Interesting news on what’s happening in Dubai retail. The place that was branded as the epitome of luxury may have to pull back on that image considering the world economy.
“Dubai’s transformation from desert backwater to commercial hub has attracted retailers from around the world, including Spain’s Inditex, owner of fashion chain Zara, British luxury retailer Harvey Nichols and Italian designer brand Fendi.
This spurred a real estate boom in the emirate that saw retail space increase at a dizzying rate. In 2008, leasable mall space rose 28 percent to 21.4 million square feet, according to a study by real estate services firm Jones Lang Lasalle.”
Reuters UK ran a story discussing how the country and it’s retailers are adjusting to changing shopper behaviors.
