Glitzy emirate still behind London in terms of retail dominance, says CBRE
Dubai has been ranked as the world’s second most important retail destination for the second year running, according to a study by CBRE.
The real estate services firm’s report found that London retained its crown as the planet’s leading retail city, with Paris, Moscow and New York filling out the top five.
The CBRE ‘How Global is the Business of Retail?’ study maps 320 top retailers’ global footprints across 200 cities. The report also ranked Dubai as the world’s fourth ‘hottest’ retail market, with 25 new retail brands entering the emirate in 2012, including Franklin & Marshall, Galvanni and Cheesecake Factory.
“Dubai’s success in retaining its position as the second most important city for ‘cross border’ retailers is reflective of its leading status as a regional hub for individual and family tourism. The doubling of its visitor numbers to 10m per annum in 2012 and its commitment to double these numbers again by 2020 makes the emirate highly attractive for existing and new retailers,” said Nick Maclean, managing director of CBRE Middle East.
“This retail success is primarily a result of Dubai’s infrastructural and particularly, aviation, investment over many years,” he added.
Other cities to feature in the top 20 of targeted retail markets included Kiev, Berlin, Singapore, Tokyo and New Delhi. The only other Middle Eastern destination to feature was the Omani capital Muscat, which came in at 16th place.
The CBRE report found that American retailers were the most aggressive in terms of targeting Middle East markets, accounting for 18 percent of new openings by American brands last year.