Retail remains a significant area of growth in Bahrain's property sector, thanks to positive government interventions aimed at attracting more buyers and diversifying the market. According to Cluttons, a leading international real estate consultancy, the renewed confidence among retail occupiers and developers is reflected in the fact that retail rents have remained steady over the last six months. doha sale
Faisal Durrani, Head of Research at Cluttons, commented on the Bahrain Winter 2017/18 Property Market Outlook, saying, "Residential tenants are attracted to areas with high levels of retail penetration, and retail is playing a key role in helping various areas in the Kingdom realize their full potential. We've seen an increase in neighborhood retail projects in places like Juffair, while larger shopping malls like the BD 45 million 'The Avenues' are being hailed as game changers for the Kingdom's retail scene.
We expect 78,015 square meters of new retail space to be delivered in Bahrain this year, rising to approximately 93,000 square meters in 2018, and exceeding 455,000 square meters by 2020. Separate from the construction of shopping malls, the Gulf's largest IKEA is set to open next year at a cost of BD 47 million and will employ up to 600 people."
Cluttons research shows that developers' faith in the sector is reflected in the fact that it is currently monitoring 21 retail schemes totaling more than 1.05 million sqm and costing more than BD 277 million. Between now and the start of 2020, all programs are expected to be completed.
A third of visitors to EMEA shopping malls Go to eat and drink only, not to shop.
According to a recent CBRE survey, shopping malls are now the chosen destination for eating and drinking across Europe, the Middle East, and Africa (EMEA).
According to the findings of a survey of 22,000 customers in 22 countries around EMEA, 41% prefer to eat in shopping malls, compared to 10% in restaurants and cafés on the high street and 7% in retail parks.
A third of those polled said they went to shopping malls solely for the sake of eating or drinking. Even if their only reason for visiting the centre was to eat or drink, four out of ten went on to shop.
Food and beverage availability was rated significant by 90% of those polled in the UAE and 86 percent in South Africa, with nearly half (57 percent in the UAE and 65 percent in South Africa) almost always visiting shops even when food and beverage was not the reason for their visit. The UK lags behind the UAE and South Africa in terms of food and beverage availability, with 65 percent saying it is necessary, and just under half (47 percent) saying they will go shopping afterwards.
CBRE's EMEA Head of Retail Research and Consulting, Andrew Phipps, reports "It is undeniable that having a compelling food and beverage offering is critical to the foot traffic and sales at a shopping center. There was a time when a small fast food menu or a drab food court was enough of an excuse to pay a visit. They are now a draw in and the allure of a well-designed and well-delivered dining and drinking experience is what really entices customers."