Shopping malls swell across a tiny country whose capital was ranked in 2010 the 30th most expensive retail rent in the world.
The retail market in Lebanon is far from saturation was the consensus of many real estate experts, emphasizing that the growing demand along with a shortage of supply have pushed retail rents upwards. A number of malls are currently afoot in Beirut and its suburbs. Hazmieh will be home to the Beirut City Center. Expected to be one of the major shopping malls in the region, “the $40 million shopping mall project by Majid Al Futtaim properties, is set to be completed by 2013,” according to Lebanon Weekly Monitor, an economic publication issued by Bank Audi. “The Beirut City Center will comprise 180 stores across 60,000 square meters of retail space.”
The retail market in Lebanon is mainly concentrated in Beirut and the Northern outskirts. According to Ali Mourabet Engineering’s website, the company is going to construct the Golden Hill Mall in Beirut. Acres Development is to open “Le Mall” in Dbayeh. ABC opened in Achrafieh a few years ago, followed by City Mall in Dora and Beirut Mall in Tayouneh.
It's worth mentioning that according to the 2010 survey of the world’s most expensive retail rental locations in 59 cities around the world by the commercial and real estate brokers and consultancy firm Cushman & Wakefield, Lebanon is the world’s 30th most expensive country for retail rents.
The most expensive rental retail location in Beirut was the Beirut Central District at 1,470 Euros per square meter in 2010, which is lower than the global average of 1,808 Euros and higher than the Middle East & Africa average of 779 Euros per square meter. According to the survey, Beirut’s established shopping retail market performed strongly in all of Beirut’s established shopping areas in the 12 months to June 2010. Lebanon accounted for four of the top 10 rental locations in the Middle East & Africa with Beirut Central District ranking in first place in the region and among 16 Arab locations incorporated in the survey.
STRATEGIES & PLANS
A fundraising event, entitled Think Green, will be held by Zero Waste ACT for all its business members on September, 10,2013, at WHITE, Dora.
The Green Mind Association invited all Green Mind Award Participants, finalists, runner ups and winners to the GREEN MIND DAY on Jan-16-2013 in Beirut, to create a platform where interested Venture Capital and Potential Investors met with participants.
A green initiative launched by Ashrafieh 2020 project aims to transform Ashrafieh into a tranquil and unpolluted area.Green spaces allow residents to walk and ride bicycles.