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Retaiing in Dubai has always been an expensive proposition ? it is getting more so now.
?Top? rentals for a standard-sized shop at one of Dubai?s prime ?super-regional centres? (industry parlance for the likes of The Dubai Mall and Mall of the Emirates) have firmed up in the first three months of the year to around Dh8,000 a square metre, according to the consultancy JLL.
?Average? rentals at these malls would now be around Dh6,900 a square metre. A year ago this was in the region of Dh5,000 a square metre. Dubai?s retail sales (on current prices) were valued at Dh8.7 billion last year and projected to increase at a compounded annual growth rate (CAGR) of 6 per cent between 2014-20 to Dh14 billion in 2020. That is as good a reason as any for retailers to get a spot somewhere in the city.
Outside of the malls, retailers are starting to like what they are seeing at outdoor shopping spaces. There are quite a few to choose from ? The Beach on JBR is there, while Al Wasl Properties is expected to complete phase 2 of The City Walk in 2016. Nakheel has also announced plans to develop The Pointe on The Palm Jumeirah.