DAMAC Group, a UAE-based business conglomerate, has opened DAMAC Mall, adding a retail and leisure destination to Dubai’s luxury landscape.
The 110,000-square-foot space features retail, hospitality, leisure and entertainment offerings.
Located within DAMAC Hills, the development features major international and local brands, including 30 retail stores.
Managing director of sales and development at DAMAC Properties, Amira Sajwani, said: “DAMAC Mall is part of DAMAC’s growing presence in the retail sector. It underlines our keenness to provide residents with seamless connectivity and easy accessibility to community and retail amenities.
“We are confident that the mall’s carefully curated tenant mix perfectly aligns with the preferences of our local community. DAMAC is committed to consistently improving the quality of life for our residents and transforming our communities into dynamic spaces that offer unmatched convenience and satisfaction.”
The shopping destination expects an annual footfall of around 1.3 million visitors.
DAMAC Properties and DAMAC International have a presence in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Iraq, the Maldives, Canada, the US and the UK.
Statista predicts that almost 78 of luxury sales will happen offline by 2025.
Likewise, Commercial Real Estate Consultants revealed that in-person retail transactions increased by 133 per cent and transaction value by 184 per cent over the last year.
According to Arabian Gulf Business Insight’s analysis of McKinsey’s State of Fashion report for 2023, the Middle East is expected to be a leading contributor to luxury fashion’s global growth of five to 10 per cent this year.
