The largest shopping and entertainment complex in Uzbekistan, Tashkent City Mall, has partially opened. While the official opening is scheduled for later in the first quarter of 2024, part of the retail premises is already open to shoppers.
Saudi-based Fawaz Alhokair Group, a retail-development company that operates under the Cenomi Retail brand in Uzbekistan and elsewhere, is already 11th in the world by revenue. Their entry onto the Uzbek market signifies that Uzbekistan has become an attractive enough retail center to bring in the world’s fashion giants, including Inditex-owned brands Zara, Massimo Dutti, Oysho, Bershka, Stradivarius, and Pull&Bear.
Tashkent City Mall will house an entertainment complex called Sky Park, which will include extreme sports, a virtual-reality zone, a children’s science complex and playground.
Given the increasing demand for global brands in Uzbekistan, the entry of Inditex brands to the market may create a platform for future foreign investments in the country’s retail trade.
According to the INFOLine consulting agency, Uzbekistan, Kyrgyzstan and Tajikistan are becoming increasingly attractive for global retailers. The main reason for this is the robust population growth rates found in the region. In addition, the population’s income on a nationwide scale continues to increase, which, in turn, encourages consumers to spend more money. Urbanization holds another reason for the popularity of retail in Central Asia, as the population is increasingly more willing to shop online and in shopping malls.
