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Published on : Tuesday, May 19, 2015
The report shows that Dubai has about 55.7 per cent international retails. Last year almost 45 retail brands entered the emirates which include Hollister, Cavalli Caffe and McQ Alexander McQueen.
“Dubai’s retail sector has remained resilient over the past few years, with major retail centers recording occupancies of over 95 per cent and rising footfall figures,” the CBRE report states. Despite falling oil prices Dubai continues to lead in the retail sector throughout emirates.
The overall quality of its infrastructure, which include transport, visa availability, air flight connection and hotel quality all help in making Dubai a favourite shopping destination.
According to the President and CEO, Dubai Chamber of Commerce & Industry Hamad Buamim, The retail sector is driven by strong economic growth, increased consumer spending and tourist arrivals which have reached to 13.2 million last year.
Abu Dhabi ranked third in the emirates in 2014 with 55 new brands entering in 2014.But international customers look at Dubai as being the ideal paradise for tourist shopping. It is considered to be among the cheapest shopping destinations in the world. Dubai is seeing a surge in tourist numbers and with planned activities and festivals in 2015 the numbers are said to increase.
Globally, only London (57.9 per cent global retailers present in the city) is ranked above Dubai (55.7 per cent global retailer presence), with the other, more established cities following the emirate in terms of international retailer presence. Shanghai (53.4 per cent) and New York (46.3 per cent) are next in line, with jointly ranked Singapore and Moscow (46 per cent each) making up the rest of the top five international cities for retail representation.
These cities are followed by Hong Kong (44.7 per cent), Paris (44 per cent), Tokyo (43.4 per cent) and Beijing (41.7 per cent) make up the remaining Top 10.
Visitation in Dubai has increased from 5.4 million in 2004 to over 11.6 million in 2014. Ahmed Galal Ismail, CEO, Majid Al Futtaim Ventures, feels that UAE’s free-market economy makes it easy to do business in the country.