Nakheel sees increase in footfall at shopping malls

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Footfall at NakheelNakheel's Ibn BattutaIbn Battuta and DragonMart Malls in Dubai rose in the first five months of the year compared with the same period in 2008, said an executive.

"Footfall at Ibn BattutaIbn Battuta increased by about five per cent, while DragonMart saw a rise of 20 per cent," David Thurling, Managing Director, NakheelNakheel Retail Shopping Malls, told Emirates Business.

"This is exceptional in light of current market conditions Footfall was slightly down in early June and we believe this was largely due to people holding back on retail expenditure until the Dubai Summer Surprises sales were in full swing."

Thurling said the schematic design for the planned expansion at Ibn BattutaIbn Battuta was 65 per cent complete and added: "It is anticipated that the full design completion will be done before the end of 2009."

In order to accommodate the continuing growth in footfall at DragonMart, NakheelNakheel Retail has completed the first phase of the centre's car park, restrooms and prayer rooms and plans are under way for the opening of an international food court. A new hypermarket is due to be unveiled later this month.

Asked about NakheelNakheel Retail's decision to delay its expansion plans for a year, Thurling said: "We have the responsibility to adjust our short-term business plans to accommodate the global environment. Our short-term business model is aligned to meet market demand.

"Design work and site preparation for NakheelNakheel Retail's expansion plans have been delayed for 12 months. However, NakheelNakheel Retail is committed to its expansion plans and will announce a new target completion date in due course.

"We have benefited from an injection of capital from the bond issue but the value and other details related to this fund remain secret."

Long-term plans include the delivery of shopping facilities in Dubai for an anticipated 2.5 million new residents over the next 15 years to 20 years.

NakheelNakheel Retail owns and manages more than two million square foot of retail assets across the two malls.

DragonMart has more than 3,900 retail outlets and 187,000 square metres of retail and commercial space.

Ibn BattutaIbn Battuta Mall contains about 275 outlets, including anchor stores such as Géant, Debenhams, Paris Gallery, Fitz and Simons, BHS, H and M, New Look, Go Sports, and Studio R.

By Nina Varghese

© Emirates Business 24/7 2009