Consumers in Emirates less upbeat (the National)
Consumers in the UAE lost enthusiasm in the final three months of last year, pushing the country out of the top 10 in Nielsen’s confidence rankings.
The Emirates had been in the top 10 most positive countries on the global consumer confidence index compiled by the market research group for the previous three quarters.
Sevil Ermin, the managing director in the UAE for Nielsen, said the Emirates’ drop in ranking was partly due to confidence in several countries, particularly those in emerging markets, rising above the 100-point neutral mark. The UAE’s score, however, fell four points to 97.
“Throughout this year, and even last year, there were times where the UAE had a score lower than 97,” she said. “However, it was still among the top 10 countries. It is very much based on how the other countries are doing.” read more on : www.thenational.ae http://bit.ly/hRb7pq
Vacancies rise in Dubai’s shopping centres (the National)
Shoppers in Dubai this week will find an abundance of empty space and closed stores in addition to the Dubai Shopping Festival.
Vacancy rates in Dubai’s shopping centres are at their highest levels in recent years, up to 30 per cent, according to new data from Jones Lang LaSalle, the property consultants.
Malls in Dubai typically average closer to 5 per cent to 10 per cent of vacancy, said Craig Plumb, Jones Lang LaSalle’s head of research.
“Vacancy rates are higher than you would expect in a healthy market,” Mr Plumb said. “There’s now sufficient retail supply to accommodate the level of demand.”
Dubai has one of the heaviest concentrations of mall space in the world, a recent study by Cushman & Wakefield found. Dubai offers 1,385 square metres of shopping space per 1,000 people, a higher amount than in the US and Europe, according to Cushman & Wakefield data.