strategic decision, but a well-thought-out move to diversify the tenant mix and attract brands that would add value to City Walk.
The introduction of Canadian University was also part of our strategy to focus on education as one of the key pillars of repositioning City Walk. With a strong trade area consisting of affluent residents, we saw an opportunity to cater to the educational needs of the community by bringing in a reputable university. This decision has been well-received, and we have seen increased footfall and engagement from students, faculty, and their families.
In addition to education, we have also focused on health and wellness, co-working spaces, and professional services. This has led to the introduction of clinics, gyms, wellness centers, and other businesses that cater to the specific needs of our target audience. By offering a diverse range of services beyond traditional retail, we have created a unique destination that attracts a younger, diverse group of customers who spend more time at City Walk throughout the day.
Another strategic decision was the introduction of car showrooms, such as the exclusive AMG brand by Mercedes-Benz. This has added an element of exclusivity to City Walk and has been well-received by luxury car enthusiasts who seek a unique and premium experience. By carefully curating the tenant mix and focusing on destination uses, we have been able to significantly increase the occupancy rate at City Walk, with the Boulevard currently at 81% and expected to reach 98-99% by the end of this year.
The demand for City Walk’s residential properties and the launch of the Central Park project have also played a role in its revitalization. As we continue to develop and expand the surrounding areas, including the Central Park project, City Walk is poised to become a major residential hub with a significant population, further driving footfall and engagement in the area.
In conclusion, City Walk’s journey to becoming a Dubai hotspot amidst challenges such as Covid and low occupancy has been driven by strategic decisions to revamp the tenant mix, focus on destination uses like education, health, and co-working, and cater to the specific needs of the community. By diversifying its offerings beyond traditional retail and creating a unique and vibrant destination, City Walk has successfully turned the tide and is now a thriving hotspot that reflects the changing landscape of retail in Dubai.
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