Dubai: Community mall Oasis Centre, owned by retail and hospitality conglomerate Landmark Group, will open seven new properties by the end of 2015, bringing the total number of malls to 12, according to Neelesh Bhatnagar, director of Oasis Centre.
Bhatnagar was speaking at a press conference in Dubai on Tuesday.
There are currently five Oasis Centre properties, one each in the UAE (Dubai), Saudi Arabia and India, and two in Bahrain. According to Bhatnagar, there are no immediate plans to open properties outside the region.
“I don’t foresee Oasis going out of the Gulf Cooperation Council (GCC) countries in the near future, not at least in the next three to five years. Once [Landmark’s] business grows in Egypt and Iraq, that’s the time we will look at taking Oasis Centre out of these cities,” he said.
Sharjah and Muscat are expected to have one mall each, while Saudi Arabia is set to have five. The malls in the kingdom will be in cities that “lack organised retail.”
“I am sure that in the future there will be many more Oasis Centres coming up in Saudi Arabia,” Bhatnagar said.
While Oasis Centre accounts for a small percentage of Landmark’s turnover, it is expected to command around 15 per cent in the next five to 10 years, Bhatnagar said.
“Community malls are going to form a key component of the retail scenario in any country,” he said.
With an occupancy rate of between 97 and 98 per cent, up to 75 per cent of tenants at Oasis Centre in Dubai are Landmark-owned brands.
Oasis Centre in Dubai saw footfalls increase by 11 per cent last year compared to 2012. By the end of this year, it is expected to go up 10 per cent.
The mall will continue to focus on its retail offering, followed by wellness, food and beverage and entertainment, which account for 25 per cent of the mall’s space.