Emaar Malls, the shopping malls and retail business majority-owned by global property developer Emaar Properties, records net profit of AED 433 million ($118 million) during the first quarter (January-to-March) of 2015, which is 32% higher than Q1 2014 ne t profit of AED 329 million ($90 million). The revenue during Q1 2015 across all its mall and retail assets is AED 735 million ($200 million), 21% higher than Q1 2014 revenue of AED 605 million ($165 million).
The assets of Emaar Malls include The Dubai Mall, which welcomed over 31 million visitors during Q1 2015, 7% higher than the same period last year. Tenant sales across Emaar Malls was over AED 5.2 billion ($1.4 billion) with AED 4.6 billion ($1.2 billion) from The Dubai Mall similar to 2014 tenant sales. Emaar Malls tenant sales was AED 5,015 ($1,365) per sqft of leasable area, marginally higher compared to the same period in 2014. Emaar Malls witnessed significant upside of 26% on base rent renewal rates for leases renewed in first quarter 2015 across all its malls and retail assets.
“Following its successful IPO and listing on the Dubai Financial Market, Emaar Malls is now focused on its next level of growth through aggressive expansion in Dubai and international markets. Our malls business is a strong contributor to Emaar’s recurring revenues, and we are committed, more than ever, to creating sustained value to our stakeholders through innovative approaches to retail, leisure and entertainment,” asserts Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties.
“The robust performance of Emaar Malls assets in Dubai during the first quarter was led by the positive growth of the city’s retail sector, which was catalysed by the Dubai Shopping Festival, the growth in tourism and round-the-year activation initiatives in The Dubai Mall. We will continue to build on this positive momentum and focus on delighting visitors from around the world,” he adds.
With a total GLA of about six million sqft, Emaar Malls has GLA occupancy rate of 96%. Emaar Malls is expanding The Dubai Mall’s Fashion Avenue, which brings the largest number of high-end international fashion brands under one roof, by one million sqft built-up area to welcome a larger assortment of leading fashion brands. The leasable area, through this expansion, is about 15% of the current mall and is expected to be completed in 2016. Other assets under Emaar Malls include Dubai Marina Mall, Souk Al Bahar and Gold & Diamond Park as well as community shopping centres.
A report from Bain & Company has revealed that the emergence of some positive shopping trendsMay 9, 2021 | By RetailME Bureau
UAE-based RAW recently announced that it would be extending its GCC operations,May 4, 2021 | By Bilal Syed
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
UAE-based Al Maya Supermarkets is hosting a two-week food festival at select
Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the
Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created
UAE-based Al Islami Foods, one of the largest frozen food companies in
Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free
World’s largest fully integrated online brand in fresh fish and meat e-commerce
UAE-based Carrefour has opened a new store at the world’s busiest international
FILA has opened its new futuristic flagship store in Dubai Mall. The 158m²
UAE-based Times Square Center is getting ready to reveal its newly refurbished,
UAE-based Majid Al Futtaim has officially opened its newest lifestyle and retail
Carrefour has announced that it is expanding its robotic fleet, adding 11
Marking the 200th hypermarket opening in Cairo, Egypt, LuLu is celebrating the
Emerging technologies and IT integration in businesses have been taking place for
British fast-fashion retailer Primark says it has no plans to sell its
UAE-based Emaar Malls have announced the resignation of its CEO, Rajiv Suri
Nakheel Malls, the retail arm of master developer Nakheel, has launched its
Majid Al Futtaim has underlined its commitment to sustainability and creating unique