The retail sector has been one of the fastest growing sectors in the UAE for the past few years, and the country is emerging as the most attractive retail destination in the world on the back of a strong economy, rising population, increasing consumer confidence, and soaring domestic consumption.
As per the findings of the report, there has been a rise in the construction of retail mall space in the country. Moreover, Dubai has become the hub of retail construction developments in the UAE. Fast inflow of foreign retailers is fuelling growth in the shopping mall retail area development.
Besides, rapid development of modern retail infrastructure is luring consumers for convenient shopping experience and transforming into high retail spending. Per capita gross leasable area (GLA) is also increasing in the country.
Global auditing and research firm Deloitte has listed UAE-based retailers Emke Group and Landmark Group among the world’s fastest 50 growing retail chains, Gulf News has reported. The ‘Global Powers of Retailing 2013′ report also named the two retailers among the world’s top 250 retail groups for the first time. Landmark Group, with revenues of $4.51bn, has been ranked 198th and Emke Group, with retail revenues of $4.25bn, has been positioned 213rd largest in the world.
Accordingly, Emke Group which function the region’s largest retail chain, Lulu Hypermarkets is the world’s 9th fastest growing retail chain, while Landmark Group has been named as the 16th fastest retailer in the world. They are trailing Amazon.com and Apple Inc — ranked 7th and 8th fastest growing retailer brands in the world, respectively.
As a positive sign that the country is on top in terms of purchasing power, which is playing a key role in keeping the domestic retail sector one of the world’s busiest and most vibrant.