Dubai has retained its position as the world’s second most important international shopping destination for the fourth consecutive year, closely behind London, according to the 2015 edition of the CBRE report: ‘How Global is the Business of Retail?’.
The findings of the report confirm that despite a drop in global oil prices, Dubai’s retail sector – one of its primary economic growth engines – has continued to dominate the global rankings thanks to the emirate’s competitive shopping offerings for its residents and tourists alike.
“Dubai’s retail sector has remained resilient over the past few years, with major retail centres recording occupancies of over 95 per cent and rising footfall figures,” the CBRE report states.
The report highlights the factors that continue to propel Dubai among the very top in the global retail standing.
“Dubai’s success has been driven in part by the overall quality of its developed infrastructure, and a combination of factors ranging from the ease of travel, visa availability, air flight connections and hotel quality,” it notes.
Overall, the report highlights that even as Dubai has retained the Number 2 spot as a magnet for international retailers for four consecutive years, this year is going to be even better with more international brands making a beeline to add to the emirate’s retail offerings.
“The rise in tourist numbers along with the planned festive activities for 2015 will see another strong year for the retail sector. With strong fundamentals, the sector is expected to see further growth with the addition of new retail brands waiting to enter the market,” it states.