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Thu 18 Mar 2010 10:37 AM

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Dubai World retail arm changes focus amid downturn

Retailcorp World reconsiders move to bring new brands to the UAE - paper.

Dubai World retail arm changes focus amid downturn
RETAIL DETAIL: Retailcorp World has put expansion plans for new malls on hold. (Getty Images)

Dubai World retail arm Retailcorp World has put expansion plans for new malls on hold, and has also dropped plans to bring a selection of global brands to the region. The National reported that the company has closed its Lamborghini-branded cafes and will not import US grocery outfit Balducci’s and high street fashion chain Joe Bloggs to the UAE.

The firm will instead concentrate on its less risky sports retail outfits. It opened its third Go Sport and fifth Nike branch in the UAE at the Mirdif City Centre Mall, which came online this week.

Retailcorp World, formerly known as Nakheel Retail, previously had ambitious plans to build malls on Palm Jumeirah and in International City, together with a giant new shopping centre on Palm Deira.

But the firm was rebadged in March last year, and even long-planned expansion at Ibn Battuta Mall has now been put on hold.

“The expansion of Ibn Battuta, we are looking at it, but it is not the priority,” Retailcorp executive vice chairman Abdul Wahid al Ulama told the National.

“The priority is to look at what we have … and how we upgrade the offer. And if there is an overwhelming need to expand, we will do so.”

The newspaper also reported that customer traffic at Ibn Battuta Mall was flat last year in comparison to 2008, but that it had picked up slightly in the first few months of this year.

Meanwhile, DP World, the Middle East’s biggest port operator, had its price estimate cut to 65 cents from 70 cents at Deutsche Bank, according to a Reuters report on Thursday.

The bank maintained its “buy” recommendation on the stock, the newswire added.

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Bindiboy 10 years ago

some inaccuracies in this article as Retailcorp dont own Nike shops firstly - thats Sun & Sands and secondly they already brought Joe Bloggs out here and it failed miserably!