Developed by Meraas, a Dubai-based real estate developer, the Outlet Village will cover an area of over 20,000 square meters and house 160 top-tier outlet stores. The company said: “Unlike traditional ‘outlet’ malls, the Outlet Village will retail high-end luxury brands at discounted prices.”
Though the construction on Outlet Village will commence 2012, the company did not give value or project completion date. Located at the intersection of Al Khail and Um Suqeim road, the Outlet Village concept has been inspired from a European village. Phase-one of the development will feature 100 high-end brands, while phase-two will consist of 60 outlet stores.
The total stock of mall based retail space in Dubai at the end of third quarter 2012 was estimated at 2.9 million square metres, according to Jones Lang LaSalle. The only major completion scheduled for the next quarter is Phase 1 of The Avenue by Meraas, which will add around 13,000 sq m of retail space to the existing stock. JLL believes there remains strong demand for retail space in the best performing super-regional malls (eg Dubai Mall, Mall of the Emirates), resulting in sustained prime rents of Dh4,700 per sqm.
The UAE already boasts the Dubai Outlet Mall, a similar concept that was built in 2007 by Al Ahli Holding on the edge of the city, near Emirates Road. It has not had the same success as some of Dubai’s more popular malls, but has 240 stores, offering discounts of 30 per cent to 90 per cent on products, and said in August that retailers in the mall had seen a 20 per cent increase in sales this year, compared with last year.
adapted from Emirates 24/7 / The National