Cornerstone, the real estate investment and development arm of the Abu Dhabi Co-operative Society (ADCOOPS) announced the launch of a new community shopping centre in Al Shamkha, an Emirati neighbourhood located off-island with an immediate catchment of 40,000. Mall Al Shamkha, an AED 125 million scheme that is currently under construction, is expected to open its doors during Q2 2014. Alongside the supermarket, the mall will have approximately 60 stores and F&B outlets in addition to a host of attractive, community-inspired facilities. This project is the first phase in ADCOOPS major expansion programme, estimated to cost approximately AED 625 million, which is being supported by Cornerstone.

With a robust development strategy and pipeline for the coming five years, Cornerstone is set to become Abu Dhabi’s market leader and biggest developer and operator of community shopping centres. In a bid to realise this, Cornerstone has been closely following Abu Dhabi Municipality to deliver a number of ‘new generation’ community mall sites which will provide underserved residential communities across Abu Dhabi with retail and other essential facilities.

Cornerstone believes there is a significant opportunity to provide growing and underserved residential communities in Abu Dhabi with a range of easily accessible, close-to-home retail facilities, which meet their everyday needs. These ‘new generation’ shopping centres are generally classified as neighbourhood centres and district centres on sites of 10,000 – 15,000 sq m and 25,000 – 35,000 sq m respectively. Cornerstone is currently working to secure an additional five development sites across Abu Dhabi – all of which will be anchored by either the SPAR (ADCOOPS hold the GCC license for SPAR International) or ADCOOPS supermarket brand.

Using their in-depth research of the communities in which they wish to operate, Cornerstone has an unparalleled understanding of consumers increasing focus on relationships and family. This, in turn, is driving a need for spaces which offer more relevant facilities, in addition to the standard retail experience which includes entertainment, dining and core services such as laundry, money exchange, bank and pharmacy. Consumers want somewhere that provides children’s indoor and outdoor play areas, government services and sports and leisure facilities in a single location.

Andrew Goodwin, Director of Real Estate says: ‘A growing population in new districts of Abu Dhabi and increasing disposable income still remain key drivers for demand. However, developers must work to address the needs of the consumer if they are to create a point of difference. Cornerstone, is aiming to do just this with the introduction of a series of high-quality, carefully leased community malls as well as

other new and innovative retail concepts that we are working on and will be rolled out in various locations throughout Abu Dhabi very soon.’

As part of this expansion programme, ADCOOPS and SPAR are soon to open a total of six new stores within the Al Falah community development, serving 4,857 Emirati households. The first of these stores are set to open their doors this year, with the remaining doing so in 2014. ADCOOPS has also recently signed partners for the SPAR brand in Qatar and Lebanon.  

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