Salim M A – Director Lulu Group
Understanding the demographics of the target market and local community and mobilising traffic drivers that get shoppers to our shopping malls is the foundation of our work at Line Investments & Property LLC. Leasing to the right tenants selling products that are in demand or are desirable brands is critical to our success and hence selecting the tenant mix in the early stages of a mall opening takes time and a lot of planning.
With the impact of the pandemic, selecting trending brands and curating a perfect tenant mix has been challenging in our region and yet our responsibility remains being committed to only bringing on board tenants that meet the demand of shoppers and add value to the successful performance of our shopping malls.
Every tenant plays a role in improving the performance of the overall mall in a similar way every brand in a hypermarket drives the consumer through the doors. As mall management specialists, we first look at the expectations of the landlord, the sentiment of the tenants, current market conditions and competition in the catchment area of the mall we are representing.
When conceptualizing shopping destinations, we also study the population, their income levels, combination of different brands, service providers they need for the nearby community and of course the anchor store, most often a grocer. Afterall, retail leasing is about variety and the right tenant mix that suits the needs of the citizens as well as the large expat community.
In the GCC, shoppers make weekly trips to the supermarkets and often combine their errands with impulse buying or a meal at the food court. Providing shoppers what they need brings them to the mall despite a pandemic affected economy and hence having a pharmacy, salon, courier service or a cleaner is essential and adds to the existing success of having a grocery store on board.
Having a plan and a strategy leads to a successful retail leasing strategy – one that brings in a steady flow of shoppers. Most successful malls also work on retaining the desirable tenants who already have a following. Mall managers need to pay special attention to anchor tenants, service tenants and specialty tenants with a focus on their lease documents and marketing plans.
With Dubai Silicon Central being an iconic suburban retail destination, our current leasing strategy has evolved to create a retail mix that will offer an experiential experience based on variety, sustainability, convenience, and community needs.
Silicon Central is an environmentally friendly project, using state-of-the-art technologies for waste management, energy savings, and sustainable services such as a bio-farming facility and electrical charging stations in the car-parking area for our customer convenience.
Like our current focus on Silicon Central, the performance of retail destinations in the GCC is ongoing and continually evolving and we adjust our leasing strategies to reflect the community requirements, performance indicators and creating a one stop immersive shopping environment.
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