In a yet another outstanding achievement, Dubai is crowned as the second-largest in the list of worlds’ most important retail hubs. This is the fifth time that city has achieved this honor.
Dubai has 57 percent of international retailers, while the topper in the list London has 57.9 percent of international retailers. Dubai may soon acquire the top position if it continues with this global expansion.
Presently, The Emirate has around 62.6 percent of brands from Europe and 60.6 percent of brands from United States. In the year 2013, it witnessed 19 new retail entrants and in the present time due to the development and expansion of various malls, the Emirate has become a centre of attraction for many new retailers and international brands.
Hamad Buamim, Dubai Chamber of Commerce and Industry President and Chief Executive Officer affirmed that Dubai offers “advanced infrastructure” for retail businesses. He said “The UAE economy has been witnessing steady growth over the last few years. Dubai has clearly benefitted from the economic competitiveness and the emirate’s retail sector continues to be driven on the back of strong growth exhibited by tourism, aviation and capital inflow.”. He also added that “Retail constitutes nearly a third of Dubai’s gross domestic product and we expect the industry to continue showing strong growth in the coming years,”
On this occasion, George Kostas, CEO, Majid Al Futtaim Properties talked about the growing demand of the industry and also expressed that their recent announcement about the increase in investment will be make sure that they meet the future demands of the industry.
As the demand is rising, more and more retailers are trying to enhance their business activities across nations. This has resulted in the increase of new entrants on the city level which is said to have gone up by 26 percent every year.
Dubai’s love for fashion and luxury is merging with the growing demands and hence, it is quite possible that this emirate will certainly rise as a giant hub in the fashion industry.