Dubai is the only city in the GCC* region to be ranked among the top six global retail destinations, alongside New York, London, Milan, Tokyo and Seoul. Currently, Dubai holds the second position in consumer spending, with approximately $12,000 per capita.
The growth of retail trade in Dubai and other UAE cities is expected to continue. Key factors driving the retail market development in the Middle East include:
- increasing demographic indicators, including population growth;
- aging population;
- cultural shifts that affect consumer preferences and buying habits.
In addition, according to a study from Strategy& Middle East, retail growth enhances the quality of urban life and attracts more investors. In global retail destinations, the sector contributes up to 24% of a city's GDP and 20% of employment of city residents.
Research supports the growth in retail volumes. According to UAE Retail Market 2019-2029, the UAE retail market is projected to grow at a CAGR of 6.2% up to 2029. And Statista Research Department forecasts retail volumes to reach $114bn in 2026.
Across the GCC* region, annual retail sales are expected to rea...