- Dubai Ranks Number Four Amongst World's Hottest Retail Markets -

- Abu Dhabi Attracts Luxury and Business Fashion Entrants -

- North American Retailers Increasingly Targeting Middle East Markets -

Dubai, 20th May 2013 - Dubai has retained its position as the second most important international retail destination globally, closely behind London, which also retained its position, according to the 2013 edition of How Global is the Business of Retail? by leading global property adviser CBRE. London and Dubai are significantly ahead of Paris, Moscow and New York, the other locations which make up the top five.

CBRE's annual survey - now in its sixth year - maps the global footprint of 320 of the world's top retailers across more than 200 cities, tracking cross-border retailer movements. The report's findings were revealed in the Middle East with the Dubai Chamber of Commerce and Industry at their headquarters in Dubai, and in association with Majid Al Futtaim Properties.

This year's report also looked at the world's "Hot Markets in 2012" in order to enhance the overall understanding of cross-border retailer activity. The report found that retailers expanded into a wide range of markets in 2012, with 81% of cities seeing at least one new retailer enter the market.  Of the existing top five internationally representative cities, Dubai is now the highest ranked target market for new retailers.

According to the report, the Emirate ranks in fourth place amongst the world's hottest retail markets with 25 new retailer entries during 2012, including American retailer Franklin & Marshall, Italian polo heritage brand Galvanni and Cheesecake Factory.  Hong Kong takes the lead position, attracting significantly more new retailers than any other city with a total of 51 new retailers.

Nicholas Maclean, Managing Director of CBRE Middle East, commented:

"Dubai's success in retaining its position as the second most important city for 'cross border' retailers is reflective of its leading status as a regional hub for individual and family tourism. The doubling of its visitor numbers to 10 million per annum in 2012 and its commitment to double these numbers again by 2020, makes the Emirate highly attractive for existing and new retailers.

For American retail and food and beverage brands, the Middle East is the fastest growing location for new representation and almost invariably their first entry point will be Dubai.

This retail success is primarily a result of Dubai's infrastructural and particularly, aviation, investment over many years."

H.E. Hisham Abdullah Al Shirawi, 2nd Vice Chairman, Dubai Chamber of Commerce and Industry said:

"Dubai's mature retail market is essentially driven by the growth in tourism, economic recovery and significant capital flow. Following the projected numbers by the Dubai Government of 20 million visitors by 2020, Dubai continues to offer an enticing opportunity for international retailers looking to establish a presence abroad.

"Last year, Dubai ranked the second most targeted city globally for international retailers, eighth most favoured amongst global top 20 destination cities by international visitors and ranked 18th in international visitor spend. This year looks to be equally as promising with consumer confidence up 16% in the first quarter. Still, better job prospects and a brighter outlook on personal finance are driving more entertainment and leisure spending and this will help to sustain the retail sector throughout 2013," added Al Shirawi.

Mature markets dominated retailers' expansion plans last year although five emerging markets made the top 20. Kiev was in second place with 39 new entrants, with Sao Paulo (25), Iași (19), Muscat (17) and Ho Chi Minh City (15) also important targets. This is the second year that Kiev has been ranked in the top 3 globally. A combination of strong growth in real incomes and a serious under supply of quality retail space is driving major shopping centre development.

Notably Muscat broke into the top 20, ranking in 16th place. This is due to the recent opening of Muscat Grand Mall and increasing interest in the Sultanate from international brands in categories such as Coffee & Restaurants and Speciality Clothing.

"We are now seeing Muscat appear on the radar of international retailers.  Principally these are brands with an established presence in the region looking for new expansion markets," added Maclean.

Fuad Sharaf, Senior Director - Property Management, Majid Al Futtaim Properties, added:

"The CBRE report's findings come as no surprise. Dubai is increasingly growing as the shopping destination of choice, evident in the growing influx of shoppers visiting the emirate from across the world. We're proud to be key contributors to this global positioning."

Looking out of Dubai and in terms of attracting retailers in the Luxury and Business Fashion sector, Abu Dhabi takes fourth position with retailers such as such as Canali, Tom Ford and Cartier entering the Emirate during 2012. The findings also revealed that Riyadh witnessed an increase in the overall retailer representation moving up one place from last year to 14th position.

U.S. retailers are by far the most aggressive when expanding store networks globally. Traditionally, U.S. retailers have focused on Asian and Western European markets; however, increasingly they are targeting the Middle East (accounting for 18% of all new entrants by U.S. retailers last year), Central & Eastern Europe (17%), and Latin America (10%).

Europe was the most targeted region at country level, attracting 49% of new entries, followed by Asia with 24%, and Middle East and North Africa (MENA) with 11%. Latin America, North America, and the Pacific region attracted 9%, 7% and 1% respectively.

At a sector level, 'Mid-Range' fashion retailers entered more new markets than any other sector last year, accounting for 22% of all new openings, followed by 'Luxury and Business Fashion' retailers (20%). 'Coffee and Restaurants' (13%) is another growth area, as international retailers expand to meet consumer demand for entertainment-based retail.



About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

About Dubai Chamber of Commerce and Industry
Established in 1965, the Dubai Chamber of Commerce and Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favorable business environment, supporting the development of business, and by promoting Dubai as an international business hub. 

About Majid Al Futtaim Properties
Majid Al Futtaim Properties is the leader in the ownership, development and management of ‎shopping malls and complimentary mixed use projects in the Middle East and North Africa (MENA). Majid Al Futtaim Properties has changed the face of shopping, leisure and entertainment across the region with twelve world-class malls operating in the UAE, Bahrain, Oman, Egypt and Lebanon and other projects currently under development in Cairo, Egypt and Beirut, Lebanon. In April 2013, Majid Al Futtaim Properties opened Beirut City Centre, its twelfth mall in the portfolio and first in the Levant region. The Company's shopping malls continue to witness a steady increase in footfall with more than 150 million visitors in 2012. Majid Al Futtaim Properties has earned numerous accolades and awards from international organisations that have recognised its leadership and the quality of its properties. 

Majid Al Futtaim Properties has four flagship shopping malls; three in Dubai and one in Bahrain.  In Dubai, Deira City Centre boasts over 370 stores, leisure and entertainment facilities and over 50 restaurants and cafes; Mall of the Emirates houses over 560 international retail brands, including 80 luxury stores and the world-renowned Ski Dubai; and Mirdif City Centre offers visitors a mix of retail, leisure and entertainment options including 465 stores and iFLY Dubai, an indoor skydiving centre.  Bahrain City Centre is the largest shopping, leisure and entertainment complex in Bahrain with 350 international brands including 60 dining options, and features Wahooo!, the region's first  region's first indoor- outdoor waterpark. 

Majid Al Futtaim Properties also owns nine hotels in the UAE and two in Bahrain, all of which are linked to the company's shopping malls.  The hotels' strategic proximity to the company's shopping malls promotes direct access to a wider international demographic and attracts more than 1.2 million guests annually. 

The Company is currently developing three master-planned communities.  The Wave, Muscat, a joint venture with the Government of Oman; will combine more than 4,000 beautiful properties, Almouj Golf, Almouj Marina, four premier hotels and new retail, leisure and dining opportunities at a seafront address in the new heart of Muscat.  The 250,000 sq.m Waterfront City development in Beirut, Lebanon, a joint venture with Société Joseph Khoury & Fils Holding SAL, will feature over 1500 residential homes, an office district, shopping mall, 2 international hotels, as well as multiple parks and a marina front promenade.  Finally, Al Zahia, developed by Sharjah Holding, a joint venture between the Government of Sharjah and Majid Al Futtaim Properties, will be a fully integrated community featuring a range of villas, apartments and commercial units.

© Press Release 2013