RSH opens 80,000 sq ft of retail space in The Dubai Mall and Dubai Marina Mall
Posted by luxuryasiahome on February 11, 2009
SGX Mainboard-listed RSH has opened over 80,000 square feet of prime retail space in two new mega shopping malls in the United Arab Emirates – the world’s largest shopping mall — the Dubai Mall — and the Dubai Marina Mall — both of which were opened in last November and December respectively.
Located in the heart of the prestigious Downtown Burj Dubai mixed-use development, The Dubai Mall is the premier lifestyle destination for shopping and entertainment experience with a total internal floor area of 5.9 million sq ft while the Dubai Marina Mall is set within the spectacular waterfront of the Dubai Marina.
Kesri Kapur, RSH’s group Chief Operating Officer, said, “These new stores in such world-class retail destinations as The Dubai Mall have proven within a short period of time as astute investments for the Group. Given their prime locations, incredible mall traffic and optimal store visibility, sales have exceeded expectations.”
RSH has opened over 67,000 sq ft of retail space, comprising 15 sports and fashion concepts, in The Dubai Mall. Many are flagship stores and some are opening as first-ever stores in the Gulf. Stadium, the group’s proprietary sports and lifestyle concept store, alone occupies 28,000 sq ft in Dubai Mall.
The Middle East was the strongest contributor to group sales in the third quarter ending Dec 31, 2008, growing revenue by 37.8% from $25.5 million to $35.2 million.
Profit before tax (PBT) for the Gulf market soared by 43.4% to $3.6 million due to a spike in distribution business, higher margins and contribution from new stores which opened this quarter.
The opening of new stores and better merchandise mix of several international brands contributed largely to this jump.
Source : The Edge – 11 Feb 2009
