Sounds about right to us.
If you’ve wandered around one of our fair city’s many malls lately this news won’t exactly be surprising to you. Dubai has been named the most important shopping destination in the world in a report from real estate firm CBRE.
Dubai moved up the rankings in this year’s report, taking the top spot from London, Gulf Business reports.
A full 62 per cent of the world’s global retailers have outposts in Dubai, according to the report. So while The Dubai Mall feels like it has everything, it’s not really that far off.
Fifty-nine new brands launched in the emirate last year, with 40 per cent of those coming from Europe.
“Dubai remains the most attractive market in the region for retailers, with many using the emirate as a ‘launch pad’ for regional expansion,” said the CBRE’s managing director in the region, Nick Maclean.
“Advancements in retail technology and e-commerce have, however, forced retailers to rethink their strategies. Several retailers are changing their approach in the market with a focus on opening digital platforms and increasing operational efficiencies.”
One sign of confidence is the Fashion Avenue extension in The Dubai Mall. The new space, which opened in March, has added one million square feet of built-up area to the already expansive mall.
Home to the world’s largest Rolex store, as well as lush storefronts from brands like Dior, Gucci, Azzedine Alaïa and Dolce & Gabbana, the extension needs to be seen first hand.
We’re thinking we might have to head down for a browse to celebrate this new title for Dubai…