Dubai - MENA Herald: First Avenue, the new shopping mall and hotel planned for Dubai’s Motor City, has signed up leading retailer Carrefour as a key anchor tenant ahead of the project’s launch early next year.
As a recent report shows that Dubai’s retail market will surpass US$52 billion in sales by 2020 and the Government aims to attract 20 million tourists to the city, First Avenue is stepping up efforts to secure major retailers for the landmark development.
Carrefour, owned by Majid Al Futtaim, will open the new store in First Avenue, offering shoppers variety, value and convenience. Other major retailers for First Avenue are being announced in anticipation of the AED500 million project’s launch during the first quarter of next year.
Carrefour will occupy 15,000sq/ft of space on the ground floor of the new mall’s east side. The new supermarket will offer Carrefour’s diverse product range at competitive prices, across food, beverage and essential household goods.
Dr Ramy Moussly, ATDI General Manager, described Carrefour as a key anchor tenant for First Avenue.
“In Carrefour, First Avenue has a trusted retail brand name with regional and global recognition.
Dubai is a leading regional retail centre, and consumer spending is a key economic diversification driver. Over the coming months, we will announce more retail partners for the mall which is responding to demand from residents, tourists and the business community for a unique shopping and hospitality experience. With healthcare services and a children’s entertainment area located in the development, First Avenue is an all-week-round destination, rather than just somewhere to go at the weekend. We will have an underground car park with 400 spaces,” said Dr Moussly.
Motor City’s catchment area is rapidly growing, mainly driven by young families and professionals who want a retail experience defined by quality, choice and convenience. Carrefour will be among up to 70 high-street retailers in First Avenue, based at the edge of the Dubai Autodrome. The mall is expected to have 15 casual dining restaurants, as well as a four-star 150-room hotel, operated by Park Inn by Radisson. The hotel adjoins the mall, overlooking the race track. The development is owned and operated by Saudi Arabia’s Al Tawfeeq for Development and Investment (ATDI).
According to Dubai Chamber of Commerce and Industry, Dubai’s retail market is forecast to surpass $52 billion in sales by 2020, with average annual growth of more than 8%. Retail sales reached $35.4 billion last year. Meanwhile, Dubai Tourism estimates that overall hotel room supply will reach 134,000 by the end of 2018 as the city aims to attract 20 million tourists by 2020.
