Dubai named second most important retail market in the world
Dubai has retained its position as the second most important international shopping destination globally for the fourth consecutive year, closely behind London, according to a new report by real estate consultancy firm CBRE.
The 2015 edition of How Global is the Business of Retail? showed that Dubai has a presence of 55.7 percent of international retailers followed by Shanghai with 53.4 percent.
New York and Singapore make up the rest of the top five international cities for retail representation with 46.3 and 46 percent respectively, the CBRE rankings showed.
CBRE said during the course of 2014, Dubai attracted 45 new international brands, with high profile retailers including Hollister, Cavalli Caffe and McQ Alexander McQueen opening outlets in the emirate.
Abu Dhabi also featured prominently on the list of target cities with 55 new brands, ranking the emirate in third place for new retail entrants during 2014, behind Tokyo with 63.
The report showed that the traditional retail triumvirate of London, Paris and New York continue to be challenged and in some cases overtaken by cities from Asia Pacific and the Middle East.
“This trend is likely to continue and there will be a day when we see a new number one atop the overall retail penetration rankings," CBRE said.
