By Staff writer
GCC cities have strong presence in JLL’s Destination Retail list
Dubai has been ranked fourth worldwide in a global retail list, according to a report.
GCC markets have a strong presence on the global shopping map, according to JLL’s Destination Retail report, says UAE news agency WAM.
The list is dominated by cities in the Asia Pacific, but locations in the Middle East are strengthening their position as more international retailers establish themselves in the region, the report said.
One-third of the top 15 global retail cities are located in the Middle East, with Dubai placed fourth. Kuwait City was ninth, with Abu Dhabi at 11 and Jeddah and Riyadh tied for 12.
Dubai’s ‘shopping tourism’, thanks in part to hosting the Dubai Shopping Festival for more than 20 years, has seen the emirate become a hub for major retail brands, said JLL. It also has one of the world’s highest levels of retail floor space per capita.
The report said GCC markets have large quantities of affordable retail space, supported by franchise structures, which present viable options for international retailers and reduce their operational risk at entry.
And the domestic retail market in the Middle East is not as mature as other regions, which allows international brands to enter without too much competition from domestic brands.
JLL’s report found that shopping demand across the region has spurred some of the highest sales volumes for retailers.
"Retail will continue to be a key pillar of the Dubai economy, and this report shows its strategy of attracting leading international retailers is working,” said Andrew Williamson, JLL’s head of retail, MENA.
"As Dubai looks to welcome 20 million visitors by 2020, retail will play a crucial role in drawing in visitors from all over the globe. The city has an impressive history which is unmatched in the region when it comes to retail. And its position globally can only be enhanced given the high quality retail space on offer to the world’s best-known and most loved brands."For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.