumer confidence, especially in Saudi Arabia and Kuwait. Qatar already has one of the highest per capita incomes in the world and is developing at a pace to accommodate the Asian Games in 2006 and to fulfill its high-end tourism master plan. Similarly, Bahrain, Jordan, Egypt and Turkey are also enjoying their share of the retail surge, mainly through creative tourism initiatives.

Dailles concluded, "We are anticipating strong support from industry professionals and with booming economic conditions, population growth, increases in tourism and investor-friendly market conditions, the potential for Retail City is considerable."