(MENAFN - Arab News) Dubai was ranked the second most targeted city by international retailers and the UAE the world's second most international retail market, according to a survey conducted by the CBRE, the world's leading commercial real estate services firm.
The CBRE'S annual survey which is now in its fifth year, mapped the global footprint of 326 of the world's top retailers across more than 200 cities to identify trends in global retail expansion at national and local levels.
The report found out that Middle East markets continue to attract an increasing number of international retailers, competing with established global retail centers.
Riyadh retained a key position in the top 20 of most targeted retail destinations, while Kuwait city moved up CBRE's ranking four places to number eight.
According to the survey, Dubai attracted 53.8 percent of the retail brands surveyed, but narrowly missed out to London which claimed the outright number one position with 55.5 percent. Still Dubai ranked first as a target market for European and Asia Pacific retailers while it rated second as a target market for American retailers.
The Middle East remains the most favored destinations for retailers when they think of expansion outside their original regions. Four Arab and Middle Eastern cities are among the most favored by the retailers; Dubai topped the rank by 60.1 percent followed by Istanbul (48.6 percent), Kuwait (44.3 percent), Riyadh (44.3 percent), and Jeddah (42.1 percent).
With regard to countries mostly favored by retailers, the United Kingdom (UK) tops the list, followed by the UAE (53.1 percent), the Unites States (50.3 percent), Spain (47.5 percent), China (47.2 percent), France and Germany (46.9 percent), Russia (44.5 percent), Italy (43 percent), and Saudi Arabia in 10th (41.1 percent), according to the report.