Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/122387
w o r l d aT a g l a n C e Consumer spending in the United Arab Emirates is set to rise as the economy continues to improve, according to Euromonitor International, which is forecasting that shoppers will spend some Dh677 billion (about $180 billion) this year, up 4.1 percent over last year. A na sta Abu Dhabi's municipal government is teaming up with private investors in a Dh3 billion (about $800 million) plan to build 40 community centers to provide residents of Shahama, Mohammed Bin Zayed City and other outlying communities with retail and other amenities. Work is set to begin this year on 20 centers. sios D an 71 / Shutte iel U.K. shopping center deals in the first quarter hit £1.43 billion (about $2 billion), according to Property agent Savills, nearly triple what they were for the year-ago quarter, and already exceeding half the total investment for all of last year. U.K. property firms and pension funds drove all this, surpassing the overseas investors that had been dominating the market. Carrefour is to expand in Brazil and China after raising about $3.6 billion through the sale of units in Colombia, Indonesia and Malaysia. Brazil and China are the French retailer's second- and fifth-biggest markets by sales, respectively, but Carrefour CEO Georges Plassat says the company's growth rate in both countries is "probably insufficient." Lep cia k ru oc pc .c om ter Shutters tti / toc pens / Shut rst sto ck .c om k. c om jo yfu Shutterstoc ll / k. co m Latin America's robust economic growth is reflected in continued retail development. Brazil is to get nearly 60 additional malls this year, bringing the total there to about 500. Colombia has 51 malls in the pipeline, and 16 properties are being expanded or remodeled, all of which represents a combined investment of $2.64 billion. 42 SC T / M a y 2 0 1 3 Tesco has been building and anchoring new malls across Thailand, helping shape a new generation of shopping centers that offer fashion, fast food, cinemas, music schools and medical services. The strategy has made the company that country's largest supermarket chain and its second-largest shopping center operator. CEO Philip Clarke is exploring the idea of a similar model in the U.K. Jakarta, Indonesia, is already blessed with many retail options, but that is not stopping developers from building more. Among the large centers that have entered the pipeline are St. Moritz and Green Bay Mall, in the western part of the city, and Ciputra World, in the southern part. European luxury retailers are witnessing something of a slowdown as China's tourists choose to shop in Hong Kong, Macau and South Korea instead. Over half the luxury names from London, Paris and Milan that Reuters surveyed reported weaker demand from tourists, notably those from Asia. Chinese shoppers account for about one-third of luxury purchases in Europe.