‘Dubai Miracle’ grabs world’s attention: ICSC

DUBAI - The Middle East shopping centre industry is experiencing unprecedented growth, and the ‘Dubai Miracle’ has caught the attention of the world’s leading retailers, according to the International Council of Shopping Centres (ICSC).

By A Staff Reporter

Published: Thu 7 Oct 2004, 9:27 AM

Last updated: Thu 2 Apr 2015, 12:37 PM

Speaking at the inauguration of the 10th Annual Conference and Exhibition of Middle East Shopping Centres (MECSC), the regional body for regional shopping centre professionals, James Maurin, chairman of ICSC, said: “Dubai’s rapid growth reminds me of the way Las Vegas developed in the US. I am sure more global shopping centre brands will soon be coming to this rapidly developing region.”

According to Maurin, the biggest trends are towards mixed-use projects and regional developments, focussed on building a city-within-a-city, such as Dubai Festival City, a platinum sponsor of the MECSC’s event.

Earlier, Majid Saif Al Ghurair, chairman, MECSC, in his welcome address to the conference, said that the future of the regional shopping centre industry was bright. “In the last decade, MECSC has grown into a truly professional organisation and evolved into its role as a catalyst in developing the industry,” he said.

Addressing delegates on the opening day of the conference, Michael Kercheval, ICSC president, warned Middle East mega shopping malls they may face increased competition in the future from a new twist in the retail landscape, so-called ‘Lifestyle Centres,’ which reflect growing consumer demand for an alternative shopping format.

“Rapidly growing populations and changing lifestyles are creating real challenges for everyone involved in planning the future of retail in the Middle East. The convention’s conference provides an arena for discussing best practice, as well as new and innovative retail development ideas and act as a knowledge base that will educate and develop individuals within the industry,” said Kim Redman, regional director, MECSC.