Vindico_Dubai Festival City_Al Futtaim Real Estate_Tenant Coordination

 

Property

Developed by Dubai conglomerate Al FuttaimDubai Festival City is one of Dubai's defining mixed use developments comprising retail, office, residential, education, entertainment and leisure in a waterfront location on the Dubai Creek.

At its core is Dubai Festival City Mall, a ground-up development project which opened in 2007 comprising 3 anchors, cinema and over 400 specialty retail and 75 food & beverage units alongside Dubai's only Ikea store.

Situation

Through 2005-06, the Vindico team had been planning an expansion into the Middle East, a market which at the time had the highest concentration of retail property construction on the planet.  The opening of Dubai Festival City mall in early 2007 was an opportunity to do so, with a very low proportion of the project's shops & restaurants trading on opening day.

Vindico was appointed by Al Futtaim to quickly build momentum in the post opening trading profile, with a simple brief to re-structure the tenant coordination programme to get as many shops and restaurants open, as quickly as possible.

Vindico_Clients_Al Futtaim

 

Solution

Vindico provided a  retail delivery strategy and management solution for Dubai Festival City.

The project had assembled an onsite tenant coordination and design review team which was assessed and restructured around new processes.  Critically, the interaction with construction and leasing was a focus to coordinate the building and contracting of retail spaces, as was the interaction and reporting into the trading centre's management team.

By the time the stablisation phase of the project was complete, Vindico had overseen the fastrack opening of over 340 units and established a more robust retail delivery infrastructure for the property and the client's growing shopping centre business.

At a time when Dubai was still an emerging retail real estate market, Vindico's introduction to the team provided the expertise and insight needed to achieve the hard fought gains that gave DFC its retail traction.

Tom Miles
Director of Shopping Centres
Al Futtam Group Real Estate

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