Dubai Is World’s Fourth ‘Hottest’ Retail Market

Dubai ranks fourth amongst the world’s hottest retail markets with 25 new retailers entering the market in 2012, according to a new report by property consultancy CBRE.

American retailer Franklin & Marshall, Italian polo heritage brand Galvanni and Cheesecake Factory are some of the top brands that launched in Dubai last year.

American retail, food and beverage brands are increasingly targeting the Middle East, and almost invariably their first entry point is Dubai, said the report.

Hong Kong was first on the list, attracting 51 new retailers last year. Kiev and Berlin followed, with Singapore sharing the fourth place with Dubai.

Overall, it found that retailers expanded into a wide range of markets in 2012, with 81 per cent of cities seeing at least one new retailer enter the market.

Hisham Abdullah Al Shirawi, vice chairman, Dubai Chamber of Commerce and Industry said: “Dubai’s mature retail market is essentially driven by the growth in tourism, economic recovery and significant capital flow.

“Following the projected numbers by the Dubai government of 20 million visitors by 2020, Dubai continues to offer an enticing opportunity for international retailers looking to establish a presence abroad.”

Dubai also retained its position as the second most important international retail destination globally, following London, in CBRE’s annual survey.

London and Dubai are “significantly” ahead of Paris, Moscow and New York, it said.

Nicholas Maclean, managing director of CBRE Middle East said: “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.

“This retail success is primarily a result of Dubai’s infrastructural and particularly, aviation, investment over many years.”

The survey maps the global footprint of 320 of the world’s top retailers across more than 200 cities.