Dubai has retained its position as the second most important international shopping destination globally for the fourth consecutive year, closely behind London, which also retained its number one position, according to the 2015 edition of ‘How Global is the Business of Retail?’ by CBRE.
Dubai has a presence of 55.7% of international retailers followed by Shanghai with 53.4%, while New York and Singapore make up the rest of the top five international cities in terms of retail representation with 46.3% and 46.0%, respectively. During the course of 2014, Dubai attracted 45 new international brands, with high profile retailers including Hollister, Cavalli Caffe and McQ Alexander McQueen opening outlets in the emirate.
“Dubai’s global air connectivity and growing stature as a hub for trade between the East and West has clearly given an added impetus to the retail sector. The emirate continues to remain the clear destination of choice for the majority of brands looking to enter the region for the first time, frequently using Dubai as a stepping stone to wider regional expansion programmes,” says Nick Maclean, managing director, CBRE Middle East.
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.
“While Dubai has maintained its position for overall retail representation in 2014, the increased number of new retailer brands entering Abu Dhabi has been driven in part by a significant increase in supply in the capital amidst opening of a number of new malls, most notably Yas Mall that was inaugurated in November 2014,” adds Maclean.
“We at Dubai Chamber welcome the 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,” shares Hamad Buamim, president & CEO, Dubai Chamber of Commerce & Industry.
“Dubai provides a wide range of opportunities for foreign retailers and brands, whether individual stores or franchise options. The quality of available retail space is an added incentive for global retailers looking for expansion and key projects; for example Mall of the World promises 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.”
Mid-range fashion retailers remained the most active sector globally and focused on targeting the European market. Whilst luxury and business fashion retailers continue to target the Americas and Asia-Pacific regions with 26% of expansion into the Americas and 24% in Asia, coming from this sector. Luxury retailers contributed more than one fifth of new retail entrants to Asia-Pacific last year,” Buamim elaborates.
“Dubai’s economic growth remains strong and it retains its position as a leading leisure and shopping destination in the world. The UAE retail sector will continue to see strong growth in 2015, driven by robust inbound tourist numbers and demand for new brands in the region, with almost all retailers using the UAE as a hub for their entry into the GCC. In addition, the UAE’s free-market economy, which makes it easy to do business in the country, will be a key driver of this growth,” believes Ahmed Galal Ismail, CEO, Majid Al Futtaim (MAF) Ventures.
“At MAF, we have witnessed high growth last year, and with our regional expansion plans, we remain committed to growing this further. MAF offers an experience that goes well beyond shopping – our malls are lifestyle destinations with shopping, dining and leisure activities that truly deliver great moments for our guests every day of the week. We are passionate about innovation, and we want to constantly surprise and delight our visitors by adding new and exciting experiences, thereby contributing to the success of the regional retail sector.”
A report from Bain & Company has revealed that the emergence of some positive shopping trendsMay 9, 2021 | By RetailME Bureau
UAE-based RAW recently announced that it would be extending its GCC operations,May 4, 2021 | By Bilal Syed
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
UAE-based Al Maya Supermarkets is hosting a two-week food festival at select
Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the
Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created
UAE-based Al Islami Foods, one of the largest frozen food companies in
Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free
World’s largest fully integrated online brand in fresh fish and meat e-commerce
Saudi-based grocery retail operator BinDawood Holding Co. has reported its first quarter
A report from Bain & Company has revealed that the emergence of some positive shopping trends
Words by Pankaj Kumar, Head Omnichannel Retail at Jumbo Group With the latest
The once powerful department stores that anchored malls and streets around the
Words by Hozefa Saylawala – Middle East Sales Director, Zebra Technologies By the
Who isn’t a sucker for discounts? Customers today are spoiled for choice
On 12th October, 2020, Oman announced that it would implement Value Added
According to a new report by GlobalData, the penetration of online sales
The UAE currently leads the Middle East and North Africa (MENA) region
Industry reports reveal global home automation system market expected to grow from
Facebook’s insights and research division, in partnership with YouGov has unveiled findings
One of the many advantages of living in the GCC is the