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Dubai ranked fourth in list of world’s hottest shopping destinations

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DUBAI: Dubai named fourth in the list of Top 10 Most Attractive Markets for 2016 and hosts 35 per cent of the world’s luxury retailers, a report said.

Property consultancy JLL’s Destination Retail 2016 report ranked Dubai at fourth place on Global Cross Border Retailer Attractiveness Index 2016.

London was at first place in the ratings followed by Hong Kong, Paris, Dubai and New York.

The report stated, ““Many retailers use Hong Kong, New York and Dubai as springboards for expansion into the respective regions, underlining the leading role these cities play,” says the report.”

It mentioned that the New York had the most expensive retail space with rents reaching upto $37,700 (Dh138,472) per sqm a year whereas Dubai’s space stand at approximately $2,700 (Dh9,917) per sqm a year.

JLL’s Destination Retail 2016 report mentioned that Dubai is leading retail destination in Middle East. It stated that Dubai has become a key important business hub and holiday destination since 1960s.

“Tourism plays an important part in the government’s strategy to increase the inflow of foreign money, a key driver for retail spend. This is underlined by Dubai Holding’s announcement of the Mall of the World development and Dubai’s win to host the World Expo in 2020”, the report said.

The access to large quantities of affordable retail space in the Emirate made the retailers to set up their businesses and gained access to a market of rich locals, expatriates and tourists.

Several new brands and companies have gained access to Dubai’s retail space including Apple. The large-scale shopping malls and centres attract retailers and customers.

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