Big is getting bigger

Increased competition in the retail sector has ushered in a new era, whereby malls have become the major players, as exhibited by the increased demand for space and rising rental prices. But there is little doubt that upcoming malls will irrevocably change the rules of the game in terms of operations, services, rents and fees. The price of doing business is definitely on the up.  “The cost of construction [has] reached peak levels, leading shop rents to the highest point ever and newcomers [malls] are modifying their prices,” said Michel Abchee, chief executive officer and chairman of ADMIC, the builder of City Mall in Dora and parent company of retailers BHV and Monoprix.  Already, Beirut is home to the third most expensive retail rents among 13 cities in the Middle East, according to a September 2011 survey by property consultants Cushman & Wakefield. Beirut’s retail stood out as the only