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SPOTLIGHT - ICONIC RETAIL DESTINATIONS Dubai Creek Tower, Dubai, UAE

Soul of the City

From luxury flagships to groundbreaking project
developments, this feature will explore the world’s most
influential shopping spaces and the cities in which they
are based. Read on as we take you inside the world’s most
celebrated shopping environments where architecture,
culture and commerce collide to redefine the retail real
estate experience within these iconic destinations.

DUBAI HONG KONG
Dubai’s retail sector demonstrated robust growth in 2024, driven The retail industry is one of the most significant contributors to
by economic expansion, increased tourism and evolving consumer Hong Kong’s economy and whilst the retail market faced a chal-
behaviours. Approximately 1.8 million square feet of leasable retail lenging 2024, analysts anticipate a gradual recovery in 2025. This
space was added last year, including Al Khail Avenue, Dubai Expo is contingent on factors like economic stabilisation and increased
Mall and Nad Al Sheba Mall. Dubai’s retail sector is poised for consumer confidence. Government initiatives aimed at supporting
continued growth, supported by strategic investments, technolog- digital transformation and easing operational costs may further
ical advancements and a strong tourism industry. The integration aid in revitalising the sector. Developer Hongkong Land Holdings
of digital platforms with traditional retail, coupled with a focus and 10 of its retail tenants, including Hermes and Louis Vuitton,
on experiential shopping, positions Dubai as a leading global retail will invest US$1bn to revamp a high-end mall in Hong Kong, in a
destination. The world leader in retailtainment, the city is a power vote of confidence for the city’s luxury retail industry. The Singa-
house in merging luxury shopping with record-breaking attractions pore-listed developer last year announced the plan to expand and
and entertainment. One of its major ongoing projects is Dubai Creek upgrade its Landmark-branded retail properties in a bid to cement
Tower, which is due for completion this year by developer Emaar Hong Kong Central’s status as a luxury retail hub amid falling sales
Properties. The Creek Tower is designed to be the centrepiece of and rising competition. Hongkong Land will invest US$400M of its
Dubai Creek Harbour and once the construction is completed, the own funds, while the 10 tenants will foot the remaining US$600M
skyscraper will be on its way to becoming the tallest building in to create individual multi-storey stores across 220,000sq ft of shop
Dubai. Meanwhile Palm Jebel Ali, scheduled to be completed in space over the next three years. The stores will consist of three
2028 by developer Nakheel is set to be significantly larger than each in Landmark Atrium, Landmark Alexandra and Landmark
Palm Jumeirah, the project will include various amenities such as Prince’s and one in Landmark Chater. These four interconnected
marinas, a water theme park and luxury villas. retail spaces make up the Landmark mall.

LANDMARK, Central, Hong Kong

84 RETAIL & LEISURE INTERNATIONAL JUNE/JULY 2025