One of the booming business markets is retail in today's overseas scenario. By 2023, the sector is expected to have a sum of US$29.76 trillion if we talk from the sales perspective. It is said that the retail industry’s future is bright and will bring tremendous growth in the coming years. Understanding the potential that the retail sector contributes to improving a nation's economic development, the UAE government has taken the requisite measures to provide the retail segment with $13.7 billion.
It is highly predicted that the retail market in Dubai will continue to boom its way towards betting the number one driver of Dubai’s Economy.
Retail Market in Dubai
As consumers become more aware of value and quality while also anticipating convenience, the retail market in Dubai, UAE is experiencing a rapid transformation. Shopping is the primary component of Dubai and UAE's economy. Retail stores are effective businesses in most countries with a large population because they sell the items needed daily.
The UAE has proven to be one of the region's most desirable marketplaces for all retailers and offers good growth opportunities in all sectors. Expats from all over the world are being drawn to extend their careers. Businesses such as retail stores have always been popular and have emerged with a large population in most UAE areas as such companies provide essential items.
If you plan to open a retail shop in Dubai, this is the best time to give a kick-start.
Future of Retail Industry in Dubai
The current and future retail industry in Dubai would dramatically be impacted by financial and development plans by the Emirati government. The Dubai Shopping Festival is a monster sale of outlandish creations from January to February, where raffle awards can include kilos of gold or luxury cars as a backdrop, street fairs, fireworks and cultural events. During this DSF, about 30 percent of yearly retail sales are made.
The celebration is so popular that a summer counterpart to the Dubai Summer Surprises, are to be from July to September — started in Dubai 18 years ago.
- The retail sector will be the preferred choice for foreign investors.
- The overall GCC industry is set to rise by 22% by 2023.
- Enormous opportunities for various sectors to come forward with retail outlets
Dubai Retail Industry – Ways to Leverage and Grow in the Market
The Dubai retail Industry has seen a transformation over the past decade its sheer scope has undergone a sea shift. A manufacturer can no longer rely on sales to ensure mere accessibility of his products.
Today, retailing is about so much more than just merchandising. It's about casting clients in a plot, expressing their expectations and desires, and creating long-lasting relationships. As the customer grows, they demand more and more each time they walk into a shop. Today, the retail business in Dubai has moved from selling a product or service to selling a dream, a desire and, above all, an experience that a customer would like to replicate.
1. Digital Disruption
2. Finding technology solutions
3. Maintaining your Customer Base
4. Evolving Customer Expectations
5. Modern Marketing
6. Inspiring and Retaining Employees
Commitbiz Can Help You Achieve in the Retail Industry in Dubai
There is no doubt that one of the largest and fastest-growing sectors in the retail market. The UAE is becoming a competitive market with many foreign brands.
UAE's retail industry is undoubtedly inching its way to becoming the next boom sector with correct reforms and government initiatives.
Please contact us if you are a foreign brand or an emerging retail player in the retail space and are looking for the best business set-up consultancy.
What is the expected growth rate in the retail industry in Dubai?
It is expected to grow by 11.88% by 2025.
Can foreigners open a retail business in Dubai?
Yes, foreigners are allowed to open a retail business in Dubai.
What are some of the best retail companies in UAE?
Some of the best retail companies are
- Lulu Group International
- Savola Group
- Majid Al Futtaim
- Al Shaya Group
- Alghanim Industries
How much does the retail industry contribute to Dubai’s economy?
It contributes more than 12%.