Retail accommodation supply in Qatar surges by 160% since 2015 – The Peninsula

Retail accommodation supply in Qatar surges by 160% since 2015 – The Peninsula

Doha: Qatar’s retail sector is booming and witnessing significant growth. The total supply of organised retail accommodation within malls in Qatar has reached 1.7 million square metres (sqm) which shows an increase of more than 160 percent since 2015, noted a recent report released by Cushman and Wakefield.

The most notable development in the retail real estate market in Qatar in the second quarter (Q2) of this year was the opening of Place Vendome in Lusail in April. “With a reported GLA of 230,000 sqm, Place Vendome represents the third Super-Regional mall in Qatar after Mall of Qatar and Doha Festival City and is the first major mall (50,000 sqm + GLA) to open in Qatar since Tawar Mall in 2018,” the report said.

It added: “Overall supply of organised retail accommodation within malls in Qatar has now reached 1.7 million sqm. This supply excludes hypermarkets and supermarkets with ancillary convenience stores. New supply reflects an increase of more than 160 percent since 2015, and has created an oversupply, which has become increasingly evident since 2018”.

Occupancy rates in the 19 largest malls in Qatar has dropped to approximately 80 percent. A two-tiered market has emerged whereby a selection of malls attract high