22 Jan 2018 - 14:32
Qatar’s retails sector has not only emerged unscathed from the unjust siege but has also grown stronger. Many new malls are set enter Qatar in the coming years, which shows that the confidence of investors on the country remains intact.
Around nine malls are expected to open over the next three years, offering customers a wide range of shopping, dining and entertainment experiences, noted a report by KPMG on Qatar’s real estate sector.
Currently, the overall organised retail space stands at approximately 1.63 million square metre.
Opening of new malls indicates the strength of Qatar’s robust economy and shows that the country is moving fast on the growth trajectory, despite the illegal blockade imposed by siege countries since June 5.
Northgate Mall, Place Vendome, Doha Mall, Doha Oasis, Katara Plaza, Al Waab Mall are among the malls which will be opened over the next three years while some others announced partially opening this year.
Turkish furniture conglomerate, Mobiliyum, is set to open its branch in Qatar. Turkey’s first furniture mall Mobiliyum is said to be the Europe’s largest mall dedicated to furniture and related products, and is one of the largest in the world.
The Chairman of the furniture mall also held meetings with several Qatari businessmen and potential investors, and invited them to visit its facilities in İnegöl, Turkey.
Over the years, retail malls in Qatar have performed well, with high occupancy, increasing rental levels with subsequent demand from new tenants.
The second quarter of 2017 witnessed the launch of Doha Festival City, which increased the overall supply of organised retail space in Qatar to more than one million square metre of leasable space, distributed across 19 shopping malls. Expected to be fully operational by the year end, Doha Festival City spans over approximately 250,000 sqm of GLA is the country’s largest shopping destination. The second quarter also noticed the soft opening of Al Hazm Mall. Al Hazm Mall will add 36,000sqm of leasable area that will primarily feature luxury brands along with food and beverage outlets and is expected to have a grand opening towards the end of the year.
Opening of new malls will not only offer more choices to shoppers but it will also boost tourism to in the country. Many tourists prefer to visit countries that have big malls. With big names expected to enter Qatar’s retail sector, the country is set to become a major hub for shoppers and tourists.