They include AllSaints, Lululemon Athletica and Abercrombie and Fitch. MAF has also just completed the US$1 billion extension to the iconic Mall of the Emirates, which has seen the Middle East debut of a number of new retail brands.
The mega cash injection will see the construction of 10 new City Centre malls, six hotels, 28 cinemas, 40 Carrefour supermarkets and a 740,000-square-metre master-planned community “Shopping centres dominate the market.”Īnd they will continue to do so, with one of the region’s biggest developers, Majid Al Futtaim (MAF), recently revealing plans to pump a further AED30 billion (US$8.2 billion) into major retail, entertainment and hospitality projects in the run up to World Expo 2020. In Dubai, “large quantities of affordable retail space enabled international retailers, supported by franchise operators, to open up stores and tap into a highly attractive market of wealthy locals, tourists and expatriates,” says JLL. The result is a surge in retail spending, which in turn, has led to a high number of new shopping malls being developed. What they all have in common, says the report, is rapidly expanding populations, a rise in the middle classes, plus a fast rate of urbanisation. Non-top 20 cities in this category include Delhi, Mumbai, Mexico City and Sao Paulo. Other Growth Retail Cities in the top 20 are Kuwait, Jeddah, Riyadh and Abu Dhabi in the Middle East Shanghai, Beijing and Bangkok in Asia and Moscow in Europe. JLL categorises Dubai as a ‘Growth Retail City’ in the report and is one of the nine top 20 retail cities given this classification. “The globalisation of the retail market has resulted in a significant shift in its landscape in recent years major global cities remain the epitome of resilience, while Asia Pacific’s and the Middle East’s major cities have seen the biggest influx of international retailers,” says JLL.Ī breakdown of Dubai’s share of international retailers by category reveals the luxury market takes the biggest slice at 35 percent, followed by mainstream retailers at 33 percent and premium retailers at 32 percent. Other Middle East cities in the top 10 included Kuwait at number nine, while Abu Dhabi took 11 th slot. New York, traditionally considered one of the world’s leading retail destinations, was ranked behind Dubai in 5 th place.
Only London, Hong Kong and Paris, which took first, second and third place respectively, had a stronger presence of international retailers, according to JLL’s Destination Retail 2016 report. Here’s whyĭubai has been named the fourth most attractive retail market in the world by Jones Lang LaSalle. The city has been named the fourth most attractive retail market in the world.
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