By Staff writer
Emaar will open Dubai Hills Mall and Time Out Market this year
Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, reported a slight increase in profit and revenue for 2019, helped by its growing loyalty programmes.
Revenue for the year was up 5%, to $ 1.272 billion, with profit reaching $622 million, a slight increase of 2%.
Emaar said occupancy levels across all of its assets, which includes The Dubai Mall, was at 92%, while footfall was similar to last year, with 136 million visitors.
The loyalty programmes operated across Emaar Malls entities are said to have fuelled the growth seen in 2019, with its various partnerships - including the Emirates Skywards programmes - playing a vital role in the Emaar Malls customer engagement strategy.
Namshi, the regional e-commerce fashion and lifestyle platform that was fully acquired in 2019 by Emaar Malls, reported sales $280 million for 2019, an increase of 21% compared to the previous year. Namshi attributed its positive numbers to its ‘Black November’ campaign, and as well its considerable growth in the Saudi market.
Commenting on the 2019 performance, Mohamed Alabbar, chairman of Emaar and board member of Emaar Malls, said: 2019 was a great year for Emaar Malls with occupancy and visitor levels growing steadily.
"This uptick is a result of our continuous innovation as we refresh the customer journey, diversify our portfolio and invest in opportunities to bring our destinations to life," Alabbar said.
"Examples of this include the recently opened Zabeel Extension at The Dubai Mall and the complete acquisition of Namshi, both of which contributed to our achievements in 2019. We expect to see this success continue through 2020, as we focus on loyalty programmes to drive repeat visits and open new destinations to welcome inbound tourism driven by Expo 2020.”
Emaar will open Dubai Hills Mall in Dubai Hills Estate in Q4 2020. The 2 million square foot retail establishment features nearly 550 retail and entertainment destinations, including four major family entertainment and leisure centres along with a cineplex, hypermarket, seven anchor retail experience stores, and over 7,000 parking spaces.
Emaar Malls is also redeveloping Meadows Village to increase its gross leasable area by approximately 95,000 sq. ft, with completion scheduled for this year.
Emaar Malls, partnership with Time Out Group, is set to open first Time Out Market in the region at Souk Al Bahar.
At Time Out Market Dubai, visitors will get to explore and enjoy food from 16 of Dubai’s top chefs and celebrated restaurateurs with three lounges and cultural experiences. With the opening expected in Q4 2020, Time Out Market will occupy 30,000 sq. ft., accommodating around 670 seats.