The past year has brought many unique challenges and obstacles to the retail world, but one thing has not changed and that is that some locations remain the best of the best, the absolute premium places in the world that are the most revered across the globe and a must visit for any industry expert. In this article, RLI takes a closer look at a selection of these cities and gives an overview of what makes them such exceptional destinations.
Barcelona
Arguably the crowning jewel in Spain’s city crown thanks to its wonderful beach and mountain location, beautiful, artistic architecture, fascinating cultural history, mouth-watering Catalan gastronomic scene, high levels of education and employment and overall fantastic quality of life. Barcelona’s Mediterranean city model helps develop sustainable mobility and the city ranks highly in prestigious indexes for forward-thinking initiatives as well as quality of life. Key factors such as public space, security and public transport have been part of more recent developments. An incredibly accessible and globally well-connected city, Barcelona’s airport, with the highest growth rate in Europe, also ranks as the seventh busiest airport in Europe, with 32 intercontinental destinations. Barcelona’s port is the main port in Europe and the Mediterranean Sea, and the fourth most important port in the world for cruise ship arrivals and departures. With everything from designer boutiques to some of the best high-street shopping in Europe, Barcelona is every fashion lover’s dream come true. Key retail streets and areas include Portal de L’Angel, Passeig de Gràcia, Pelai, Les Rambles, Avinguda Diagonal, Portaferrissa and Rambla Catalunya, whilst new brands to the city include Desigual, Bijou Brigitte, Swatch, Parfois and Bershka.
Beijing
This is a global megacity and one of the world’s leading centres for culture, diplomacy and politics, business and economics, education, language and science and technology. While no new projects were launched in Q1, it still leaves the total shopping mall stock at 10,084 million square metres. Consumption in Beijing’s retail market is recovering rapidly as the pandemic remains effectively contained. Meanwhile, shopping centres are actively adjusting their brand selections to boost local consumption. With supporting policies and guidelines to encourage consumption, footfall increased dramatically during Q1, providing a solid foundation for further growth in the rest of 2021. Due in part to the policy of “One Policy for One Retail Store”, traditional shopping malls are undergoing a revitalisation in their business. Additionally, boosted by “first-store” policies, more well-known brands are expected to enter Beijing’s retail market for the opportunity to enhance their brand influence. Now that the threat of the pandemic has effectively subsided, Beijing’s retail market is expected to continue its upward trend. Key retail streets & areas include Xidan, the Beijing Central Business District (CBD), Wangfujing, Yansha, Zhongguancun, Cui Wei, Xuanwu-Chongwen, Ya Ao and Sanlitun, whilst key new entrants to the city include Victoria’s Secret, Pandora, Adidas Originals, Canada Goose, Zara, Uniqlo, Massimo Dutti and LEGO.
Berlin
Following destruction, division, reunification and reestablishment as Germany’s capital, the city has seen unprecedented growth and its evolution into a modern, green and vibrant metropolis has been truly astonishing. This was all before the Covid-19 pandemic as well! Each district and neighbourhood in Berlin has its own individual character with which residents identify and something that they are fiercely proud of. And yet, at the same time, the whole city has a uniform spirit; a common aesthetic which binds Berliners together and produces the distinctive, vibrant and fun atmosphere for which the city has become well-known for today. From luxury stationary boutiques to artisanal tea stores, Berlin has plenty to offer even the most discerning shoppers. Berlin has a distinct street style: more casual than Paris, less flashy than New York or London. In the past two decades, a spate of young designers has established their labels in the city, resulting in a seductively independent retail scene. Beyond the wardrobe there are a plethora of innovative concept shops and dynamic specialists. Iconic locations in this city include Kurfürstendamm and Tauentzienstraße, Berlin’s top locations, Hackescher Markt, Alexanderplatz, Friedrichstrasse, Wilmersdorfer Strasse and Schlossstrasse and the recent important brand launches are Lush, Arket, Lululemon, Dior, Miniso, Decathlon and Foot Locker.
Cairo
Founded in 969AD, modern Cairo has more than 20 million people living the metro area; Cairo has “an energetic pulse”, according to Lauren K Clark, an American writer who has lived in the city since 2010. Beacons of tourism since the dawn of history, both Egypt and its capital possess an enduring appeal. Just southwest of Cairo, a patch of the Giza desert offers nothing less than the Seventh Wonder of the Ancient World in Khufu’s Great Pyramid, plus the iconic Sphinx. While, unsurprisingly, brick-and-mortar stores are yet to record pre-COVID level sales, the growth of e-commerce in Cairo played a significant role in developing small businesses and ensuring they sustain their operations. In turn, despite lagging performance across Cairo’s hotel market, secondary markets such as the North Coast and Marsa Alam saw the addition of new hotels as domestic tourism is expected to drive the sector. Around 71,000sq m of retail space was delivered in 2020, bringing the total retail stock to over 2.3 million square metre. With most project deliveries pushed to the coming year, an additional 125,000sq m is expected to be completed in 2021. Developers are also increasing their efforts to attract footfall by introducing unique entertainment and F&B offerings to their centres.
Dubai
This city has been called the shopping capital of the Middle Easy, with Dubai having more than 70 shopping centres, including the world’s largest, the Dubai Mall. Dubai is also known for the historical souk districts located on either side of its creek. In 14th place, Dubai has entered the Global Top 20 of JLL’s City Momentum Index 2020 for the first time in three years. The Emirate continues to build the necessary critical mass to be the major business hub in the Middle East. Underpinning its appeal is strong demographics, with more than half of the population aged 20-40 (the second highest proportion globally). Although a construction boom in commercial and residential property has resulted in a supply/demand imbalance, the UAE government has responded with initiatives designed to boost demand. Among these has been the relaxation of visa regulations and initiatives to improve transparency. Momentum is expected to be fuelled further in the lead-up to the rearranged Expo 2020. New-to-market retailers include Maison Assouline, American Rag, American Girl, Hermes, Skyzone, Oud Milano, Carrefour and Al Fardan Exchange. New F&B offerings include The Scene by Simon Rimmer, Bistro Des Arts, Farzi Café, Eggspectation Restaurant Café, Bareburger and Just Salad.
Dublin
Before Covid-19, Ireland has been on a positive trajectory over the past number of years, and as the economy continues to grow, Dublin will continue to see the benefits first and foremost. A number of multi -national companies already see Ireland as their global headquarters and the country is seeing further expansion and new entrants in this space, with a booming office environment in Dublin at present. Dublin remains an attractive tourist destination and benefits from significant tourist spend from visitors, particularly those within the EU. Along with being home to major shopping centres such as Dundrum Town Centre, Blanchardstown Centre and The Square Town Centre, Tallaght, it also offers one of the widest varieties of restaurants of any city in Europe, providing for every budge and taste. Along with F&B, the out of town market in Ireland is seeing a resurgence following several years with limited activity. There have been increased levels of development in Dublin and this is starting to funnel its way to other major Irish cities. Major areas in Dublin are Grafton Street and Henry Street/Mary Street and new entrants are Rituals, Next, Kurt Geiger, Holland & Barrett, Mango, Hollister and Zaytoon.
Hong Kong
Hong Kong is one of the most densely populated places in the world. One of the most mature and thriving retail markets in Asia, No other city fills up its real estate quite as efficiently as this bustling harbour metropolis—stores, markets, and boutiques alone take up more square footage here than they do anywhere else in the world. From off-the-rack Chinese gowns to bespoke speciality knives (and vice versa), the sheer variety of products in Hong Kong’s shops is dizzying. Every budget, need and whim is catered for in “can do” spirit by a similarly impressive assortment of venues: malls where the moneyed shop, chic side-street boutiques and vintage dens where fashionistas find one-of-a-kind items, nerdy gadget bazaars, and a mix of markets where you can haggle to your heart’s content. The city has no sales tax so prices are generally attractive to visitors. In such a major location, there are specific places visitors must go to, these are Mongkok, Causeway Bay, the Central Finance Centre, Tsim Sha Tsui, Russell Street, Canton Road and Queen’s Road Central, with new retailers on the scene including Adidas, Skechers, GU, Versace, Nike, Lao Feng Xiang and NYX.
Instanbul
An iconic city in a unique location that spans two continents, Istanbul’s strategic location bridging Europe and Asia has made it a regional powerhouse and a hub for diplomacy, business and finance. The city is separated by the Bosporus, which connects the Black Sea to the Marmara Sea, is the busiest shipping lane in the world. Istanbul is the largest city in Turkey and is a favourite tourist destination for millions each year. One of the reasons it is iconic is that it is home to the oldest shopping centre in the world – The Grand Bazaar. There are over 4,000 stores with some dating back to 1453. There are three main high street areas in Istanbul; Nisantasi and Istiklal on the European side and Bagdat Street on the Asian side. In addition, secondary streets have also become attractive for retailers. Transformation projects and urban regeneration activities still remain, albeit at a slower pace because of Covid-19. The important retail streets and areas of this one-of-a-kind city are Abdi Ipekci Street, Istiklal Street, Bagdat Street and The Grand Bazaar, whilst new retailers include Pandora, Intimissimi, Atelier Rebul, Kiko Milano, Chanel, Samsung, Huawei, Ipekyol, Ecco and Mudo.
Lisbon
The stunning capital city of Portugal, and is one of the charismatic and vibrant cities of Europe, effortlessly blending traditional heritage with striking modernism and progressive thinking. It is a bustling and exciting that boasts a wide choice of activities and fascinating tourist attractions. Surprisingly, Lisbon is still one of Europe’s least visited capitals, but this is rapidly changing as new visitors discover the allure of Portugal. Lisbon may have largely old-world looks, but the city is rife with cutting-edge concept stores that can stand alongside some of the world’s coolest retail addresses. An example is Embaixada in Principe Real combines old and new – set within a 19th-centure palace, its two storeys are filled with wares ranging from handmade jewellery and ceramic to organic cosmetics and edgy fashion. Lisbon’s many boutiques and independent designers’ stock pieces that fall well outside of the high street’s radar. As the world begins to find its new normal, more and more people will get the opportunity to traverse this wonderful city. Key retail streets and areas include Avenida da Liberdade, Chiado and Baixa and new retailers to the city were Omega, Rolex, Flying Tiger Extreme, Sunglass Hut, Vans, Calvin Klein Watches, Jo Malone, Bobby Brown, Kicks, MAC and Intimissimi.
London
One of the world’s most important global cities, it exerts a considerable impact upon the arts, commerce, education, entertainment, fashion, finance, healthcare, media, professional services, research and development, tourism and transportation. For decades London has led the way in terms of innovation, fashion and retail trends and it is the focal location for new retailers seeking representation in the UK. Playing a key role on the regional, national and international stage, it is a top target destination for international retailers, and has attracted a greater number of international brands than any other city globally. In recent times, and something that seems to be continuing through the pandemic is the number of retailers’ upsizing flagship stores in the city. Another developing trend is the growing number of food markets. For example, Eataly has just launched its largest global flagship in Broadgate, a 42,000sq ft haven. The major streets and areas of this global city are Central London, The West End, Bond Street, Mayfair, Regent Street and Covent Garden, Kensington High Street, Knightsbridge, King’s Road and Spitalfields and Shoreditch. Meanwhile key retailers include Flannels, Asics, H&M Home, Givenchy, Birkenstock, Fortnum & Mason, Blue Mint, Apple, Escada and Balenciaga.
Los Angeles
A beguiling blend of rugged mountains, urban sprawl and beautiful Pacific beaches there’s nowhere quite like Los Angeles. Tinsel Town, as it’s colloquially known, has no shortage of glamour, but there is much more to LA than famous names, with suburbs such as Malibu and Venice Beach boasting cultural gems as well as quirky shops and interesting boutiques. The entertainment capital of the world, it is a globally-renowned travel destination for millions of tourists each year. From Santa Monica to Pasadena, Los Angeles offers retailers an array of high-street submarkets. Massive investments in technology and transit-oriented development infrastructure present a tremendous upside to retailers seeking to expand their brands. The dynamic transformation of Downtown Los Angeles offers retailers the unique opportunity to seize market share in the nation’s second largest consumer market. Key areas include West Hollywood, where designers, artisans and fashion icons gather to cultivate new trends, Santa Monica, which stretches along three miles of California coastline and welcomes over 8.4 million visitors a year, Pasadena, which is home to the iconic Rose Bowl, an exquisite venue where RLI was fortunate enough to host an event at in 2019 and Beverly Hills, the premier shopping destination in Southern California that showcases world-renowned fashion houses, boutiques and restaurants.
Milan
The city has long been considered Italy’s most modern city – a place that combines the best of the country’s renowned culture with a thriving business and finance centre, and a distinctive cosmopolitan edge. Despite being smaller than many other major European cities, Milan, in recent years, has managed to redevelop large urban areas and has become one of the most prominent cities in Europe from a real estate perspective. Milan is an internationally appealing city, regularly hosting major global events such as Fashion Week. It is a city that attracts the biggest names in fashion and luxury, captivating thousands of tourists with its cuisine and architecture. The food and drink culture is also huge in Milan – it is, after all, the birthplace of Campari, a bitter aperitif that dates from the 1860s when Gaspare Campari opened his first Milanese café and decided to create a drink that would serve to stimulate the appetite. The iconic sites in this incredible location are Quadrilatero della Moda, Corso Vittorio Emanuele II, Via Torino, Via Dante, Piazza Cordusio, Brera, Corso Buenos Aires, Corso Vercelli, Piazza Gae Aultenti and Corso Venezia. New entrants to this wonderful city include Urban Outfitters, Nike, NBA Store, Apple, Pittarosso, Woolrich and Calzedonia.
Moscow
Moscow thrills visitors with its artistry, history and majesty. It is the capital city of Russia and the biggest consumer and retail market in the country. Moscow’s size, reputation and Soviet architecture has given it a fairly intimidating reputation. But there is much more to the Russian capital than its central role in the Cold War. In fact, the capital has a fascinating history that dates back over 800 years, and while it doesn’t have the dreamy canals and European glamour of its northern counterpart St. Petersburg, it’s no slouch in terms of culture, hosting some of the country’s most renowned art and history collections, theatres and film studios—not to mention some extremely luxurious shops, glamorous restaurants and slick bars. Most of the action can be found within the Garden Ring, where a thoroughly contemporary, if not downright ostentatious, buzz prevails. Retail turnover is more than three times more than in St. Petersburg and 20 times more than in other cities with over a million inhabitants. Aside from retail, Moscow is the most actively developing F&B market in Russia with all new trends seemingly starting in the city. The major sites in Moscow for retail are the City Centre and Tverskaya Street.
Mumbai
India’s largest metropolitan and the world’s fifth most populous city, Mumbai is known as the commercial and financial capital of India. The presence of Bollywood, one of the world’s leading movie industries, has fuelled the growth of organised retail in Mumbai, with many stars endorsing both local and global brands alike. The epicentre of the Indian fashion industry, Mumbai is the best place on the subcontinent to pick up contemporary Indian designer wear and accessories. Mumbai’s retail market is characterised by smaller disorganised retailers or corner shops retailing various commodities ranging from food to clothes and other household items, as is the case across most cities and towns in India. Over the years, several large organised developments have sprung up across the city, ranging from mass to premium and luxury. Several local and international luxury brands have opened stores in Mumbai and many consider the city a launch pad for their brand. Mumbai’s important retail sites include Colaba, Fort, Kemps Corner, Chembur, Bandra, Andheri and Powai and new entrants are Nappa Dori, Raw Mango, Kalyan Jewellers, Croma, Starbucks Pepperfry, Dior fragrance, Sephora, Tods, Tumi, Zara and American Eagle.
Munich
The capital and most populous city of Bavaria, it is the third-largest city in Germany after Berlin and Hamburg, whilst the city’s metropolitan region is home to over six million people. Munich is one of the retail hot spots in Germany which is unsurprising considering the affluent clientele in Munich and its surroundings. The city is often the first choice of international retailers when it comes to expanding into the German retail market. The extremely attractive Munich market draws in all market players. Despite high prices, spaces and business premises in the traditional prime locations of Munich are in high demand among tenants, investors and developers alike. Furthermore, Munich is an absolute hot spot for tourism: 17.1 million overnight stays with a particularly high amount of foreign visitors (nearly 50 per cent) strengthen the location further. The compact urban design of the city centre and the clearly defined sales locations are extremely user – friendly which has a definite positive impact on sales figures. The most important parts of Munich are Neuhauser Strasse/Kaufingerstrasse and Marienplatz, Maximilianstrasse/Perusastrasse, Sendlinger Strasse, Brienner Strasse, Tal and Leopoldstasse/Hohenzollernstrasse, whilst new entrants are Andechser, Sandro, Meisterwerk, Saint Laurent, Berluti, Love Stones and Kate Spade.
New York
With a population of more than 20 million residents, the New York metropolitan area is the largest in the US. Over the last several years, New York City has become a magnet for the millennial generation to work and live. Today, millennials account for 31.1 per cent of New York City’s population, a fair share higher than the 27.5 per cent this age group represents of the national total US population. The well-known locations in New York include Times Square, which is often referred to as the ‘Crossroads of the World” that offers unparalleled retail exposure and signage opportunities as it is the most highly trafficked location in the city, Madison Avenue, which is home to the city’s luxury submarket, which has long been the home of haute couture domestic and international fashion retailers and exclusive jewellers which demand the best top tier location Manhattan has to offer and Flatiron/Union Square West which is home to a variety of retailers, including apparel, home-furnishing stores, gyms and restaurants. New retail entrants to the area include JD Sports, UNTUCKit, Rebag, Jennifer Furniture, Hugo Boss, Ralph & Russo, Manolo Blahnik, Sergio Rossi, Balman, Le Faye, Santoni and La Fonde.
Paris
Where does one start with Paris, perhaps the most iconic retail destination in the world. It’s a city that everyone feels they know something, romanticised and idolised as the backdrop to countless advertising campaigns, films and books. This is hardly surprising given that Paris is often regarded as the capital of the arts, also popularly referred to as the ‘City of Light’. Universally recognised as one of the world’s most beautiful cities and centres of high culture; fashion, cuisine, art and cinema are tightly woven into the historical fabric of Paris. Named as a UNESCO World Heritage site in 1991, the city is full of historic and iconic landmarks and tourist attractions such as the Eiffel Tower, the Louvre Museum, the Arc de Triomphe, Place de la Concorde, and many more. Despite its rich history, Paris is a city that never fails to look to the future and is considered one of the most diverse cities in Europe. Although sprawling, it has a distinctive village-like culture within its 20 arrondissements, with many Parisiennes tending to shop and socialise locally within their quartiers. Key retail areas include Champs Elysées, Rue de Passy, Rue Saint-Honore and Rue de Rennes and new entrants are Etam, Rossignol, Nespresso, Boss and Maison Mamori.
Riyadh
The capital of Saudi Arabian and the largest city on the Arabian Peninsula, Riyadh had a population of 7.6 million people in 2019, making it the most-populous city in Saudi Arabia. It receives around five million tourists each year, making it the 49th most visited city in the world and the sixth in the Middle East. The retail supply is anticipated to continue growing, whilst the current market is dominated by super regional and regional malls, as together they account for nearly 65 per cent of existing organised retail supply. Key future developments are adding complementary elements, such as entertainment and leisure, to stimulate footfall and to help achieve healthy performance. Meanwhile its hotel market is dominated by five-star properties, comprising 48 per cent of total hotel supply. Moving forward, initiatives to expand the tourism and entertainment sector, including the emergence of new events, such as Dakar Rally, Riyadh Season and Riyadh Oasis, are expected to enhance Riyadh’s profile as a tourist destination, and this trend is expected to continue across the coming years. Of course Covid-19 heavily reduced the number of tourist trips during 2020, and lockdown measures have limited residents’ visits to retail centres, ultimately impacting overall retail expenditure, and leading to higher vacancies.
Rome
Second only to Milan, the city is internationally recognised as one of the prime high street locations in Italy and ranks as a top European high street destination. Today the luxury market is concentrated in Via Condotti and part of Piazza di Spagna. The luxury high street market is as strong as ever; rents in premium locations such as Via Condotti have risen in recent years and are now primarily stable, but high. The medium -high end retail market around Via Condotti and Piazza di Spagna is mostly pedestrianised and comprises around 400 stores. In recent years, Rome has seen massive development activity in its peripheral locations, with around 700,000sq m of GLA built and now has some 46 existing retail schemes, including two super-regional shopping centres and the largest retail park in Italy. Because of the ongoing effects on Covid-19, the pace of new developments has slowed, with some projects being put on hold. Despite this, the new shopping centre Maximo opened its doors and added 60,000sq m of prime retail space to the south western quadrant of the city. Important locations are Via Condotti, Via del Corso, Via del Babuino, Piazza di Spagna, Via Frattina, Via Cola di Rienzio and Piazza San Lorenzo.
Shanghai
One of the four direct-administered municipalities of the People’s Republic of China, Shanghai had a population of 24.28 million as of 2019, it is the most populous urban area in China and the third most populous city proper in the world. Shanghai is a global centre for finance, research, technology, manufacturing, and transportation, and the Port of Shanghai is the world’s busiest container port. Retail sales grew 48.3 per cent year-on-year in the first two months of 2021, as the market continues to shake off the impact of Covid-19. Like Beijing, no new projects were launched onto the market in Q1, keeping the total shopping mall and department store stock within the Outer Ring Road at 13.8 million square metres. Despite a difficult 2020 for the retail industry, international brands still favour Shanghai’s retail market, with several luxury brands opening new stores during the first quarter this year. Over a dozen projects are now expected to launch in the remainder of the year, bringing 1.5 million square metres of new space to the market. In Q2, the opening of Lalaport Jingqiao, Greenland Being Fun Putuo and Raffles City The Bund are expected to launch as this retail behemoth begins its journey back to normality.
Singapore
The city-state is a hot magnet for expatriates and tourists, especially from Asian countries. The Orchard shopping belt continues to serve as the city’s most prime retail space, with locals and international tourists as its major target market. Various well -known fashion brands and international retailers have set up businesses there, and many global fashion labels have also reported to establish their flagship stores in Orchard Road. Despite its physical smallness and lack of a massive consumer base, Singapore boasts one of the key retail hubs in Asia, offering an excellent test bed for new brands/retailers seeking an exposure to the region. Meanwhile cuisine in the city is a showcase for its ethnic diversity. The ready availability of international cuisines has earned this unique location its popular title “food paradise”. For fine dining and more upmarket restaurants, Orchard Road and Marina Bay are top hotspots where many world renowned chefs choose to locate their businesses. Major areas in Singapore for retail are Marina Centre, Bugis, Harbour Front, Marina Bay, Orchard Road and new entrants include Alexander McQueen, Delvaux, Rue Madame, APM Monaco, American Eagle Outfitters and Furla.
Sydney
Sydney is the largest and most populated city in Australia, with a fantastic array of things to do, places to visit and of course, plenty of clothing stores to shop in. Paving the way for the fashion forward folk of Australia, Sydney not only has the best of the best in terms of high-end and high street, it’s also where the greatly sought after fashion event of the year is held, Australian Fashion Week. The city is the state capital of New South Wales and the most populous city in Australia and Oceania. Situated on Australia’s east coast, the metropolis surrounds the world’s largest natural harbour, and sprawls towards the Blue Mountains to the west. Key retail streets and areas include George Street, which is located in the central business district and is Sydney’s original high street and even today remains one of the busiest streets in the city centre. In addition, Pitt Street Mall is well known for the pedestrian only retail centre of Pitt Street Mall, a section of the street which runs from Market Street to King Street. On the F&B front, Sydney is home to many of Australia’s best restaurants and offers a diverse range of cuisines.
Tokyo
Born of commerce and complexity, Tokyo is the very definition of a metropolis. Twenty -three wards, 39 municipalities, and 13.6 million people join to form Japan’s capital. Include the three surrounding prefectures of Kanagawa, Saitama and Chiba, and you have a population base that exceeds 36 million people. Tokyo is the premier portal to world business in this part of the globe and it is one of the largest cities globally in terms of economic size. The archetypal Asian metropolis, Tokyo is a heady blend of the futuristic and traditional. From neon signs to Shinto shrines, this is a city of true sensory overload. Revolving around its food culture – Tokyo has everything you could possibly be looking for, be it fine French dining or b-class gourmet, this city has it all. Tokyo has achieved an almost mythical status as a culinary sanctuary that no other metropolis comes close to: Tokyo boasts 230 restaurants with at least one Michelin star and 13 restaurants with the coveted three-star ranking. The key retail areas include Ginza, Shinjuku, Shibuya, Omotesando, Aoyama and Harajuku whilst new retail entrants to the market include Onitsuka Tiger, Apple, Innisfree, Palace Skateboards, Stone Island, Kakao Friends and Charles & Keith.
Toronto
The capital city of the Canadian province of Ontario, it is the most populous city in Canada and the fourth most populous city in North America. Last year proved to be a challenging year filled with uncertainty for retailers in the city, but with many of the same obstacles continuing into the year ahead many retailers will continue to fight strongly against store closures and worse. Despite everything however, the outlook is not negative and this unique city will still see many segments such as grocery, QSR with drive through and dollar stores still thriving and looking to expand. Whilst investment activity naturally declined in the wake of Covid-19 lockdowns, optimism returned as the year progressed and the current listing pipeline suggests that volumes will make a near full recovery in 2021. Overall market confidence continues to feed demand for all types of development land, with a focus on quality. Land parcels will see elevated of liquidity in the year ahead as developers’ home in on zoned industrial or residential sites in prime locations which allow for rapid construction starts. After a tough 2020, a general optimism has returned to the city as it remains an excellent retail hotspot for tourists and industry professionals.
The above excerpts are from the following sources: Cairo: Living In – BBC Travel Series, CBRE’s Canada Real Estate Market Outlook 2021, CBRE’s KSA Market Outlook H2 / 2020, Cushman & Wakefield’s Global Cities Retail Guide, JLL’s The Cairo Real Estate Market: A Year in Review 2020, JLL’s City Momentum Index 2020: Creating a Resilient and Responsible City, Knight Frank’s Europa Cities Guide & Savills Market in Minutes.
