At least 10 new malls, four-five shopping centers and three-four hyper markets are planned within Doha and the neighboring areas within the next four years, a report by Al Asmakh Real Estate Development Company (Aredc) indicates.
The highest demand for existing and new outlets has been coming from the garment segment and luxury brand stores. Restaurants and coffee shops come next, says the report.
About 1.05mn sqm net leasable area can be delivered only in mall segment, which is nearly double the existing net leasable area within malls.
About 550,000 sqm net leasable area is expected to be delivered on and near Al Shamal Road which is 53% of the expected supply and 96% of existing net leasable area among 13 operational malls, it said.
Upon completion of all proposed mall projects, the total net leasable areas among all existing and upcoming malls would be 1.61mn sqm.
Retail development, which has already entered the recovery cycle in the second quarter of this year, is the second largest construction activity after residential development.