The retail area in Dubai has withstood the stun of the Covid pandemic, with inhabitance levels staying tough all through the emergency a year ago, as per Emaar Malls, the retail arm of UAE’s top designer Emaar Properties.
Retail organizations felt the prompt effect of the episode a year ago, as footfalls across malls plunged during one of the world’s strictest lockdowns. Non-essential shops had to close down and retailers saw their business tumble to record lows.
Shopping center administrators, just as different landowners, had to offer rental alleviation to help battling foundations. On account of Emaar, the rental help, which has been stretched out until March 31 this year, has added up to 1 billion dirhams.
“Occupancy levels across Emaar Malls’ assets remained resilient during 2020,” the company said Wednesday.
Stronger position
Emaar Properties’ dispenses business registered a whole-year income of 3.508 billion dirhams ($955 million) and net income of 704 million for 2020.
“Emaar Malls has emerged from 2020 in a much stronger position, having faced some of the most challenging business conditions in a generation,” said Mohamed Alabbar, founder of Emaar Properties and Emaar Malls.
“Our wonderful achievements in the past, strengthened by our more recent strategic investments in a digital future, have meant that we were able to quickly adapt and introduce changes that will help us grow and succeed long after the pandemic passes,” he added.
Footfall traffic in malls eventually rose following the lifting of transportation limitations the previous year. The sector was also supported by better international visitors coming by the end of 2020.
Pattern to proceed
“We continue to see guests returning to our malls in greater numbers, and we expect this positive trend to continue in the year ahead, strengthened by the support we receive from our leaders in Dubai and the UAE, and their world-leading rollout of vaccines in the country,” said Alabbar.
Emaar Malls’ portfolio includes The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, and Gold & Diamond Park, among others.
Emaar Malls recently opened new advantages, containing the Dubai South Village, a community mall that feeding mainly to residents in the neighborhood, and Downtown Kitchens, which provides a food court-like setting for crafter businesses that provide new and traditional cuisines.