Why e-commerce will not spell the end of the UAE’s shopping malls

Why e-commerce will not spell the end of the UAE’s shopping malls

The rise in e-commerce, which has been accelerated hugely by the ongoing global coronavirus pandemic, has presented the region's shopping malls with an opportunity to reinvent themselves.

Online retail platforms have largely gone from strength-to-strength over the past 12 months as various lockdown measures and curfews restricted movement, while general health concerns have led many to avoid shopping malls and retail outlets altogether.

According to a report by Kearney, the GCC's e-commerce sector is expected to more than double to $50 billion in the next five years, up from $24bn last year.

Arabian Business Forum panel discussion of the post-Covid economy on Monday, February 23 at the JW Marriott Marquis, Business Bay in Dubai.

On the other hand, on Wednesday, Dubai-based Majid Al Futtaim revealed a seven percent drop in revenue to AED32.6bn ($8.9bn) in 2020, while earlier this month Emaar Malls reported revenues down a quarter year-on-year and a slump in profits by almost 70 percent to $192m.

Mark Fiddes, creative consultant and former creative director of Havas, told the Arabian Business Forum: “I think it's a great opportunity to redefine it because, given digital literacy has increased