City staves off challenges from Shanghai, Singapore, Tokyo and New York
Dubai is officially the second-best city in the world for shopping and retail, according to research from CBRE. Staving off challenges from Shanghai, Hong Kong, Singapore, Tokyo, Vienna, Paris and New York, Dubai is second only to London for a spot of retail therapy.
The CBRE report, How Global is the Business of Retail?, said Dubai’s growth in major retail hubs saw 59 new retailers expand into the city in 2016, while development of physical retail properties continues to cater for growing demand. The report claims Dubai is narrowly behind London for the percentage of international retailers present in the city, and it’s closing the gap. London has 57.9 percent of international retailers present, with Dubai seeing 57.3 percent. We wonder how that will be affected by the arrival of several new malls due to arrive in the next few years, including the Avenues Mall, Deira Mall and the mall at Meydan One.
CBRE has warned for potential tough times ahead, however, with the comparative strength of foreign currencies and development of so many new malls likely to impact retailers in the city in the short-to-medium-term.
But it’s not just in the physical space where retail in the region is seeing positive growth. Indeed, a major move from Amazon to acquire Souq.com has marked the arrival of the world’s leading online retailer into the region, and digital sales volumes have grown off the back of significant sales events in recent times.
Dubai Media Office celebrated the news with this tweet, perhaps next year it will be celebrating top spot?