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London is the world’s most important destination for international retailers, followed closely by Dubai, according to the annual CBRE report. “How Global is the Business of Retail” report by the global commercial real estate service and investment firm, CBRE, was released today, pointing out the hottest twenty retail destinations in the world.
The sixth edition of the survey followed over 300 global retailers across more than 200 cities defining the world’s most preferred destinations. In cooperation with Majid Al Futtaim Properties, Dubai Chamber of Commerce and Industry announced the results at the headquarters today. The top spot for the most important retail destination globally is held by London, and the second by Dubai. But the City of Gold is not just important as a retail destination; it is among the top five hottest markets in 2012. Among mature markets, Dubai saw 25 new international retailers in 2012 including Italian polo heritage brand Galvanni, the Cheesecake Factory, and the American retailer Franklin & Marshall. Next on the list is Paris with 24, London with 23, and New York which was visited by 20 new entrants.
Dubai’s position as the second most important city for international retailers comes partially as a result of its high status as place for individual and family tourism. The city doubled the number of its visitors which in 2012 reached 10 million, a fact making it attractive for both new and existing retailers, admitted Nicholas Maclean, Managing Director of CBRE Middle East. Other essential factors are of course, the retail developments at all levels – infrastructural, financial, and cultural, the largest shopping mall in the world, and the large number of other shopping spots. As of the end of Q1, 2013, the total retail space in Dubai was estimated to be 2.8 million sqm, according to global property consultancy firm, Jones Lang LaSalle.
How Global is the Business of Retail? survey says 81 percent of all cities had at least one new retailer to enter the market. Mature markets dominated the targeting plans of retailers last year. Nevertheless, six emerging markets managed to reach to top 20 – Hong Kong, Kiev, Sao Paolo, Iasi, Muscat, and Ho Chi Minh City.
Most targeted region was Europe which attracted 49 percent of new entries, Asia attracted 24 percent, and the MENA region – 11 percent
Most preferred sector was Mid-Range Fashion with 22 percent of all new openings and Luxury and Business Fashion’ retailers accounted for 20 percent.