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RAYMOND J. CHETTI
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7/27/2014
Retail Development - April ~ July 2014
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Retail Development
by
Raymond Chetti
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Malls earning US$1,800 per square foot yearly
From
www.bqdoha.com
-
July 18, 2:49 PM
“The future of retail in Qatar is entering the next phase of development and the resulting shopping centers and retail environments will be world class”, says David Macadam, chief executive officer and the vice chairman of Middle East Council of Shopping Centers
Raymond Chetti
's insight:
GCC Retail space exceeds 10 million sm and is expected to grow by 46% by 2015. Alpen Capital forecasts GCC retail industry to cross the US$270 billion mark by 2016. There are 285 sm of retail area for every 1,000 people. People spend an average of 5 hours at shopping centres in the GCC.
South China Mall comes alive again with the allure of food after US$32 million repositioning
From
www.wantchinatimes.com
-
July 11, 8:11 PM
On June 1, Dongguan's South China Mall scored a record as its stores scrambled to serve crowds of 80,000, as the mall suddenly came to life from a 'ghost city.'
Raymond Chetti
's insight:
You remember that huge mall in China that everyone took pictures of when it died and was completely deserted? Well, it's back under new ownership. They've refreshed the tenant mix to be more "experienced based" tenants along with more community oriented services. Restaurants account for 40% of the sales followed by "experience stores" taking up 30% and the rest of the 30% taken up by traditional retail tenants.
Taubman remains a mall believer - 3 new U.S. shopping malls underway
From
online.wsj.com
-
July 11, 10:14 AM
Later this year in Sarasota, Fla., Taubman Centers will do something that is rarely seen these days in the retail world: open a new regional mall.
Raymond Chetti
's insight:
The U.S. has only seen 8 new shopping malls built since 2008. #Taubman is one of the developers who has been leading those developments. Their new centre in Sarasota, FL will be a 900,000 sf retail complex with 3 traditional department stores (Dillard's, Macy's and a Saks Fifth Avenue). While Taubman is a highly experienced retail centre developer, their new shopping centre in Sarasota, FL is a traditional indoor mall with seas of parking surrounding it. Will it survive and thrive considering the "dead mall" trend that has been sweeping across the U.S.? Will they reposition this asset into a walkable community with mixed-uses sometime down the line?
Even as retail-sales growth slows in China, the malls keep going up
From
online.wsj.com
-
June 9, 12:40 AM
Even as retail-sales growth slows in China, the malls keep going up. Developers could end up paying a heavy price.
Raymond Chetti
's insight:
China is currently building 1,000 Mall of Americas...
Mall of America's new vision for its redevelopment strategy: Clean, light, classy and mixed-use
From
www.twincities.com
-
May 8, 6:39 PM
When Mall of America first opened in 1992, it was so big that designers added visual cues to keep shoppers oriented.
Raymond Chetti
's insight:
America's largest Mall is about to get larger and nicer. The first phase of work that broke ground in March 2014 will include a US$325 million expansion will also include 60 new retailers under a glass, skylit atrium, a 10 storey office tower and a luxury hotel. The second phase of work that was priced at US$11 million will renovate the old interior of the mall to resemble an open/sky-lit European market. Future redevelopment will include a US1 billion expansion that would include more retail, hotels, a waterpark, and more.
MAF To Develop $467m Mall of Oman Project - Gulf Business
From
gulfbusiness.com
-
April 6, 5:55 PM
The mall, set to become the largest shopping destination in the Sultanate, will house 350 stores.
Raymond Chetti
's insight:
Overview: Investment: OMR180 million ($467.5 million) GLA: 157,000 sm Stores: 350 Anchors: Carrefour, VOX Cinemas, Magic Planet MAF is presently investing over OMR30 million to renovate and upgrade both Muscat City Centre and Qurum City Centre, which are due to be completed in 2014.
Asian malls are kings of retail
From
www.malaysia-chronicle.com
-
July 16, 11:16 AM
The world's biggest mall is in Asia but it might as well be the world's emptiest, with almost 40 per cent of it remaining empty since it opened in 2005....
Raymond Chetti
's insight:
I'm a bit disappointed they failed to discuss the retail revolution that has been taking place in Korea and Japan...
Dubai Plans Mall of the World, the First Ever ‘Temperature Controlled City’
From
www.archdaily.com
-
July 11, 6:22 PM
Temperature-controlled retail street network. Image Courtesy of Dubai Holding Developers Dubai Holding have announced their plans to build the 'Mall of
Raymond Chetti
's insight:
Developers Dubai Holding have announced their plans to build the ‘Mall of the World’ a new 48 million square foot tourist district in Dubai that will host the world’s largest mall, a new cultural district, a theme park and 20,000 hotel rooms. What’s more, the district’s 7km street network will be covered by a retractable roof during the summer months, creating the world’s first “temperature controlled city”. The world’s largest shopping mall, with a total of 8 million square feet of floor space100 new hotels and serviced apartments buildings containing 20,000 hotel roomsLargest indoor family theme park in the worldCultural district including a theatre district modeled on New York’s Broadway, ‘The Celebration Walk’ modeled on Las Ramblas in Barcelona, and shopping streets based on London’s Oxford StreetDubai’s largest events centre, accommodating 15,000 peopleA 3 million square foot “wellness district” catering to medical touristsTemperature-controlled covered retail street network spreading over 7 km
IKEA sets sights on building shopping malls in China
From
www.wantchinatimes.com
-
June 9, 12:46 AM
IKEA, the world's largest furniture retailer, plans to open its fist shopping mall in China in late June, and two more malls will follow next year, the Shanghai-based National Business Daily reports.
Raymond Chetti
's insight:
IKEA is expected to invest a total of 10 billion yuan (US$1.6 billion) in the three malls not in the centers of first- or second-tier cities, but rather in new districts in the suburbs. It will open its first shopping mall in Wuxi in Jiangsu province in late June, and plans to open two more next year in Beijing and Wuhan.
Thailand’s Latest Luxury Mall Opens for Business - Southeast Asia Real Time - WSJ
From
blogs.wsj.com
-
May 15, 4:14 PM
Thailand’s endeavor to be Southeast Asia’s luxury shopping hub got a boost with the unveiling of the Central Embassy, a $550 million project in the heart of Bangkok’s commercial district.
Raymond Chetti
's insight:
- Mixed-use shopping mall that includes a Park Hyatt Hotel and an Embassy Diplomat Screens (luxury cinema) - 200 international brands spread out over 144,000 sm of retail area - expected to attract 50,000 to 60,000 visitors per day
Legoland to break ground in Korea - The Inside Korea · 인사이드 코리아
From
theinsidekorea.com
-
April 26, 5:12 PM
The seventh Legoland worldwide is expected to attract more than 1 million visitors and create more than 1,600 jobs, generating a positive economic effect for the Gangwon region, they said.
Raymond Chetti
's insight:
Say hello to LEGOLAND, South Korea! Legoland, a Lego-themed amusement park, will be established in Chuncheon, Gangwon Province, in 2016 spread out over 280,000 sm, to become the first of its kind in Northeast Asia, according to government officials on Friday. The amusement park, which targets children aged 2 to 12, will be filled with devices and facilities made with Lego blocks. While the amusement park is slated to open in late 2016, the other facilities will open no later than 2018.
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About Me
My primary interest lies within our built environments and how to better improve them. This newsletter will primarily focus on retail development news from around the world.
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