A new report by leading global property adviser CBRE shows that Dubai has retained its position as the 2nd most important retail destination in the world.
Findings of the 2013 edition of How Global is the Business of Retail? were disclosed at the headquarters of Dubai Chamber of Commerce and Industry, in association with Majid Al Futtaim Properties. The CBRE’s annual survey is based on the global footprint of the world’s top 320 brands across more than 200 cities.
For the second consecutive year, Dubai trails only London as the world’s top shopping destination. However, both cities were far ahead of Paris, Moscow and New York, which were the other top five cities. About 55 percent of all international brands taking part in the study could be found in both Dubai and London.
Even though both cities continued to attract retail outlets of new brands, the gap between them widened. Out of the world’s top five cities, Dubai was rated at the top for new retailers. During 2012, Dubai witnessed the launch of 25 new retailers, which included the American retailers Franklin & Marshall and The Cheesecake Factory. Traditionally, American brands have been unwilling to lose control of their operations by offering franchises and partnerships. However, the global financial crisis has forced these retailers to expand aggressively in emerging markets.
According to Fuad Sharaf, senior director, Property Management, Majid Al Futtaim Properties; “The CBRE report’s findings come as no surprise. Dubai is increasingly growing as the shopping destination of choice, evident in the growing influx of shoppers visiting the emirate from across the world. We’re proud to be key contributors to this global positioning.
The report also studied the world’s Hot Markets in 2012 to provide a better understanding of the emerging trends in cross-border retail activity. The report suggests that retailers were not afraid to push boundaries in 2012 and 81 percent of the surveyed cities saw the launch of at least one new retailer within their market.