Dr. Ajith Kumar V.V
Footfall will continue to be a challenge for retail malls in Dubai and the greater UAE in the face of coming oversupply and the rapidly increasing adoption of e-commerce, according to real estate consultancy JLL. According to a recent JLL report on the real estate sector in Q2, market rents in Dubai primary malls have declined by approximately 14 percent, compared to 24 percent for secondary malls when compared to the same time period last year. Additionally, market rise vacancies are estimated to have risen from 14 percent in Q2 2018 to 18 percent in Q2 2019. Total mall-based reply supply stood at around 3.8 million sq. at the end of the quarter, with the expansion of Dragon Mall being the only project completed during the quarter.
Source: https://www.arabianbusiness.com/retail/424185-dubai-malls-turn-to-tech-in-face-of-retail-sector-oversupply