UAE retail industry brims with optimism

Retailers are optimistic about growth and ready to invest in expansionImage Credit: Supplied

Shoppers in the UAE are spoilt for choice. From affordable goods to ultra-sophisticated merchandise, you can find the whole world’s treasures here.

In a report issued by the Global Retail Development Index, the UAE has figured prominently among the 30 topmost attractive markets for retail development.

A few factors which have maintained the UAE’s popularity are its easy and convenient business environment, sophisticated infrastructure, multicultural population and successful Expo 2020 hosting bid. Huge investments are being made in the manpower, technology and business transaction sectors to cater to the exodus of people who will be entering the country during the Expo season.

Despite the present dismal economic condition, retailers are optimistic about growth and ready to invest in expansion. This is proven by the 55 new retail and leisure brands making their entry into Abu Dhabi. The capital’s top malls like Yas and The Galleria (and soon Al Maryah Central) are the main entities propelling this growth. Iconic fashion houses like Macy’s and Bloomingdale’s will make their Abu Dhabi debut in Yas Mall by 2018.

In the global shopping destination of Dubai, 45 new brands are expected to make their entry soon. The Expo 2020 bid renewed Dubai’s confidence, and new malls, brands and F&B outlets are rushing to find a foothold here. The availability of a varied range of electronic goods is another main factor which has further augmented Dubai’s popularity with shoppers. The burgeoning tourist attractions, themed entertainment destinations and upcoming medical tourism facilities are expected to attract millions of tourists which will improve the retail sector tremendously.

According to reports, the UAE retail sector is expected to grow by 32.9% this year, and that retail sales are expected to reach Dh160 billion, making the UAE the eighth most popular global retail destination in the world.

Handy Hints:

*UAE ranks eighth among world’s most popular retail destinations

* Good infrastructure one of factors propelling retail sector growth

* Expo hosting bid has further enhanced the country’s popularity

Source: Zenifer Khaleel, Special to Properties

The writer is a freelancer


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