Shopping matters: London and Dubai retain throne as world's retail capitals
Dubai has retained its number two spot worldwide as a retail destination, just behind London and well ahead of New York, Moscow and Shanghai.
A study released on Wednesday by global real estate consultancy CBRE put the emirate ahead of 187 other global cities based on the number of international retailing brands operating in the market.
“Dubai provides unparalleled level of opportunities for foreign businesses and remains the focal point for tourism and trade in the region,” said Hamad Buamim, President and CEO of the Dubai Chamber of Commerce and Industry.
“The UAE economy has been witnessing steady growth over the last few years. Dubai has clearly benefitted from the economic competitiveness and the emirate’s retail sector continues to be driven on the back of strong growth exhibited by tourism, aviation and capital inflow.” Almost 55 per cent of global brands being tracked by the study are present in Dubai.
The figure compares to 55.7 per cent for London and 45 per cent for New York.
Abu Dhabi, though outside the overall top 10, ranked fourth in the number new retail entrants for the year, at 42. Paris led the category with 50 new entrants.
“For many global retailers, the Middle East is a prime location for new representation and with a substantial shopping centre pipeline under development, Abu Dhabi represents a significant opportunity for them,” said Nick Maclean, Managing Director of CBRE Middle East.
George Kostas, CEO of Majid Al Futtaim Properties, said Dubai’s shopping malls had seen strong year-on-year growth, with tourists making up a significant share of visitors – 25 per cent for the Mall of Emirates.
“The UAE’s economic growth is back on track and retailers continue to be driven by the prospects of a rise in consumer purchasing power, a growing young population and an ever-increasing level of fashion sophistication. The UAE’s growing appeal as a multi-cultural hub and lifestyle destination provides ideal conditions for luxury retail brands to flourish,” Kostas said.
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