The shopping festival for 2016 has come and gone. Most retailers look forward to the annual event that has become such an important part of the calendar for Dubai.

And as in every year, some talking heads have expressed the view that DSF has now outlived its utility and does not have the same level of attraction as it did in the heady early days. When I hear these comments I am reminded of the old cliche that A.C Grayling recalls in his book ‘Towards the Light’, “We only properly value things when they are gone.”

The Dubai Shopping Festival has expanded and grown in terms of its role and effectiveness as the showcase for Dubai. While it still carries the “shopping” moniker, it has, however, become a time when culture, art and life in Dubai are celebrated in myriad ways. And while all this is happening, it also provides a platform for retailers to engage in promotional and sales activities with the assurance of a higher number of visitors and clientele.

Everyone gets into the act and the market is awash with value added offers and deals. As a result, the period still creates a significant bump in the sales graph for retailers across most categories at this time every year. Of course, all years are not the same, but there is no doubt, having it is infinitely more preferable to not.

Not valuing what we have until it has gone is something which seems to have become a trait visible at all levels in our business. Many mall developers do not appreciate the travails of the retailers in their properties.

Few of them are really seized with the vagaries of the economy. Their constant endeavor is to increase their returns per square foot, often at the cost of their existing tenants. On the other hand, many retailers have become used to taking the high turnovers and footfalls for granted and seem to be oblivious of the value of the customers who are entering their stores.

They do not find ways of going the extra mile to serve and make them feel wanted, building up loyalty and long term relationships especially with people who are living here. The penny drops when the waiting lists for developers shrivel up, leaving them scrambling to get new people in (as they did post-2008).

Retailers realise the difference when they find their cash tills becoming quiet and their aisles empty of customers.

Talking to a number of retail colleagues at a recent event, the common theme was that business in the last quarter has been down compared to the earlier year. The moot point was the extent of the drop.

Was it in single digit percentages (excellent) or double digits (normal). What struck me though, was that while most retailers did not expect a quick turnaround for some more months, none were in panic mode.

The same went with the developers who were present. Development plans are continuing, new shops are coming up, renovations happening, property extensions going on. Maybe at a slower pace, but still on track.

This does not mean that no one is going to be affected by the slowdown. A number of people have already faced difficulties and some have had to close branches or stores.

But there is a new maturity visible in the business in this region. Having been through a number of up and down cycles, people have developed a longer term perspective with the confidence that the wheel will turn. And even if business does not eventually achieve the growth levels of the pre-2007 period, it would be positive, sustainable and realistic.

Part of this confidence is built on the faith of the trade in the Rulers and the government. No one is in any doubt that they are fully cognizant of the market situation and business trends facing this country, just as they are of the rest of the world.

However, through the many measures and actions that they are taking they are actually showing the rest of us how to proactively respond to a difficult situation. The whole idea of re-organising the government, re-structuring it in order to emphasise the atmosphere of innovation and excellence is something which can be emulated by the whole country.

Times are tough, but we can see this cycle through with cool heads and determination.

— The writer is a senior executive with a large retail group. These are his personal views.