A brand spanking new shopping mall has inaugurated at a site in Sharjah that is built on a leasable area of about 1.2 million sq ft. But yet there are only three out of a total of 260 shops or stores are functional.
But this one did not get the developer who developed the very well known Safari Mall that is situated at a site near the place of the Al Muweilah and also is in proximity with the main institutes – excessively worried. “in the retail world a downturn is observed and retailers also were not very much willing to get into lease,”. This is a maxim by Aboobacker Madappat who is the Chairman of the Safari Group. “Domestic functions of a few international brand names are engrossed; conversations are being done with them, though the decisions are being delayed by the head office.
“This is very much considered as being ok in the case of any downturn – so we were quite prepared for this to happen.”
The main because Madappat is not tensed is the location of the shopping mall that happens to lie nearly between 10,000-15,000 houses and also a customer base of greater than two lac people.
“When you get the reach to market that is having potential in it, retailers would very soon initiate with signing the terms and conditions of the rental agreement,” he said. “On my part that is not at all misplaced positivity – if a developer has a completed project, the prospects show increment very quickly on the condition that the developer has finished a project. We also carry evidence to exhibit potential residents.
“Presently, this is considered to be the second biggest shopping mall in Sharjah while Sahara Mall remains to be the first biggest mall –it would be proved that the project we got is right by all means in just the next few weeks.” (A mega-mall is being built by The Lulu Group in the emirate that is located near the cricket stadium.) The Safari Group that is functions business of food distribution in the United Arab Emirates plus hypermarkets somewhere else in the Gulf, beyond three different stories inside the shopping mall a hypermarket is being functioned.