Page 47 - RLI June 2019

An upcoming release from Future Market Insights titled
cASPIAN wATERFRONT, Azerbaijan
Developer: Pasha construction
Architect: chapman Taylor
AREA15, US
Developers: Fisher Brothers & Beneville Studios
MEyDAN ONE, Dubai mean an increase in the number of travelers visiting the GCC
Developer: Meydan
46 RETAIL & LEISURE INTERNATIONAL JUNE 2019
Key Projects
‘Tourism Market: Global Industry Analysis and Opportunity Edinburgh St James will be a world renowned, retail-
Assessment 2014 – 2020’, announces that increasing per capita led, mixed-use destination for the future. Boasting a
income is driving the growth of global tourism market leading world-class retail, leisure, hotel and residential offer
to continuous growth in international tourism. Over the last five and injecting over £1bn of investment into the city,
years, the tourism market in emerging economies, especially the scheme will strengthen Edinburgh’s global standing
countries in South America and Asia have driven the global by transforming the city’s east end. Now becoming an
tourism market. Compared to a decade ago, the global tourism inspiring, attractive and vibrant destination for people
market has undergone a lot of changes. Emerging economies to live, shop, experience and play. Being developed by
now account for more market share as compared to developed Nuveen, Edinburgh St James will provide a diverse and
economies. As per International Travel Association (ITA), the appealing shopping experience comprising well-known
number of international tourists arrivals in the US is expected national and international high street, aspirational and
to grow from 69.8 million in 2013 to 83.8 million by 2018. high-end brands, which cater to a diverse range of
The insight continues, saying that the global tourism market consumers, from locals, to tourists and visitors from the
is segmented on the basis of type, industry products, activities rest of the UK, Europe and the world. The project is due
involved and geography. On the basis of type, international to open in October next year, with the final elements of
tourism and domestic/local tourism are the two major types the scheme launching in 2021.
of tourism market. Along with it, on the basis of purpose of Currently in stages of development by lead developer
travel or tourism the market for global tourism is segmented Quintain, the Wembley Park scheme began through
into adventure tourism, leisure business travel, conference or Quintain’s acquisition of approximately 44 acres of
seminar travel, business tourism, visiting relatives and friends. exhibition land and car parks surrounding the National
The companies providing tourism services offer various Stadium in 2002. Subsequent land purchases have
products and services to their customer. Thus, the industry expanded our ownership to 85 acres, creating one of
products included in the global tourism industry are traveller the largest urban regeneration sites in Europe. Through a
accommodations, travel arrangement and reservations, air series of further planning permissions Quintain currently
transportation, other local transport such as car rental, food has consent for a total of 8.8 million square feet of
and beverage establishments, recreation and entertainment, development, including 7,000 homes. The first 1,000
gasoline and other retail activities. new homes are already completed, alongside a West-
ver the decades, tourism has experienced Further, the industry activities considered within the global End standard 361-bedroom Hilton Hotel, fantastic new
continued growth and deepening diversification tourism market include traveller accommodation services, public spaces and London Designer Outlet, bringing
to become one of the fastest growing economic providing hospitality services to international tourists, airline over 70 shops anwd restaurants alongside a multi-screen
Osectors in the world. Modern tourism is closely operation, automotive rental, travel agent and tour arrangement cinema and children’s playpark to Wembley. With current
linked to development and encompasses a growing number services. Countries such as the US, Germany and France are investment standing at over £1bn, the next stage will see
of new destinations. These dynamics have turned tourism popular destinations for global tourism; but in recent years 5,000 further homes developed, along with a further
into a key driver for socio-economic progress. other less well known countries from Asia and Africa have 180,000sq ft of retail space over 42 units. The additional
According to the World Tourism Organization’s (UNTWO) emerged as destinations of interest for international travellers. retail and leisure space will help cement Wembley Park’s
‘Tourism Highlights 2018 Edition’, today the business of Thus, tourism service providers are realigning their services in fast-growing status as an exciting new destination to rival
volume of tourism equals or even surpasses that of oil exports, order to reap the economic benefits from this trend. the very best areas of London.
food products or automobiles. Tourism has become one of
the major players in international commerce, and represents
at the same time one of the main income sources for many
developing countries. This growth goes hand in hand with an INTU cOSTA DEL SOL, Spain
increasing diversification and competition among destinations. Developer: intu
This global spread of tourism in industrialised and
developed states has produced economic and employment
benefits in many related sectors - from construction to
agriculture or telecommunications.
The opportunity to expand and strengthen local economies
through tourism – retail investment is an option for most
regions. However, this growth is a double edged sword – the
industry today is full of opportunities, but this also involves
adapting to continuously evolving new challenges and an
increase in global competition. Every destination needs
to be constantly learning and reinventing itself in order to
maintain its sustainability, dynamism and relatability. There
is a constant, ongoing need to identify and explore growing
outbound markets and tap into emerging opportunities.
A white paper from luxury powerhouse Chalhoub Group
entitled ‘Luxury Travel and Retail: What does the Future Hold
for the GCC?’ describes how travel is on the rise and travelers
are shopping while abroad — however that’s only part of the
story. Driving even more potential for luxury retailers is a whole
host of changes from within the GCC and the wider world that
make these destinations more attractive than ever to travellers.
These changes span from shifts in visa restrictions and growing
entertainment offerings to more eco-aware and environmentally
friendly experiences suitable for a wide audience. Broadly,
accommodating these changes and raising global awareness will
region with significant spending power.
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