Dubai has retained its position as the world’s second most important international shopping destination for the fourth consecutive year, closely behind London, according to the 2015 edition of the CBRE report: ‘How Global is the Business of Retail?’.
According to the latest edition of the report by the leading global property advisor, Dubai has a presence of 55.7 per cent of international retailers. Last year saw new international retail brands enter the Dubai market almost on a weekly basis, with 45 global brands entering the emirate’s already bustling retail mix.
“Dubai Chamber welcomes news that the city has retained its position as the second most important international shopping destination globally for the fourth consecutive year. Dubai’s retail sector is vibrant and continues to be driven by strong economic growth, increased consumer spending and tourist arrivals, which hit a record high of 13.2 million last year,” said Hamad Buamim, President and CEO, Dubai Chamber of Commerce & Industry.
“Dubai provides a wide range of opportunities for foreign retailers and brands, whether that is individual stores or franchise options. The quality of available retail space is an added incentive for global retailers looking for expansion and key projects, such as Mall of the World promise a healthy future outlook. Dubai Chamber supports the retail sector through various initiatives and activities and as the voice of the business community we will continue to facilitate growth and developments in this important sector,” Buamim added.
“Middle East shows no signs of abating with focus on Abu Dhabi and Dubai. With some of the biggest shopping malls on the planet, the environment for expansion in the Middle East remains attractive with well-established franchise partners and templates for how to proceed being in place,” the report says, suggesting that growth will continue.
Retailer globalisation remained a key theme with half of the 164 cities surveyed attracting at least five new retailers. Markedly, Abu Dhabi featured prominently on the list of target cities with 55 new brands, ranking the emirate in third place for new retail entrants during 2014. Tokyo took the coveted top spot with 63 new retailers entering the market followed by Singapore.
International retailers continue to flock to Dubai as customers – both residents and tourists – see value in Dubai’s shopping, which is among the cheapest in the world.
Source: Emirates 24|7