Monday, Oct 21, 2013
Dubai: It’s ‘open’ week in Abu Dhabi. Within a span of 48 hours, two prestige labels will be opening the doors to their swanky new outlets and furthering Abu Dhabi retail sector’s newly acquired status as the pacesetter.
Cartier, and it gets no more uber-plus than that in the rarefied air of luxury brands, opens at The Galleria on Al Maryah Island on October 23, while UK’s mid-to-premium department store chain House of Fraser pitches up with its first Middle East presence at the World Trade Centre Mall developed by Aldar Properties. It is also, incidentally, the retailer’s first location outside of the UK and Ireland.
House of Fraser takes up a substantial 100,000 square feet over four levels at the Abu Dhabi location. “We believe that Abu Dhabi has great potential, with one of the highest per capita incomes in the world, to continually develop into one of the region’s top destinations for shopping,” said Nabil Daud, managing director and CEO of Retail Arabia International, which is regional franchisee partner for House of Fraser. “We felt that the market was under-served today for quality retail destinations and needed some pizazz, which would appeal to its growing segment of chic shoppers. We are glad to have found in Aldar a strategic partner.”
UAE’s portfolio
With House of Fraser’s opening, the UAE’s portfolio of global department stores notches up another hit. Saks Fifth Avenue and Harvey Nichols set the ball rolling in the last decade, and subsequently picked up by the likes of Bloomingdale’s and Galeries Lafayete. With both Mall of the Emirates and The Dubai Mall in expansion mode, coupled with the possibility that the ongoing retail boom phase could lead to new projects, there sure is space to pull in names that are as yet missing.
As for Abu Dhabi, it will be adding “approximately 1 million square metres of retail space between 2013 and 2017,” according to Andrew Williamson, head of retail at Jones Lang LaSalle. “Increasing demand for more high quality space from both residents and retailers is a sign of growing market confidence.”
With its presence in Abu Dhabi secured, House of Fraser will now, naturally, look elsewhere in the region for an expansion of its footprint. “Abu Dhabi delivers a strong growth platform for us,” said Daud. “House of Fraser continues to be a dominant force in the UK and at the same time is looking at various opportunities around the globe for further growth. Sooner rather than later we should be announcing our second store [in the region].”
House of Fraser, which has historically grown through acquisitions, operates 60 high-street locations in the UK and Ireland. The company itself was acquired by the Highland consortium in November 2006. Annual sales are in excess of £1.25 billion.
On the choice of the World Trade Centre Mall as location, especially as retailers are sort of spoilt for choice when it comes to choices in Abu Dhabi now, Daud added: “It is a destination location, and being right in the heart of Abu Dhabi is a minute away from the corniche and the business district. In addition, the Mall tenants include some of popular brands in shopping and F&B, while many are being introduced to Abu Dhabi for the first time. We believe this complements House of Fraser very well.”
By Manoj Nair Associate Editor
Gulf News 2013. All rights reserved.
