RIYADH: Cities in the Gulf Cooperation Council, with Dubai at the forefront, are poised to become top global shopping destinations, according to an industry report.
This transformation is expected to significantly enhance urban gross domestic product and create numerous job opportunities. Retail spending in the region is expected to rise by 37 percent from 2022, reaching $300 billion by 2028, highlighting the sector’s substantial economic potential.
The report titled “Shopping for growth: how to build an urban retail destination” issued by Strategy& Middle East, part of the PwC network, Dubai stands out as the only GCC city among the six top global retail destinations, which include London, Milan, New York, Seoul, and Tokyo.
With a retail spend per capita of approximately $14,000, Dubai ranks second only to New York City in terms of consumer expenditure.
Approximately 21 percent of Dubai’s workforce is employed in the retail sector, the highest proportion among the six leading cities. This sector also contributes a remarkable 24 percent to the city’s urban GDP.
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