Wednesday 19 January 2022

Qatar ... retail boom on the horizon.

Qatar set for solid expansion in retail market

DOHA, February 16, 2015

Qatar is set to see the addition of retail space amounting to more than one million sq m with a number of shopping malls due to open this year and in 2016, a report said.

The retail sector in Qatar is driven by the high levels of disposable income, the Gulf Times report said, citing global real estate company DTZ.

In 2013, the World Bank estimated that the per capita GDP (gross domestic product) in Qatar reached $136,727, representing the highest level of disposable income per capita worldwide, the report added.

“The strong spending power within Qatar has seen significant increase in demand for retail accommodation from both local and international retailers, with current occupancy levels in the main shopping malls at unprecedented levels,” the DTZ study said.

Retail malls, high street showrooms and suq retail constitute the country’s retail market, DTZ noted, adding that overall supply currently stands at approximately 590,000 sq m across 13 shopping malls.

“Retail rates have remained relatively stable in recent years,” DTZ said.

More than 70 per cent of the retail units have already been reserved by various retailers, the study noted, adding that the Medina Central on The Pearl – Qatar has also increased the amount of retail space available in Doha. The development comprises approximately 65,000 sq m of commercial space, the report said.

“We understand that lettings have been agreed on the majority of the retail units, which are due to open their doors in 2015,” DTZ said.

Approximately 125 new hotel establishments are under construction in Qatar which, on completion, will add 35,000 rooms, said DTZ.

Tags: Qatar | hotels | DTZ | Shopping malls | retail market |

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