Physical retail will not disappear over the next three decades but will evolve into hyper-curated experiences that blend physical immersion with digital intelligence, said the CEO of Majid Al Futtaim Asset Management.

“Physical retail will not disappear – it will become more purposeful. Over the next three decades, we expect retail spaces to evolve into hyper-curated, modulated, sustainable environments that blend physical immersion with digital intelligence,” Khalifa Bin Braik told Khaleej Times in an interview on the eve of City Centre Deira’s 30th Anniversary, the first mall in the Majid Al Futtaim portfolio.

Bin Braik believes that physical retail is becoming the exclusive domain of luxury. “If anything, I expect the opposite: More brands across the spectrum will continue using physical presence more strategically and precisely. Luxury will, of course, continue to invest heavily in flagship experiences. We are already seeing that in the new luxury areas and concepts across our portfolio. However, mid-market and value retailers are also using stores as powerful engines for trust, convenience, and omnichannel fulfilment.”

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He said: “A fashion brand in one of our malls may use its physical stores as showrooms for new collections, click-and-collect hubs for online orders, and spaces for community events or collaborations. A value retailer might focus on speed, range, and services such as repairs or alterations, integrated with digital stock visibility. Grocery and everyday retail will continue to rely on proximity, freshness, and immediate fulfilment.”

In thirty years from now, he said, the key question for any brand will not be “Can we afford a store?” but “What does this store tangibly add to our customers’ lives and to our omnichannel model?”

The winners, he noted, will be those who answer with clarity – regardless of whether they sit at the luxury or value end of the spectrum.

Khalifa Bin Braik

Largest mall in the UAE

When it opened in 1995, City Centre Deira was the largest mall in the UAE and one of the largest in the Middle East, strategically located at the crossroads between Sharjah, the airport, and old Dubai.

“It offered something unprecedented at the time: international brands, entertainment, and dining, in one integrated environment.

Over the years, we have consistently reinvested in the mall. We have refreshed the tenant mix to reflect new categories and brands, upgraded interiors and circulation, improved connectivity to public transport, and introduced services that match today’s expectations. More than 22 million people now visit City Centre Deira annually to shop, eat, and entertain themselves, underscoring both its scale and relevance,” said Khalifa Bin Braik.

Today, Majid Al Futtaim Asset Management operates 29 malls across five countries, seven hotels, and mixed-use communities welcoming over 600 million visits annually. Its retail arm spans hundreds of outlets in more than a dozen markets.

‘This is still my mall.’

Crucially, the mall remains familiar and accessible to long-standing residents, while also appealing to new generations and visitors who see it as an authentic part of the city’s story. That ability to bridge eras, demographics, and expectations is what defines its three-decade success.

Several long-time UAE residents still vividly remember the opening days of the City Centre Deira three decades ago in 1995 – when it was the “big day out” for families from Deira, Sharjah, and beyond – and who now bring their children and grandchildren for weekend visits, back-to-school shopping, or Eid celebrations.

“For many of these visitors, City Centre Deira is not just a mall; it is a backdrop to their personal histories: their first cinema experience, their first salary purchase, or the place they would go to after school. That emotional equity cannot be built overnight or replicated solely in a digital environment. It is the result of thirty years of consistency, safety, and relevance,” said Khalifa Bin Braik.

“This loyalty is an asset in itself. It gives us a clear mandate: to keep evolving the experience – through new concepts, improved design, and better services, without losing the sense of familiarity that makes people say, ‘This is still my mall.’ That balance between memory and modernity is what we are committed to preserving as City Centre Deira moves into its next chapter,” he added.

‘Shaping experiences’

In the past three decades, Majid Al Futtaim Asset Management has progressed from managing spaces to shaping experiences. Today, these destinations bring commerce, culture, and community together.

“Three decades ago, physical retail was fundamentally product-led. Malls were designed around access: bringing international brands under one roof and giving customers climate-controlled convenience,” said the chief executive of Majid Al Futtaim Asset Management.

“However, City Centre Deira changed this as the region’s firstintegrated shopping destination that brought together international brands, dining, and entertainment to a central location for the community. As consumer expectations continued to evolve, our malls adapted by introducing more holistic experiences, integrating leisure, culture, services, and connectivity into the retail footprint,” concluded Bin Braik.