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Dubai’s booming luxury retail sector

Interior View Of Dubai Mall - World's Largest Shopping Mall

 

The shopping and retail sector is set to grow continuously over the next few years as more shopping centres pop up across the city.

Dubai households spend approximately $10,000 to $23,100 each year, according to Colliers International, boosting the city’s retail sector. Business Monitor International predicts that the cosmopolitan city’s retail sector will be worth $40.8 billion by the end of this year.

Competing with international cities such as London, Milan, New York and Sydney, Dubai is currently ranked as the world’s fourth most attractive retail destination, according to AT Kearny’s 2014 global index.

Numerous malls continue to pop up in Dubai, such as City Walk Dubai, and recently announced plans for Mall of the World continue to attract more and more visitors to the city. With the plan to welcome 25 million visitors before World Expo 2020, the city is continuously developing its hospitality and retail sector.

One of Dubai’s most recent developments, The Galleria Mall, has introduced an alternative for the city’s shoppers.

Located in the heart of Jumeirah, The Galleria Mall is a luxury community retail centre, home to numerous international brands, such as Vie Rodeo, Zayan the Label, Coco Chic, Cara Jewellers and many more.

“By bringing global brands [to the mall], we are bringing the world to Dubai and helping to make our city the world’s undisputed shopping paradise,” says Shahab Lutfi, founder and CEO of H&H Investment and Development LLC, developer of The Galleria Mall, in a statement about the opening of the venue. “It’s no longer enough to simply have a massive mall, because the quality of visitor’s experience is as important as the quantity of attractions.”

As a result of the UAE’s strong economic growth, expatriate wealth and Dubai’s status as an emerging fashion hub, the local retail sector is forecasted to continue to grow over the next few years.

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