Shopping power of Dhs53,000 per household boosts Dubai’s retail sector to Dhs150bn
Dubai’s impressive average spending power of $14,400 (about Dhs53, 000) per household per year has seen the retail sector riding a wave of growth to reach record figures. According to the latest data from Colliers International, Dubai’s households spend between Dhs37,000 and Dhs85,000 each year.
The city is now rivaling established global shopping hotspots like London, Milan, New York and Sydney, with the UAE now ranked as the world’s 4th most attractive retail destination in AT Kearney’s latest global index. Meanwhile Business Monitor International (BMI) is projecting that by the end of this year, Dubai’s retail sector will be worth a phenomenal Dhs150bn.
In even more positive news for the local retail industry, the options for shoppers have widened even further following the opening of The Galleria Mall in the heart of Jumeirah. Shoppers can now take a quick tour of renowned international brands such as Home Bakery, Cities Dubai, Valleydez, Via Rodeo, Zayan the Label, United Pharmacy, Cara Jewellers, Stenders, Yateem Optician, Coco Chic, Beach Bunny, Saucette and Sauce Rocks, Tashas, Adore, Hallmark and Catimini, covering everything from luxury fashion, fine dining, leisure, family entertainment and more.
Shahab Lutfi, Founder and CEO of The Galleria Mall’s developers H&H Investment & Development LLC, explained, “The Galleria Mall and Villas is a fresh concept based on family quality time, in Dubai’s trendy suburb of Jumeirah Beach. The attractions are as diverse as Dubai’s multicultural population. By bringing famous global brands here, we are bringing the world to Dubai and helping to make our city the world’s undisputed shopping paradise.”
The retail revolution is set to intensify, as Dubai welcomes 25 million visitors in the build-up to World Expo 2020. As part of this long-term view, The Galleria Mall’s sister development, The Galleria Villas offers upmarket residences near the mall in close proximity to Dubai’s golden beachfront, with both developments totaling 324,300 square feet.
Fine dining is one of the markets currently enjoying unprecedented growth, and The Galleria Mall’s upmarket eateries serve signature South African, Japanese, American, Italian and Arabic cuisine.
Commenting on what Dubai’s shoppers and tourists can expect, Shahab Lutfi, added, “It’s no longer enough to simply have a massive mall, because the quality of the visitors’ experience is equally as important as the quantity of attractions. From the beautiful setting to the convenient parking and intimate family-friendly atmosphere, The Galleria Mall is helping Dubai to raise the bar in retail therapy. With even more shops opening soon, we are living up to our promise that this is truly where you belong.”