Dubai: Dubai ranks as the second most targeted city by international retailers, according to a report by consultancy CB Richard Ellis (CBRE).
The CBRE survey on global retail expansion also revealed that the UAE is the world's second most attractive 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. Still, Dubai ranked first as a target market for European and Asia-Pacific retailers and it rated second 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 retail expansion. The report found that Middle East markets continue to attract an increasing number of international retailers, competing with established global retail centres.
Riyadh retained a key position in the top 20 most targeted retail destinations, while Kuwait City moved up CBRE's ranking four places to number eight.
Hamad Bu Amim, director general of the Dubai Chamber of Commerce and Industry, said he expects Dubai's retail sector to grow 15 to 20 per cent in the first quarter of 2012.
"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," Bu Amim said.
Peter Walichnowski, CEO of Majid Al Futtaim Properties, said that around 10 large trade marked brands control 85 per cent of the retail market in Dubai, as the survey highlighted opportunities in this sector.
