Introduction
The land-use pattern is undergoing a transition in Pakistan. The commercial demand for real estate is increasing and is expected to be dominated by mixed-use establishments, shopping malls, retail spaces and office units in 20161. It can be anticipated that through current trends and predictions that retail-related demand will headline this new pattern of commercial land-use.
Retail demand for real estate is a derived demand based on the performance of the retail sector which has stayed robust in growth despite the economic challenges of the country. This outlook of the retail sector in Pakistan is spurred by a rising trend in population and increasing urbanization. The result is the emergence of modern retail such as superstores, hyper-stores and shopping malls mainly in the three large metropolitans of the country i.e. Karachi, Lahore, and Islamabad/Rawalpindi.
This new face of modern retail in Pakistan is in line with global retail trends, where traditional retail is giving way to shopping malls. In case of developing countries, in particular, modern retail seems set on an upward trajectory. However, while there have been numerous malls and superstores built in the past 15 years in Pakistan, only two modernesque all-purpose retail shopping malls have been built – Centaurus Mall in Islamabad and Dolmen Mall in Karachi.
