Retail - Montag, März 16, 2009 19:57 - 0 Comments

Call to slow march of the Dubai mall giants

DUBAI // Retail developers should reconsider or postpone plans for giant malls given the slowing economic climate, says the head of the Dubai Shopping Malls Group (DSMG).

Majid al Ghurair, the DSMG chairman and the president of BurJuman shopping centre, said retail sales in Dubai had dipped 25 per cent so far this year from the same period last year as shoppers became more conservative.

Sales began to rebound this month, but the magnitude of the impact of the economic crisis on the UAE was still unclear, he said, and massive projects should be re-evaluated and possibly delayed for five or six years.

“Seeing the market, I don’t think it’s a smart move unless they know something I don’t know,” Mr al Ghurair said. Continue…