Spend, spend, Spend! Dubai retail sector set to grow by $41 billion in 2014
Dubai’s impressive average spending power of Dh53,000 ($14,400) per household per year has seen the retail sector riding a wave of growth to reach record figures, a report said.
According to the latest data from Colliers International, Dubai’s households spend between Dh37,000 and Dh85,000 each year. The city is now rivaling established global shopping hotspots like London, Milan, New York and Sydney, with the UAE now ranked as the world’s 4th most attractive retail destination in AT Kearney’s latest global index.
Meanwhile, Business Monitor International (BMI) is projecting that by the end of this year, Dubai’s retail sector will be worth a phenomenal Dh150 billion.
Options for shoppers have widened even further following the opening of The Galleria Mall in the heart of Jumeirah, a statement said.
Shoppers can now take a quick tour of renowned international brands such as Home Bakery, Cities Dubai, Valleydez, Via Rodeo, Zayan the Label, United Pharmacy, Cara Jewellers and Stenders, among other top labels covering everything from luxury fashion, fine dining, leisure, family entertainment and more.
Shahab Lutfi, founder and CEO of The Galleria Mall’s developers H&H Investment & Development, said: “The Galleria Mall and Villas is a fresh concept based on family quality time, in Dubai’s trendy suburb of Jumeirah Beach. The attractions are as diverse as Dubai’s multicultural population. By bringing famous global brands here, we are bringing the world to Dubai and helping to make our city the world’s undisputed shopping paradise.”
The retail revolution is set to intensify, as Dubai welcomes 25 million visitors in the build-up to World Expo 2020, Lutfi pointed out.
As part of this long-term view, The Galleria Mall’s sister development, The Galleria Villas offers upmarket residences near the mall in close proximity to Dubai’s golden beachfront, with both developments totalling 324,300sq ft.
The Galleria Mall’s upmarket eateries will also serve signature South African, Japanese, American, Italian and Arabic cuisine.
“It’s no longer enough to simply have a massive mall, because the quality of the visitors’ experience is equally as important as the quantity of attractions,” Lufti said.
“From the beautiful setting to the convenient parking and intimate family-friendly atmosphere, The Galleria Mall is helping Dubai to raise the bar in retail therapy. With even more shops opening soon, we are living up to our promise that this is truly where you belong,” he added.
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- International travellers to spend $10.4bln in Dubai in 2013
- Food retail is projected to grow to $106bn by 2018; niche sectors to drive demand