Dubai among world’s top 10 most important shopping hubs

Dubai has retained its spot as the second most important international shopping destination globally, according to the latest annual retail report produced by CBRE.

According to the report, 57 per cent of international retailers are now present in the emirate, second only to London at 57.9 per cent.

In 2015, Dubai attracted 38 new international brands, including high profile retailers such as All Saints and Old Navy.

The majority of the brands in Dubai originate from Europe (62.6 per cent) and the United States (60.6 per cent), the report said.

Retailers from Asia and Pacific currently remian less focused on expansion outside their own region, with many preferring to concentrate on growth at home, it added.

CBRE Middle East managing director Nick Maclean said: “Dubai’s global connectivity and stature as hub for trade between the East and West has clearly given an impetus in the retail sector.

“Over the last decade the emirate has established itself as a globally recognised retail tourism destination, attracting millions of visitors from across the globe each year.”

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He added: “Dubai has cemented its position as the location of choice for international brands looking to enter the region and widen their footprint to rollout their brands and concept stores.”

Dubai Chamber of Commerce and Industry president and chief executive officer Hamad Buamim stressed that Dubai offers “advanced infrastructure” for retail businesses.

It also serves as a gateway to the wider Gulf and Middle East and North Africa region for international brands, he stated.

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“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,” he added.

TOP 10 GLOBAL SHOPPING HUBS

1. London

Proportion of global retailers –
2016: 57.9%
2015: 57.9%

2. Dubai

Proportion of global retailers –
2016: 57%
2015: 55.3%

3. Shanghai

Proportion of global retailers –
2016: 54.4%
2015: 53.1%

4. Hong Kong

Proportion of global retailers –
2016: 45%
2015: 44%

5. Paris

Proportion of global retailers –
2016: 44.3%
2015: 44%

6. Tokyo

Proportion of global retailers –
2016: 43.4%
2015: 43.4%

7. New York

Proportion of global retailers –
2016: 46.6%
2015: 46.6%

8. Singapore

Proportion of global retailers –
2016: 46%
2015: 45.6%

9. Moscow

Proportion of global retailers –
2016: 46%
2015: 46%

10. Beijing

Proportion of global retailers –
2016: 42.7%
2015: 41.7%

10. Berlin

Proportion of global retailers –
2016: 42.7%
2015: 41.7%