Community mall Oasis Centre, part of Dubai-based Landmark Group, will open seven new properties by the end of 2015, bringing the total number of malls to 12, says Neelesh Bhatnagar, director of Oasis Centre. “I don’t foresee Oasis going out of the GCC in the near future, not at least in the next three-to-five years. Once our business grows in Egypt and Iraq, that’s the time we will look at taking Oasis Centre out of these cities,” he reveals.
Sharjah and Muscat are expected to have one mall each, while Saudi Arabia is set to have five. The malls in the Kingdom will be in cities that lack organised retail. “I am sure that in the future there will be many more Oasis Centres coming up in Saudi Arabia,” observes Bhatnagar. While Oasis Centre accounts for a small percentage of Landmark’s turnover, it is expected to command around 15% in the next five to 10 years.
With an occupancy rate of between 97 and 98%, up to 75% of tenants at Oasis Centre in Dubai are Landmark-owned brands. In Dubai Oasis Centre saw footfalls increase by 11% last year compared to 2012. By the end of this year, it is expected to go up 10%. The mall will continue to focus on its retail offerings, followed by wellness, food and beverage and entertainment, which account for 25% of the mall’s space.