Chalhoub doubled store closures in 2016

Last year, the Chalhoub luxury retailer (600 stores in the U.A.E., reporting flat sales growth in 2016) doubled store closures in the U.A.E. to 50, as some rents became unsustainable. “Some malls became so expensive that we moved”, said Patrick Chalhoub, the co-Director of the Group. “Mall owners need to be careful about operating costs, because there is a tipping point where online makes more sense and then we will leave. While our online revenue was around US$250 million in 2016, we...