Retail
From The Report: Dubai 2018
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Dubai is one of the world’s leading shopping capitals, and the retail and wholesale sector is the biggest single contributor to the economy. Local iconic malls are constantly reinventing themselves, searching for new brands and experiences to attract global consumers to spend on fly-and-buy excursions. The relationship between retail, real estate, air transport and tourism is key to the emirate’s value proposition for consumers and investors. The market’s ecosystem is driven for the most part by the franchise model, which integrates global brands and privately owned family firms to represent their interests in the country and region. The emirate also serves as the base of operations for regional retail and wholesale giants that may have started with a single small shop in Damascus, Basra or Manama, while local brands are using the location to spread across the region.

This chapter contains an interview with Colm McLoughlin, Executive Vice-Chairman and CEO, Dubai Duty Free.

Articles from this Chapter

Overview

Onwards and upwards: Despite headwinds, new developments look set to bolster traditional offerings
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Dubai is one of the world’s leading shopping capitals, and the retail and wholesale sector is the biggest single contributor to the economy. Local iconic malls are constantly reinventing themselves, searching for new brands and experiences to attract global consumers to spend on fly-and-buy excursions. The relationship between retail, real estate, air transport and tourism is key to the emirate’s value proposition for consumers and investors. The market’s ecosystem is driven for the…

Interview

Competitive luxury: Colm McLoughlin, Executive Vice-Chairman and CEO, Dubai Duty Free on the emirate’s retail sector
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Interview:Colm McLoughlin How will the introduction of value-added tax (VAT) impact the luxury retail sector? COLM MCLOUGHLIN: The introduction of VAT in Dubai and the greater GCC region is a positive development. The implementation of a VAT has proven to be an effective means of collecting additional government revenue for many countries. Naturally, however, it will affect us and the retail sector in general. It is unlikely to have a more pronounced effect on luxury consumption as opposed…

Analysis

The latest developments: New offerings being built are set to reinforce the emirate’s reputation as a leading shopping destination
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Cranes and skyscrapers are a familiar site on the horizon, but Dubai is soon to become home to a 210-metretall Ferris wheel, the Ain Dubai. Set to be the largest in the world upon completion, the wheel will act as the centrepiece of the Bluewaters Island project, a mixed-use development being built on reclaimed land by the government-backed holding company Meraas. The Bluewaters site will feature over 200 shopping and dining outlets when completed in 2018, and is one of the many new developments…

Analysis

A global destination: International visitors set to increase spending
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Although multiple factors are reshaping Dubai’s retail sector, new changes to visa regulations have helped the emirate achieve a significant increase in the number of international tourists, helping it remain a top global destination. Demographic Shifts In January Sheikh Mohammed bin Rashid Al Maktoum, vice-president and prime minister of the UAE, and ruler of Dubai, approved Cabinet Decision No. 24 of 2017, granting Russian citizens a 30-day visa on arrival at all UAE entry points, with…