The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Retail sales in the United Arab Emirates are expected to rebound and grow by 13 percent to reach $58 billion by the end of this year, boosted by the roll out of Covid-19 vaccinations and Expo 2020 Dubai, the Dubai Chamber of Commerce and Industry has predicted.
It also said UAE retail sales are on track to grow 6.6 percent annually to reach $70.5 billion by 2025, with store-based retailing growth forecast at a constant annual growth rate (CAGR) of 5.7 percent, while non-store retailing is forecast to grow at a CAGR of 14.8 percent.
The UAE currently leads the Middle East and North Africa (MENA) region in terms of household spending on e-commerce at $2,554 per household, equivalent to double the global average of $1,156, and four times the MENA region’s average ($629). According to JLL, Dubai saw 110,000 square metres (sqm) of retail gross leasable area completed in 2020, bringing the emirate’s total retail stock to 4.2 million sqm.
Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.
This week’s round-up of global markets fashion business news also features Haiti’s sourcing crisis, Brazilian jewellery giant Vivara and Dubai’s Ramadan shopping season.
This week’s round-up of global markets fashion business news also features Supreme’s long-awaited Shanghai flagship opening, India imposes MIP on undervalued imports of synthetic knitted fabric and striking Sri Lankan workers continue to protest.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.