Retail market in Casablanca is actively transforming


March 5, 2019 | By RetailME Bureau

Performance across Casablanca’s real estate market remained relatively stable throughout 2018 with the announcement of new projects, enhancing investor sentiment across all sectors, states JLL.

Oxford Economics predicts Morocco’s real GDP will increase by 3.3% in 2019, owing to the expansion of the industrial sector, increased tourism and higher levels of capital spending. As a result, the hospitality and retail sectors continued to remain active in 2018 with new projects set to enter the market in 2019. There was also a notable 8.5% increase in tourist arrivals in 2018 compared to the previous year, according to Morocco’s National Tourism Office (ONMT).

The retail sector in Casablanca continues to transform in relation to evolving consumer preferences. Retail developers are now responding to the change in demand by offering integrated retail parks housing additional leisure and entertainment facilities. Performance across the retail sector remained stable over 2018, paving the way for increased mall-based retail space entering the market.

The retail market has also remained broadly stable during the second half of 2018. The total retail stock remains unchanged at about 1.5 million sqft of GLA with no significant additions to the market.

This year, however, more retail space is expected to enter the market with the delivery of 430,555 sqft of GLA currently under construction in La Marina Casablanca. The completion of Marjane California extension, on the other hand, will add about 398,265 sqft of GLA to the market. Aradei Capital, a key commercial real estate player in Morocco, has announced the development of a 193,750 sqft retail park in Dar Bouazza, anchored by a 64,585 sqft Carrefour.

Other notable projects in the pipeline for the next few years include the Soft Group retail park currently under development in Dar Bouazza. This project is positioned as a shopping, dining and entertainment destination. The total mall-based retail stock is expected to reach about 2.9 million sqft of GLA by the end 2020.

Vacancies in main shopping malls remain low, although it is reasonable to expect higher vacancies with the delivery of new projects in 2019. While some shopping malls are experiencing high, average vacancies across the market remain stable – ranging between 5% and 10%. This level of vacancy is expected to continue as owners of poorly performing centres take measures to improve the attractiveness and footfall of their malls.

Comments

comments

Previous Article Next Article


TRENDS


The role of stores during the holiday season

The role of stores during the holiday season

What will be the role of stores during the holiday season in 

Continue Reading

September 21, 2020 | By RetailME Bureau
Converting mobile browsers into buyers

Converting mobile browsers into buyers

Converting mobile browsers into buyers is the task at hand, states Kalika 

Continue Reading

September 21, 2020 | By RetailME Bureau


MOST POPULAR


Home-grown bespoke streetwear brand emerges amid pandemic

Home-grown bespoke streetwear brand emerges amid pandemic

A home-grown bespoke streetwear brand emerges amid pandemic and manages to sell 

Continue Reading

October 1, 2020 | By Rupkatha Bhowmick
adidas Originals and LEGO team up

adidas Originals and LEGO team up

Global brands adidas Originals and LEGO team up to offer a playful 

Continue Reading

October 1, 2020 | By RetailME Bureau




YOU MAY ALSO LIKE /


Food Crowd is now delivering from farm to home

A new platform in the UAE, Food Crowd is now delivering from 

Continue Reading

October 1, 2020 | By RetailME Bureau
Eagle Hills Sharjah signs up Every Day Fresh Hypermarket

Eagle Hills Sharjah signs up Every Day Fresh Hypermarket to meet the 

Continue Reading

September 14, 2020 | By RetailME Bureau
BinDawood Holding reportedly sets IPO price

Saudi Arabia-based grocery retailer BinDawood Holding reportedly sets IPO price, indicates Reuters. 

Continue Reading

September 13, 2020 | By RetailME Bureau
Choithrams continues supporting UN WFP’s Zero Hunger campaign

For the sixth consecutive year, UAE-based supermarket chain Choithrams continues supporting UN 

Continue Reading

September 9, 2020 | By RetailME Bureau
BRW Society products will soon be available at Spinneys

Having been inducted into the Spinneys incubator programme, home-grown, online tea brand 

Continue Reading

September 8, 2020 | By Rupkatha Bhowmick
Urban Foods is on an expansion spreeUrban Foods is on an expansion spree

UAE-based Urban Foods, a strategic partnership between Meraas and Dubai Holding, is on 

Continue Reading

September 7, 2020 | By Rupkatha Bhowmick
Carrefour launches click & collect self-service at DIFC

Operated in the UAE by Majid Al Futtaim, Carrefour launches click & 

Continue Reading

September 7, 2020 | By RetailME Bureau
Tesco strengthens commitment to create employment opportunities

British grocery retail chain Tesco strengthens commitment to create employment opportunities through 

Continue Reading

September 7, 2020 | By RetailME Bureau
Waitrose & Partners UAE opens a convenience store in Al Barari

Waitrose & Partners UAE opens a convenience store in Al Barari, Dubai. 

Continue Reading

September 6, 2020 | By RetailME Bureau
Amazon-owned Whole Foods Market launched online-only store

Amazon-owned Whole Foods Market launches online-only store in Brooklyn, New York. This 

Continue Reading

September 3, 2020 | By RetailME Bureau
Interior of Grandiose Dubai

Grandiose Supermarket opens in Dubai Sports City, continuing to expand its presence 

Continue Reading

September 2, 2020 | By RetailME Bureau

UAE-based retailer Lulu Group has signed an agreement with the Royal Commission 

Continue Reading

August 31, 2020 | By RetailME Bureau




Download Images RetailME Magazine