Retail - Dienstag, Dezember 30, 2008 14:37 - 0 Comments

Sale over?

The UAE’s retail empires look set for a lean new year as credit-hit consumers tighten their belts.

Emaar’s Dubai Marina Mall opened last week amid a perfect storm for the city’s retailers. While consumer confidence is wavering and tourist spending is on the slide, the amount of retail space is growing.

The jury is still out on just how hard the credit crunch will hit private consumption in the UAE, but for luxury retailer BinHendi, franchise-holder for brands including Calvin Klein and Hugo Boss, it is clear that this part of the world hasn’t been exempt. Sales at some of the group’s stores have fallen by as much as 20 percent. Continue…