Nine new shopping malls are expected to open in Qatar over the next three years, offering customers a wide range of shopping, dining and entertainment experiences, The Peninsula has reported citing a real estate report.
“Currently, there are around nine new malls under various stages of construction, out of which four have experienced soft openings, or launched in phases and have expansion plans that are slated to be delivered within a 3-year period,” said the report by KPMG on Qatar’s real estate sector.
Northgate Mall, Place Vendome, Doha Mall, Doha Oasis, Katara Plaza, Al Waab Mall are among the malls which will be opened over the next three years while some others announced partially opening this year.
The report added that North Gate Mall is expected to have a soft opening in the first quarter of 2018. United Development Company (UDC) launched ’04’ Mall in La Plage, South District in The Pearl, and is expected to be completed by the end of 2018.
Currently, the overall organised retail space stands at approximately 1.63 million square metre (sqm). The new malls will take the overall organised retail space in excess of 2 million sqm.
The launch of Doha Festival City has increased the overall supply of organised retail space in Qatar to more than one million sqm of leasable space, distributed across 19 shopping malls.
Expected to be fully operational by the year end, Doha Festival City spans over approximately 250,000 sqm of GLA is the country’s largest shopping destination, noted the report.
The second quarter also noticed the soft opening of Al Hazm Mall which will add 36,000sqm of leasable area that will primarily feature luxury brands along with food and beverage outlets and is expected to have a grand opening towards the end of the year.
Opening of new malls indicates the strength of Qatar’s robust economy and shows that the country is moving fast on the growth trajectory, despite the blockade imposed by siege countries since June 5.
“Qatar’s retail market continues to outperform all other asset classes. One of the primary reasons for this robust growth is the high disposable income of a significant section of the population,” noted the report.
Published on 2 January 2018 Image: Place Vendome Qatar