Jul 02 2012
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Retail action spreads to Ras Al Khaimah
Monday, Jul 02, 2012
Dubai: The retail sector in the UAE is headed north… literally. Mall developers and leading local and regional retail brands are now focusing a great deal of attention on Ras Al Khaimah, one of the northern emirates.
And as focal points for all of the incoming attention, there are the newly opened RAK Mall and Manar Mall, which is going through a major expansion. So, what is the premise behind the uptick in retail activity?
“Ras Al Khaimah’s residents until recently had to be content with only one major retail offering which had been existent for the past 10 years,” said Raja Abdul Khader, Director at Line Investment & Properties and promoter of RAK Mall. “It’s only a natural process of market dynamics that alternative options become available.
Retail demand in the emirate is principally led by domestic shoppers, though it did pull in 830,000 tourists last year and expected to grow by nearly 20 per cent this year. But logic suggests that these tourists would have enjoyed the rest and recreation that Ras Al Khaimah’s hotels offer while for their shopping they would have gravitated to the mega malls in Dubai.
“The emirate is set to open more properties and hotels and that will further generate greater potential for retail and food and beverage venues. Ras Al Khaimah did not feel the impact of the financial crisis as acutely as some of the other emirates and therefore rentals held steady. Sales in Manar Mall and Al Hamra Mall have shown signs of growth in the past six months and consequently we have seen keen competition between retailers for space.”
By Manoj Nair, Associate Editor
© Gulf News 2012. All rights reserved.
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