SouqExtra to lease outlets at Retail City
Dubai, May 27, 2008
SouqExtra, the UAE’s first chain of community supercentres, will commence leasing at the first six outlets in the UAE at its stand at Retail City 2008.
Retail City 2008 will be held at the Dubai International Exhibition Centre from June 1 to 3, 2008.
“Ever since we announced SouqExtra, we have been flooded with inquiries from service operators. We believe Retail City is the right platform to launch the leasing of units at SouqExtra!, keeping in view our schedule of opening the first outlets over the next few months,” said founder and managing director of SouqExtra Saleh Lootah.
“At Retail City, we will be accepting bookings from retail service partners interested in leasing and rental of units for operating laundries, pharmacies, money exchanges, kids play area, day care centers, walk-in clinics, gyms, banks, snacks, kiosks, etc with complete specifications of each location,” Lootah added.
The first SouqExtra! outlet is due to open at Ewan Residences in October 2008, followed by three more in Al Barsha, Al Quoz and Al Muhaisnah in the first quarter of 2009.
Subsequently, the Ras Al Khaimah and Fujairah outlets will be opened in the second quarter of 2009. The Al Ain, Sharjah and Abu Dhabi outlets are scheduled to be commissioned by the end of 2009.
“It has been a very busy time since we announced SouqExtra!, as we have been aggressively adding locations, and we have doubled our target to open 20 outlets by 2010, against the original plan of ten,” said Lootah.
“Demand is pushing us toward new targets and we are determined to meet the challenges through accelerated pace of expansion.”
“SouqExtra! is a pioneering branded lifestyle supercenter model, representing an innovative retail concept, shaped by extensive research into outlet positioning. It focuses on providing access to amenities and services that connect consumers’ professional and family life to the larger community, giving life more meaning and Extra! value,” said head of concept and commercial development Irfaan Saraaf.
Several reputed investors have thrown their weight behind Souq Extra, including the Lootah Group, Emirates Post Group, National Bonds Corporation, Bonyan Holding, Abbasi Group and a group of high net worth individuals.
The SouqExtra concept has attracted wide attention among master developers and builders. Dubai World Central is the latest developer to show interest in the SouqExtra model. DWC and SouqExtra have already signed a memorandum of understanding to explore the potential of opening outlets in the Residential City.
Retail City is a three-day exhibition that brings together international retail property professionals to develop new joint ventures, exchange views, identify new investment opportunities and encourage retailers and franchises to set up shop and services in the Middle East. – TradeArabia News Service