It was in the year 1992 that Majid Al Futtaim recognized the need for creating a retail space that combined commerce and leisure. Majid Al Futtaim Goup of companies thus came into existence. The group operates primarily in real estate and related fields like construction and housing apart from its more diversified interests under Majid Al Futtaim Ventures. The conglomerate operates a series of successful malls controlling more than one million square meters of retail space with state of the art cineplexes, the world’s leading retail brands, sports centers and even indoor ski slopes.
The malls and hypermarkets are designed to give the consumer the experience that makes him keep coming back. The group operates primarily from the UAE but has malls all over the Midde East and the North of Africa. The crown jewel is the Mall of Emirates that forms the very epitome of luxury retail space that the consumer can enjoy with family and friends. The mall also hosts the biggest Carrefour hypermarket in the country; a joint venture between Majid Al Futtaim Group and Carrefour. The chain of highly successful hypermarkets has been given momentum by the growth of the group. The group has withstood the troubling real estate slump and has emerged as the reigning leader in the sector. The conglomerate is moving towards establishing luxury hotels inside existing malls apart from expansion plans that point at launching new malls in 2013, 2014 and 2015. The leadership and vision of this leader has led the conglomerate to resounding success.
KEY ATTRIBUTES THAT MAKE HIM A LEADER
- The keen insight to recognize the gap the market provided between consumer expectations and market standards and seize the opportunity to provide something better.
- His group controls more than one million square meters of retail space in the region.
- Joint ventures like the one with Carrefour to create a chain of highly successful hypermarkets
- Expansion plans that point at launching new malls in 2013, 2014 and 2015.
- Talks of acquiring the supermarket chain Metro to add to their list of successful ventures.