Dubai: Dubai has ranked second most targeted city for international retailers, according to a latest report by CB Richard Ellis (CBRE).
The CBRE survey on global retail expansion also identified the UAE as the world's second most preferred international retail market.
According to the survey, Dubai attracted 53.8 per cent of the retail brands surveyed, but narrowly missed out to London, which claimed the number one position with 55.5 per cent. However, Dubai ranked first as a target market for European and Asia Pacific retailers while it rated second as a target market for American retailers.
The CBRE's annual survey mapped the global footprint of 326 of the world's top retailers across more than 200 cities to identify trends in global retail expansion at national and local levels.
The report found that Middle East markets continue to attract an increasing number of international retailers, competing with established global retail centres.
Riyadh retained key position in the top 20 of most targeted retail destinations, while Kuwait City moved up CBRE's ranking four places to number eight, ahead of many established destinations.
Hamad Buamim, Director General, Dubai Chamber, said: "Retail has been one of the fastest growing industries and one of the leading drivers of economic growth in the UAE in recent years as the rising population and urbanisation, expatriate wealth, strong household consumption and modern retail concepts, as well as a thriving tourism sector, continue to provide ideal conditions for growth. The findings of the CBRE report further cement Dubai's position as a truly international business and leisure destination."
