Shopping power steps up Dubai’s retail sector to Dhs150bn
According to the latest data from Colliers International, Dubai’s dramatic average spending power of $14,400 (around Dhs53,000) per household per year has seen the retail sector riding a wave of growth to reach record figures. Dubai’s households spend between Dhs37,000 and Dhs85,000 each year, Zawya reported. 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 Dhs150 billion. 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.