The retail sector in Dubai is on the mend.There is growing optimism this is a solid trend as tourists and shoppers return in droves.At the iconic Mall of the Emirates,consumer traffic is up 15% on the year.
Gulf region consumers think Dubai is retail central.The consumption of luxury goods is up 3% and projected to double.The regional consumers are supplemented by a gaggle of shopping tourists from both Saudi Arabia and the Indian subcontinent.
The Mall of the Emirates has 520 stores,anchored by the hypermarket Carrefour,the incredible Ski Dubai indoor slopes,CineStar Cinemas and several others.There are eighty eateries,two hotels and 60 luxury designer stores.Child care is also available at the huge emporium.
According to noted researcher Jim Bianco,the high end is doing better than the Wal-Marts of the world.The wealthy are benefiting from the higher stock market.If stocks start to slump,all bets are off for the consumer discretionary business.
For now,though,the woes of the financial crisis are fading in the desert sun.
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