Dubai – Mubasher: Dubai’s retailing market is expected to expand by 7.7% in 2016, with growth thereafter at a CAGR of 8.1% until 2020, when retailing sales turnover are expected to surpass $52 billion, according to an analysis by the Dubai Chamber of Commerce and Industry based on data from Euromonitor International.
The emirate’s retailing market size in 2015 is estimated to have reached $35.4 billion, witnessing sustained annual growth rates of 3.5% to 7.5% since 2010.
The analysis was prepared ahead of the World Retail Congress which will take place next week.
The analysis states that store-based retailing was behind 98% of the total value of retailing in 2015, and its pace of growth has by large margin outpaced growth of the non-store retailing category since 2010.
“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 retail 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,” said H.E.Hamad Buamim, President and CEO, Dubai Chamber.
