Dubai's retail supply has just expanded with the opening of a mega shopping complex, Silicon Central, which is the size of more than 10 football fields.
The latest addition, located at Dubai Silicon Oasis, opened its doors this week, offering a total of 81,500 square metres of gross leasable area (GLA) and 3,500 car park spaces.
The shopping destination is designed to accommodate 218 retail shops and services and 50 restaurants as well as 12 cinema screens, 5,000 square metres of fitness space and 7,000 square metres of family entertainment space.
It is home to a 9,000 square-metre flagship store by hypermarkets operator Lulu Group.
The mall's opening comes as businesses around the world are still recovering from the devastating effects of COVID-19.
The landmark project is a collaboration between Design International and Line Investments & Property, the shopping mall division of Lulu Group International.
"Silicon Central is one of the first major projects that boldly symbolises the rebirth, and the recovery to normal daily life, after the outbreak of the COVID-19 pandemic in one of the most dynamic cities in the world," said Davide Padoa, CEO of Design International.
As of 2020, Dubai's total retail supply was estimated to be around 4.2 million square metres, with an additional 110,000 square metres of retail GLA completed in 2020 alone, according to JLL.
The Dubai Chamber of Commerce and Industry said last month that retail sales in the UAE are expected to rebound and grow by 13 percent to reach $58 billion by the end of this year.
The retail sector is expected to get a boost from pent-up consumer demand in the second half of 2021, massive COVID-19 vaccination campaign and the upcoming World Expo in Dubai.
By 2025, retail sales are forecast to reach $70.5 billion, with store-based retailing expected to post a compound annual growth rate (CAGR) of 5.7 percent, while non-store retailing forecast to grow at a CAGR of 14.8 percent, Dubai Chamber said, citing data from Euromonitor.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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© ZAWYA 2021