Dubai now as popular as London for shopping, report shows

12/04/2011 - Dubai Investment News Posted by Neil King
Dubai now as popular as London for shopping, report shows

Dubai is fast becoming a premier worldwide shopping destination, according to a new report.Research published by CB Richard Ellis (CBRE) has shown that the emirate is now on a par with London as the world's most popular retail city.According to the annual survey, more than half (56 per cent) of all international retail brands now have a presence in Dubai.Since 2006, Dubai has put 1.2 million square metres of retail space on the market and also boasts a wealthy consumer base and little local competition.Michael Leighton, senior retail consultant for CBRE Middle East, said: "Historically, Dubai has been the entry city to the Middle East, but now retailers are looking to replicate their success in other Middle Eastern countries with a similar consumer base."Essentially this means a wealthy, well educated and well-travelled population with a high propensity to use modern shopping malls."The expert added that while recent unrest in the Middle East cannot be ignored it is unlikely to have a long-term impact on retailers' expansion goals.