Many #UAE retailers 'pushed to the brink and beyond' as virus continues to bite - Arabianbusiness

Many UAE retailers 'pushed to the brink and beyond' as virus continues to bite - Arabianbusiness

Many retailers in the UAE have been pushed "to the brink and beyond" by the impact of the coronavirus pandemic, according to consultants.

In new research, Knight Frank said the UAE's retail sector was already under "considerable pressure" prior to the pandemic.

In the UAE, annual resident-based retail spending is forecast to have declined by AED8.2 billion. Around 47 percent of this decline is expected to be attributable to Dubai, where resident-based retail spending is expected to decrease by 4.7 percent.

In Abu Dhabi, resident-based retail spend is expected to decline by AED2.3 billion, equating to a decline of around 4 percent.

Knight Frank said that while resident-based spending is important to the market, for certain markets, particularly Dubai, tourism spending accounts for a significant portion of total demand.