It can’t be brushed off as a coincidence that three fashion brands — of American, Spanish and Scottish origins — should open their first outlets in Dubai within a span of four weeks.
If anything it only reinforces the stark fact that Dubai is a melting pot for global brands and, according to a new CB Richard Ellis report, comfortably retains its position among the Top Three retail destinations in the world.
So much so, if the last two years was about the local retail sector engaging in a holding operation, this year is definitely about going for growth. This time, it will not be confined to just Dubai.
Abu Dhabi’s retail space is inching its way to welcoming the gargantuan proportioned Yas Mall, while Fujairah has just had the opening of a City Centre and, in Ras Al Khaimah, RAK Mall is recording of a lot of retailer activity of late.
All of the leading local retail powerhouses and mall operators have confirmed – by word and in deed – that they are firmly in the expansion mode. Geography will not be a limitation for them, nor will the wider socio-political situation in the region.
All of the new outlet openings and mall extensions are translating into specific gains for the local economy. And there will always be another global brand just waiting in the wings to sign up.
“In the face of ongoing economic uncertainty, which looks set to remain a factor throughout 2012, retailers have responded by seeking to de-risk their expansion activities, generally choosing markets that are regarded as safe havens,” said Peter Gold, head of EMEA cross-border retail at CBRE.
