SHOPPING CENTRE UPDATE
MALL OF MUSCAT On Clear Path to Recovery
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all of Muscat, Oman’s premier shopping and leisure destination has not been any more affected than the other shopping malls in the region, notwithstanding the fact that it only got about 10 months of play before the pandemic wreaked havoc and tore through the very core of its business, it has remained resilient through the crisis. The mall is now on a steady path to business recovery post the turbulent COVID-19 business restrictions period as all retail, F&B and leisure categories are now fully functional. In spite of the fact that mall visitors now need to have taken at least 1 dose of the approved COVID-19 Vaccinations to enter the mall, Mall footfalls in Q3 have witnessed the biggest jump over the past 3 Quarters with an approximate QOQ increase of 30% over previous quarters. Majority of the mall’s Anchor tenants including Debenhams, H&M, Centrepoint, R&B, Matalan, REDTAG and others had all launched their summer sales promotions which has resulted in Q3 seeing the highest growth in tenant sales turnover over the past 1 year with majority of the tenants reporting a minimum of 20% up to 40% increase in business. Contrary to the negative business sentiments in the market during Q2 of this year, the mall witnessed the new opening of an Edutainment Venue Mahaweb, Turkish Street Food Concept, Reema’s Kumpir and the legacy traditional fabrics retailer “Mahdi Store.” The mall has also experienced an increase in leasing enquiries over the past 3 months as business confidence has started to gradually improve with multiple new lease signings
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during the quarter. Furthermore, tenancies which were being supported with special considerations have now initiated discussions to wean themselves off from the special conditions and revert to fixed rentals as the special conditions start exceeding their original contracted values which is an extremely positive sign for the retail operators within the mall. With leisure & F&B forming a major component of Mall of Muscat’s tenant mix, relaxation of the dining-in capacity has given the much needed boost to the F&B operators such as PF Chang’s, Molten Chocolate, Café Di Roma, Starbucks, etc. who have now gone into 100% seating capacity which has provided the much needed comfort to mall visitors and now do not need to wait longer to be served. The mall’s flagship leisure destination “Oman Aquarium” on its part, ever since the opening has embarked on an unprecedented path to enhancing the customer experience and engagement. It has launched multiple experiences to provide guests with an unforgettable experience, activities such as Scuba Diving with a
