Knocking London off the top spot, Dubai now takes the number one position in the 2018 edition of How Global is the Business of Retail? report, with 62 percent of global retailers present in the emirate.
According to the report, over the next three years, more than 1.5 million sq m of new retail space could be delivered to the Dubai market, adding roughly 50 percent to the existing inventory.
Over 40 percent of these new retailers were from Europe, with close to 50 percent coming from the Coffee and Restaurant category, including brands such as the French healthy eating concept Wild & The Moon, CBRE said.
It added that Hong Kong once again topped the list of new market entrants in 2017 with 86 new brands. Taipei (52), London (49) and Tokyo (46) came in third, fourth and fifth place respectively.
Nick Maclean, managing director, CBRE Middle East and Turkey Region, said: “Dubai remains the most attractive market in the region for retailers, with many using the emirate as a ‘launch pad’ for regional expansion.
"Advancements in retail technology and e-commerce have, however, forced retailers to rethink their strategies. Several retailers are changing their approach in the market with a focus on opening digital platforms and increasing operational efficiencies.”
In this edition of Inside AB, Eddie Taylor and Jeremy Lawrence analyse the findings of the report and ask how Dubai will soak up the demand of extra retail space, in a market that is more competitive than ever before.
(Source: Arabianbusiness.com YouTube channel)