Developers DJM Capital Partners and PGIM have undertaken the task of converting dysfunctional unused buildings into usable shopping spaces to bolster the economy and offer more choice and convenience for consumers.
According to DJM Capital Partners, the days when shopping malls were typically located in the suburbs and surrounded by parking lots are over.
General partner at DJM Capital Partners, Muhammed A. Chaudhry, told Gulf News: “The new generation is taking the concept of shopping to the next level by demanding a holistic experience that combines the opportunity for shopping, living and leisure and socially interactive experiences.”
This new generation of fashion-conscious shoppers is creating a strong demand for an alternative shopping experience. Among the latest revolution in shopping malls is the infusion of smaller shop fronts, supported by e-commerce solutions and containing a mix of residential quarters, leisure facilities and food and beverage outlets. Investors and owners are constantly looking beyond conventional development sites and becoming increasingly creative in their new-wave shopping mall designs.
In February, a similar trend emerged in Qatar where local retailers set out to transform stadiums and venues of the Fifa World Cup 2023 into shopping hubs.
“Some of the conversions involve rethinking the concept of malls in an era when younger millennials and Generation Z members seem increasingly disinclined to drive. To sustain a mall into the next generation, it should be embedded in a mix of activated, walkable uses, including residential,” said Mr Chaudhry.
