Home to the world ’ s biggest mall , traditional souks , and the highest number of food and beverage outlets per capita in the world , Dubai is a shopper ’ s paradise . Rated as the second most important retail opportunity after London , Dubai has local iconic malls which are constantly reinventing on their search for new brands and experiences to attract global consumers to spend on fly-and-buy excursions . Added to this is the growing young local population which is ready to splurge on fashion , adding to the retail buzz . In reality , while most other retail markets are finding it difficult to retain shoppers , Dubai is emerging as a shopper ’ s paradise ! As the buzz around Dubai ’ s retail sector increases , the city is expected to see an additional 9,00,000 sq . metre of space getting delivered to retail over the next couple of years through old area expansion or newer shopping area establishments . Footfall and occupancy rates in prime retail space in Dubai have showed no sign of weakening . The nation continues to maintain a healthy retail occupancy rate , indicating continued demand for units in prime malls . Rents are expected to remain
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under pressure over the next 12 months owing to the large volume of potential new supply yet to enter the market .
In the UAE as a whole , the retail landscape is expected to grow at a rate of 3 per cent in 2018 , reaching a value of DH 196 billion , which indicates a slight improvement over the predictions made earlier . Significantly , the retail and wholesale sector is the biggest single contributor to its economy . The relationship between retail , real estate , air transport and tourism , is key to the emirate ’ s value proposition for consumers and investors . Analysts have predicted the e-commerce growth here to gain further momentum in 2018 , for garnering a larger share of retail money the consumers spend .
Looking at the demographic shift , through the new visiting policy implementation , wherein Russian citizens are granted 30-day visit visa , and Chinese visitors ’ percentage has increased to 46 %, there is obviously going to be a positive reflection on tourism growth and future business prospects . According to industry watchers , good flight connections , competitive hotel room rates , security , and now , the
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As the buzz around Dubai ’ s retail sector increases , the city is expected to see an additional 9,00,000 sq . metre of space getting delivered to retail over the next couple of years through old area expansion or newer shopping area establishments . |
visa on arrival are all driving the growth of Chinese tourists to Dubai .
The city boasts of being the Middle East ’ s shopping hub and houses more than 70 shopping malls , including the Dubai Mall which is the world ’ s biggest shopping complex by total area . The Annual Dubai shopping festival has become a major tourist attraction . According to Mastercard , tourists splurged US $ 28.5 billion last year in Dubai . It predicts that the figure is expected to go up by 10 per cent this year .
On the fashion industry front , Dubai continues to advance with places like d3 , Dubai Design District , dedicated to the design community including start-ups , entrepreneurs and established international designs . Luxury and fashion brands and initiatives such as Dubai Design & Fashion Council have helped elevate local and regional talent . The fashion industry here is in a positive growth phase . This has added to the awareness of fashion and the concept of designer wear .
A few years back , Arab consumers spent US $ 320 billion on luxury fashion . The number is expected to rise to US $ 490 billion by 2019 . The UAE and its fresh , growing market promotes local homegrown
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