Dubai, UAE — As the COVID-19 rules in the UAE were gradually eased this year, many consumers decided to resume their in-store shopping experience, even though the online experience continues to remain dominant.
Programs by retailers and shopping centers, such as Times Square Dubai, are part of a strategy known as an experiential community that businesses are increasingly adopting. The concept is basically the practice of giving a customer a whole experience in some cases, both in-store and online.
In an exclusive interview with TRENDS, Nancy Ozbek, General Manager of Times Square Dubai, spoke about her experience in this field and how she has completely transformed and redefined the center to divert from a purely commercial to become a more experiential community – which has been a massive success.
According to her, this strategy has pivoted the center into a community mall during the pandemic, with success stories including pop-ups becoming full-fledged stores and a destination that offers an array of art, fitness, lifestyle, and kids experiences while driving sustainability, as well as grand-scheme events for all.
She has also offered immense support to SME retailers, acquiring primarily local female-led businesses with a focus on living healthy.
The strategy also involved getting businesses via flexibility, including six months (free of charge) rental at Times Square, where brands can stay for that period and decide whether to remain permanently.
“The Covid-19 phase was a nightmare.” The mall had been completely shut down, posing a significant challenge for both management and retailers. We needed to understand and listen to each other to find solutions that were fair to everyone. “As a management team, we had to be logical in terms of rentals, applying rental period reductions and rent freeze periods within our limits,” Ozbek explained.
Ozbek went on to say that what distinguishes Times Square Center from other shopping centers in the UAE is that they compete on strategy rather than size.
The shopping center’s primary focus is the community. “We established four pillars for ourselves,” she explained, “community, sustainability, healthy lifestyle, and education.”
“These are our pillars and our strategy. Whoever believes in these values will be our tenants. Our goal is to provide visitors with an unforgettable experience. We aim that people will come not only to shop but also to spend at least one or two hours doing something other than shopping.
The new normal
On the other hand, Ozbek stated that since the pandemic, people’s shopping experiences have changed dramatically, with a greater emphasis on online shopping, which many online stores have begun to showcase.
However, physical stores continue to be necessary after the reopening, as most people prefer to visit stores, communicate, and purchase in person. As a result, the shopping mall began to rent small spaces to those online businesses, providing them with the opportunity to succeed and advance.
So, instead of large stores, fashion stores are becoming smaller, and the shopping centers are reusing spaces for experiential concepts such as art, play, and learning areas, which is the new normal, according to her.
“At Times Square, we don’t have any empty units right now; instead, we have a waiting list of renters who are eager to open here, which is why we’re thinking about expanding the center very soon by the middle of December,” she added.
“The only requirement for renters to open here is that they share the same pillars, strategy, and perspectives as mentioned above, and they are more than welcome to share their experience here, even at low prices.”
“I don’t mind if the strategy is aligned with ours; I’ll provide them no rental; I’ll get my rental from their revenue because I believe people come here for the experience. Creating a community that shares the same values and strategy is effective, not only with retailers but also with customers,” she said.