Geant will open a hypermarket on Yas Island as part of the French retail brand's expansion plans in the Gulf.
Mazher Papar, a director at Retail Arabia, said cheaper shop rents were behind the company's decision to open its first Abu Dhabi store at Yas Mall in 2012. Retail Arabia, based in Bahrain, holds the Geant franchise rights for the GCC.
The 16,000 square metre hypermarket, three other large stores and about 20 convenience shops are part of Geant's regional expansion plans in the next two years at a cost of up to US$80 million (Dh293.8m).
Mr Papar said expansion had been put on hold because it would have been too expensive, but that has changed with falling retail rents and consumers looking for budget-friendly shopping options.
"Now the numbers make sense," he said. "And what has happened is the casual retailers or the short-term players have all exited or are in trouble right now. So this presents us with a lot of opportunities."
The new Geant hypermarket, coupled with IKEA's plan to open its largest regional store on Yas Island by next year, are the first signs of the island's retail centre taking shape.
Construction on Yas Mall is already under way with the foundations and the car parks completed, said Fred Douglas, the director of leasing at Aldar, which is the master developer of the island.
The Geant hypermarket will anchor the 250,000 sq metre Yas Mall, and marks the start of the shopping centre's leasing process, Mr Douglas said.
In the past year, retail rents in Abu Dhabi and Dubai have fallen steadily since the economic downturn.
While some of the prime retail centres continue to see strong demand, some of the smaller developments have dropped their rates, according to the property consultancy Cushman and Wakefield.
In the fourth quarter of last year, rents in Dubai and Abu Dhabi fell 30 per cent and 25 per cent respectively from their peak a year earlier.
Mr Douglas said Aldar had not reduced its rental rates at the three-storey Yas Mall.
But Mr Papar said rental rates in other shopping centres had dropped enough to warrant a big push for Geant.
"In the past few years the market was crazy," he said. "There was such a hype about the market, the costing was out of whack. It did not make long-term business sense to sign up at those rentals.
"Now with the slowdown, it has actually worked to our benefit."
The group has opened one convenience store in Dubai called Geant Easy, and plans to open about 20 more across the GCC.
Retail Arabia also intends to double the number of its Red Tag discount fashion stores across the Gulf to 100 over the next two years, said Arif Shaikh, a director with the group. Opening these outlets would cost about $35m, Mr Shaikh said.
Amid the recent economic uncertainty, regional consumers are switching from luxury to bargains, said Mr Papar.
"People have stopped buying the high-end products and are looking towards value," he said. "Now people are very cost-conscious and they're looking at savings in a more rational way."
aligaya@thenational.ae
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
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Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
UAE currency: the story behind the money in your pockets
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
* JP Morgan Private Bank
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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England Test squad
Ben Stokes (captain), Joe Root, James Anderson, Jonny Bairstow, Stuart Broad, Harry Brook, Zak Crawley, Ben Foakes, Jack Leach, Alex Lees, Craig Overton, Ollie Pope, Matthew Potts
MATCH INFO
Uefa Champions League last-16, second leg:
Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')
Ajax win 5-3 on aggregate
Company%20Profile
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