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According to Patrick Chalhoub, C.E.O of the eponymous luxury group, Dubai has been “over retailed” due to the surge in mall openings in the boom years 2013-2015. “The supply has not been met with enough demand, which will lead to the closure of shopping centres that do not adapt to changing trends” he said.
He added that developers must work together with retailers instead of raising rent prices and making it more difficult for brands to survive, “it has to be a win-win situation”. Last year, Chalhoub Group has witnessed a higher sales growth with at least over 1% growth year-on-year despite closing down 60 stores across the Middle East.
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