Dubai named the top destination for shopping in the world
Have you been searching for the absolute shopping paradise? According to the latest report by CBRE, Dubai is what you are looking for.
Ranked as the most important international shopping destination globally, Dubai steals the show in the 2018 edition of ‘How Global is the Business of Retail?’ report.
The Dubai Mall
Hosting currently the largest shopping mall in the world, the Dubai Mall, the Emirate is expected to add more than 1.5 million sq. m. of new retail space. Dubai also scores high when it comes to new market entrants as last year it welcomed 57 new retail brands from which more than half of them were European brand names mostly from the Coffee and Restaurant category.
Brands in Dubai
Hong Kong once again topped the list of new market entrants in 2017 with 86 new brands followed by Dubai with 57. Taipei (52), London (49) and Tokyo (46) came in third, fourth, and fifth place respectively.
Emiratis are popular connoisseurs of good food paired with good times and friends, however, they also adore shopping. According to CBRE, 69% of the global retailers have a presence in Dubai that has a long-standing tradition of a shopper’s heaven.
Nick Maclean, managing director, CBRE Middle East and Turkey Region, said: “Dubai remains the most attractive market in the region for retailers, with many using the emirate as a ‘launch pad’ for regional expansion.
E-commerce in Dubai
Many retailers would like to conquer the Dubai market but competition is fierce since visitors and residents are mostly high-net-worth individuals with eclectic tastes. The introduction of e-commerce, digital media campaigns and retail innovation has been key to approaching the Dubai market. ‘It’s about changing their approach in the market,’ Maclean highlighted.
The growth outlook for Dubai is particularly good despite market changes, President and CEO of Dubai Chamber of Commerce and Industry, Hamad Buamim, confirmed. He then identified the key factors of growth such as the rapid expansion, the rising number of tourists, the anticipation of Expo 2020, and the rise of e-commerce.
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