Growing Retail Sector in Dubai
If you are a person who needs a good dose of retail therapy once in a while, then Dubai is the place for you. The world’s biggest mall, annual shopping festivals and traditional souks do justice to Dubai’s tag as the ‘shopper’s paradise’.
With the Dubai Shopping festival just weeks away, a major boost is expected in the retail sector of UAE. One of the foremost shopping events in the world, DSF has been contributing to the retail industry for over two decades. About 30 percent of annual retail sales are made during this time period.
DSF is regarded as the strongest pillar of Dubai’s retail sector, where the whole world comes to shop. Millions of visitors make it to the event every year, which bolsters the economic activity of the country. Retailers look forward to the months of December and January, as they anticipate an upsurge in sales during the time period.
Another major contributor to the retails sector of the city is Dubai Mall, the second-largest mall in the world by total land area. The mall attracts more than 54 million visitors each year and has attained the label of most visited building on the planet in the year 2011.
Dubai is home to most of the global brands and many more are keen on choosing the city to widen their business. The successful journey of existing retail companies in Dubai and the positive impact festivals like DSF impose on businesses, are reasons behind the increasing desire by international brands to establish their business in this dream city. But for them to survive in this highly competitive environment, they need to come up with innovations and novel agenda.
Retail sector occupies a significant position in Dubai’s economy, which accounted for 26.6 percent of total GDP in 2017. A study by the Dubai Chamber estimates a growth of 5.6 percent in the retail market during 2018 to 2021.
The strategic location, liberal policies and excellent infrastructure are driving factors, that makes UAE one of the best places to establish your company.