Physical retail is set to remain a vital part of the shopping experience over the next 30 years, transforming into hyper-curated spaces that meld physical presence with digital technology, according to the CEO of Majid Al Futtaim Asset Management.
“Physical retail won’t vanish; it will become more intentional. We anticipate retail spaces evolving into hyper-curated, versatile, and sustainable environments that combine physical engagement with digital smartness over the next three decades,” Khalifa Bin Braik shared with Khaleej Times during an interview celebrating City Centre Deira’s 30th anniversary, the flagship mall in the Majid Al Futtaim portfolio.
Bin Braik sees physical retail increasingly becoming a luxury domain. “If anything, I foresee the contrary: Brands across the board will strategically maximize their physical presence. Luxury brands will certainly continue investing heavily in flagship experiences. This trend is evident in the new luxury areas and concepts within our portfolio. However, mid-market and value retailers are also leveraging stores as powerful tools for trust, convenience, and omnichannel success.”
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“A fashion brand in one of our malls might use physical stores as showrooms for new collections, click-and-collect points for online orders, and venues for community events or collaborations. A value retailer might emphasize speed, variety, and services like repairs or alterations, integrated with digital inventory visibility. Grocery and daily retail will continue to depend on proximity, freshness, and immediate fulfillment,” he explained.
In 30 years, brands will ask not “Can we afford a store?” but “How does this store add value to our customers and our omnichannel model?”
The winners will be those who provide clear answers, regardless of whether they target the luxury or value segment, he noted.
Khalifa Bin Braik
The UAE’s Largest Mall
Opened in 1995, City Centre Deira was the largest mall in the UAE and a major hub in the Middle East, strategically positioned at the junction of Sharjah, the airport, and old Dubai.
“It offered something unseen at the time: international brands, entertainment, and dining in one cohesive environment.
Over time, we have consistently reinvested in the mall. We refreshed the tenant mix to reflect new categories and brands, upgraded interiors and circulation, enhanced connectivity to public transport, and introduced services that meet modern expectations. More than 22 million visitors now frequent City Centre Deira annually for shopping, dining, and entertainment, underscoring its vast size and relevance,” said Khalifa Bin Braik.
Today, Majid Al Futtaim Asset Management operates 29 malls across five countries, seven hotels, and mixed-use communities attracting over 600 million visits annually. Its retail division spans hundreds of outlets in more than a dozen markets.
‘This is Still My Mall.’
Crucially, the mall remains familiar and accessible to longtime residents while also appealing to new visitors who view it as an authentic part of the city’s narrative. This ability to bridge eras, demographics, and expectations defines its success over three decades.
Many long-term UAE residents fondly remember the 1995 opening of City Centre Deira—when it was a major outing for families from Deira, Sharjah, and beyond—and now bring their children and grandchildren for weekend visits, back-to-school shopping, or Eid celebrations.
“For many visitors, City Centre Deira is more than a mall; it’s a backdrop to their personal histories: their first cinema experience, their first salary purchase, or the go-to spot after school. This emotional connection can’t be created overnight or replicated digitally. It’s the result of 30 years of consistency, safety, and relevance,” said Khalifa Bin Braik.
“This loyalty is a valuable asset. It gives us a clear mandate: to continue evolving the experience through new concepts, improved design, and better services without losing the sense of familiarity that makes people say, ‘This is still my mall.’ Balancing memory with modernity is our commitment as City Centre Deira enters its next chapter,” he added.
‘Crafting Experiences’
Over the past three decades, Majid Al Futtaim Asset Management has evolved from managing spaces to crafting experiences. Today, these destinations integrate commerce, culture, and community.
“Thirty years ago, physical retail was primarily product-driven. Malls were designed around accessibility: bringing international brands together under one roof with climate-controlled convenience,” stated the CEO of Majid Al Futtaim Asset Management.
“However, City Centre Deira changed this by being the region’s first integrated shopping destination, combining international brands, dining, and entertainment at a central community location. As consumer expectations evolved, our malls adapted by introducing more holistic experiences, integrating leisure, culture, services, and connectivity into the retail footprint,” Bin Braik concluded.
