Dubai Knocks London off Top of Global Retail List

Dubai Knocks London off Top of Global Retail List

According to a new study by global property advisor CBRE, Dubai is listed as the most important international shopping destination worldwide.

Dubai now takes the number one position in the 2018 edition of How Global is the Business of Retail? report with 62 percent of global retailers present in the Emirates.

Over the next three years, more than 1.5 million sq. m of new retail space could be delivered to the Dubai market.
CBRE said during 2017, Dubai welcomed 59 new retail brands. 40 percent of these new retailers were from Europe with close to 50 percent coming from the Coffee and Restaurant category.

The managing director of CBRE Middle East and Turkey, Nick Maclean said, “Dubai remains the most attractive market in the region for retailers with many using the Emirates as a ‘launch pad’ for regional expansion.

He also said, “The UAE will see the delivery of a significant amount of retail space over the next five years. The expected growth in online shopping and the increased importance of F&B, entertainment and the hybrid concept of ‘edutainment’, the value of ‘bricks and mortar’ outlets and the contractual relationship between landlords and tenants is going to change substantially going forward.”

The president and CEO Dubai Chamber of Commerce and Industry Hamad Buamim said, “Dubai’s leading position in this year’s rankings demonstrates the growing competitiveness and strengthening global appeal of the Emirate’s retail sector.”