By Aarti Nagraj www.gulfbusiness.com
Dubai’s Mall of the Emirates has been ranked as the seventh most productive shopping centre in the world, according to recent research by the International Council of Shopping Centres (ICSC).
The 2.5 million square foot mall, developed by Majid Al Futtaim (MAF) Properties, earns $1,423 per square foot per annum, said ICSC. The mall is nearly three times more profitable per square foot than the industry average, the report added.
Mall of the Emirates, which opened in 2005, has seen annual footfall numbers increase by an average of eight to 10 per cent annually, MAF Properties said in a statement. Visitor numbers reached 36 million last year and in the first half of 2012, the mall welcomed over 20 million visitors, it said.
The mall has 535 international retail brands, including over 80 luxury stores, and around 160 international brands are currently on the waiting list for space, the statement added. More info