Dubai Retail Market Hits $35-B
Retail sales are expected to pass $52-B by Y 2020, according to the Dubai Chamber of Commerce & Industry
Dubai’s retailing market has reached $35.4-B, according to a report published by the Dubai Chamber of Commerce and Industry.
The report, based on data from Euromonitor International, also showed that the market saw annual growth rates of 3.5 to 7.5% since Y 2010, and that Y 2016’s growth is expected to hit 7.7%, followed by an average rate of 8.1% until Y 2020 when turnover could surpass $52-B.
The report is released ahead of the World Retail Congress which takes place at Dubai’s Madinat Jumeirah between 12-14 April.
President and CEO of DCCI, Hamad Buamim, said: “Growing economic prosperity, steady population growth, and rising incomes have all helped to increase consumers’ overall expenditure in Dubai.
“In addition, the boom in tourist numbers have kept the wholesale and retail sector vibrant. Dubai Chamber has encouraged the development of business in Dubai and promoted Dubai as an international business and retailing centre.
“The Chamber’s research analyses have helped the business community in Dubai identify Key market trends to chart their growth plans. The latest analysis on Dubai’s retail market offers vital insights on the prospects available for Dubai’s retail sector.”
Non-grocery sales were valued at $22.3-B in Y 2015, with grocery sales reaching $10.9-B, and store-based retailing was shown to be responsible for 98% of the total value of retailing last year.
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