Retail sector in Dubai will be worth an exceptional Dhs150 billion by the end of 2014 as the emirate’s households shopping power is on the mount with optimistic economic indicators and buoyant return in tourism and hospitality sector, as reports stated.
According to recent information, Dubai’s households spend between Dh37,000 and Dh85,000 per year. Nevertheless the average spending power of $14,400 (approximately Dh53,000) each household each year has distinguished the retail sector riding a wave of progress to reach record figures.
The city is now competing recognized international shopping hotspots like Milan, Sydney, London and New York, with the UAE now placed as the world’s fourth most attractive retail destination. Business Monitor International (BMI) is foreseeing that Dubai’s retail division will achieve Dhs150 billion marks by the end of 2014.
Dubai Economic Council also approximates the city’s retail division to have become as big as realty and financial in terms of value.
The retail uprising is set to strengthen, as Dubai welcomes 25 million tourists in the build-up to World Expo 2020. As part of this long-term view, The Galleria Mall’s sister development, The Galleria Villas offers up market houses close to the mall in proximity to Dubai’s golden beachfront, with both expansions totaling 324,300 square feet.
It was stated that by bringing prominent international brands here, they are bringing the world to Dubai and helping to create the city the world’s unquestionable shopping paradise.
At a current occasion, CBRE Middle East managing director averred that Dubai’s accomplishment in keeping its position as the second most important city in terms of global retailer presence bolsters its status as a regional center for tourism and business as well.