Nakheel offers retail excellence with launch of Retail Corp

Nakheel - the UAE's leading property development company - has announced the launch of Retail Corp enabling it to become a world-class operator within the retail sector both in the UAE and the GCC in general.

United Arab Emirates: October 18 - 2005

The efficient and strategic evolution of Retail Corp will synergise all Nakheel retail activities under one operation, managing and developing existing brands as well as delivering a clear and focused message to external brand partners. Retail Corp will also offer a crucial service to Nakheel Real Estate, centralising all retail opportunities within the organisation's portfolio of projects.

Nakheel is also pleased to announce the appointment of Marvin B. Shaire as Chief Operating Officer of Retail Corp. With more than 30 years of direct retailing experience covering such groups as Marks & Spencer, Arcadia, and nearly six years with M. H. Al Shaya in Kuwait, Marvin brings particular expertise in logistics and supply chain, and relationship management. Marvin has also worked in retail consultancy with KPMG, covering such brands as IBM UK, Virgin Group, and The Gap.

Marvin B. Shaire, Chief Operating Officer of Retail Corp, said: 'For Nakheel and Retail Corp, specifically, our future is only restricted if we lack vision and the ability to implement change. It is my job to ensure that Retail Corp becomes a powerhouse in the retail sector and this will be achieved with the highest level of business ethics - we will not fail ourselves, our partners, or our growing and loyal customer base.

'Brand building will provide a key component of my financial strategy; Retail Corp has already established several significant household names in the region with Go Sport, Courir, and Company's all examples of our growing prominence in the sector, as well as more international brands which are in the pipeline.

'Key to our approach will also be the development of personal relationships, a jointly agreed and delivered opening programme, absolute financial stability and internationally recognised finance ratings. It is this code of ethics and business practice that will not only maintain, but significantly enhance our competitive advantage in what is an incredibly diverse and exciting market.'

James Wilson, Nakheel CEO, said: 'I am delighted to welcome Marvin B. Shaire to the Nakheel team; his strong experience and expertise will ensure the proficient and strategic evolution of Retail Corp and provide a centralised focal point for all of our retail activity.

'Retailing and specifically franchising is not about 'trophy hunting" big brand names; our market is too dynamic, vibrant and competitive for that. Our emphasis is on quality not quantity, the delivery of excellence, and meeting our customers' and partners' expectations. Retail Corp is in safe hands following Marvin's arrival.'

Retail Corp becomes the engine and catalyst for all Nakheel Retail projects, covering world-class developments on The Palm, Jumeirah such as Trump International Hotel and Tower, which will provide a spectacular luxury centrepiece hotel on The Golden Mile - the exclusive residential and retail boulevard on the trunk of The Palm, Jumeirah.

A joint venture between IFA Hotels and Nakheel, The Golden Mile will encompass some of The Palm, Jumeirah's premiere retail and residences. An international shopping and residential destination, it will provide 220 of the world's most upscale stores and restaurants, including designer boutiques, outdoor cafes, luxury shops and formal dining. In addition to The Palm, Jumeirah, Retail Corp will also be launching projects on Nakheel's other signature development, The World and many other such iconic projects.

Marvin B. Shaire said: 'Top international brands are increasingly looking at opportunities in Dubai and there are many options, but with The Palm, Jumeirah we have arguably the best retailing location, not just in Dubai, but in the Middle East. We have devised an intricate strategy to ensure that we create the ultimate shopping and lifestyle experience.

'There will be modest anchor space, a premium product mix and strong emphasis on restaurants and food outlets, for example gourmet supermarkets. In order to cater for the large residential population, there will also be many vertically integrated retailers with fashion, home furnishings and accessories combined in one store. The retail facilities on The Palm, Jumeirah will propel Dubai towards its target of being the shopping capital of the world.'

A further focus of Retail Corp activities will be the development of Phase two of Nakheel's Ibn Battuta Mall, which will add an additional 1.25m square feet of land to the 3.5m square feet of total built up area already in place. Currently at the concept design stage, initial plans include a hotel, additional retail space, commercial office space, residential apartments, additional cinema and performance theatre.