Dubai retains second spot as a top international retail destination


May 19, 2015 | By RetailME Bureau

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.”

 

 

 

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /



Union Coop, a consumer cooperative in the UAE, revealed that 78% of 

Continue Reading

August 24, 2021 | By Jibran Chouguley

Union Coop has opened its 23rd branch within the UAE in Jumeirah 

Continue Reading

August 2, 2021 | By Jibran Chouguley

Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and 

Continue Reading

July 8, 2021 | By Jibran Chouguley

UAE-based Al Maya Group announced that it will be boosting import of 

Continue Reading

June 24, 2021 | By RetailME Bureau

UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu 

Continue Reading

June 2, 2021 | By RetailME Bureau

UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand 

Continue Reading

March 31, 2021 | By RetailME Bureau

Locally owned supermarket Spinneys celebrates 60 years of doing business in the 

Continue Reading

March 9, 2021 | By RetailME Bureau
Almarai, Carrefour, Emirates have the most loyal customers

UAE-based Carrefour will become the first retailer in the region to offer new levels 

Continue Reading

February 22, 2021 | By RetailME Bureau

The Organic Farmers’ Market is back in Bay Avenue for its 12th 

Continue Reading

February 17, 2021 | By RetailME Bureau

UAE-based  Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah, 

Continue Reading

February 15, 2021 | By RetailME Bureau
Jones the grocer

Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones 

Continue Reading

February 1, 2021 | By RetailME Bureau

UAE-based Al Maya Supermarkets is hosting a two-week food festival at select 

Continue Reading

January 17, 2021 | By Lawrence Pinto




Download Images RetailME Magazine