Thursday, 7 October 2010

FT.coml - Retailers counter tougher times

Emirates Mall, Dubai

A few years ago the scene would have been unimaginable in the Middle East’sunrivalled retail destination – boarded-up shopfronts.

But such is the toll that Dubai’s economic woes have had on a once-vibrant retail sector that outlets have closed in shopping centres, upmarket souk and in the emirate’s financial centre.

As the property market collapsed, jobs were axed, tourist spending declined and confidence nosedived. A sector that epitomised the extravagance of the growth years has been struggling to cope with an unprecedented lean period.

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