Dubai shopping centres buying back leases
- United Arab Emirates: Wednesday, January 02 - 2013 at 03:25
Jones Lang LaSalle (JLL) has said some of Dubai's popular shopping malls are "buying back" leases from under-performing retailers to accommodate those on their waiting lists, Gulf News has reported. In some instances, these waiting lists number well over 100 hopefuls and who are willing to pay a considerable mark-up to get into a mall of their preferred choice. "Essentially, the mall owners will pay existing retailers to leave the spaces vacant to enable the new brands to set up business," said David Macadam, regional director — head of retail at JLL. "This buy-out is a good solution for both the departing retailer, seeking to recoup the losses incurred in the poor performing shops, and the developer, who gains new brands for the centre."
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