Executive Briefings

Asia Pacific, Middle East Cities Head List of Top 50 Retail Markets

JLL's Destination Retail report, which looks at the top cities worldwide for retailing, shows 50 major global cities have risen to the top of the list for mainstream, premium and luxury retailers' expansions.

While the list is dominated by cities in Asia Pacific, those in the Middle East are coming on strong, propelled by an ever-increasing array of international retailers. In a battle between historic, established markets versus modern newcomers, JLL indexed the global cross-border retailer activity and attractiveness of 50 meccas and found:

• London stands at the forefront of international retailing as a global retail powerhouse, and the #1 retail market

• One-third of the top 15 global retail cities are located in the Middle East (Dubai #4, Kuwait City #9, Abu Dhabi #11 and Jeddah and Riyadh tied for #12)

• Asia Pacific outranks all regions with 18 cities making the cut driven by sheer market size

• Cities in the United States make up just over one-quarter (26.4 percent) of the top 50 cities, with only one city (New York #5) in the top 15

"Structural change is sweeping the retail industry as technology and e-commerce platforms become more sophisticated; however, demand for the right physical space, in the right location, is stronger than ever," said James Brown, director of global retail research for JLL. "Borders are becoming less of an issue for retailers pursuing opportunities overseas and we're seeing the global retail landscape shifting fast to accommodate the change."

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While the list is dominated by cities in Asia Pacific, those in the Middle East are coming on strong, propelled by an ever-increasing array of international retailers. In a battle between historic, established markets versus modern newcomers, JLL indexed the global cross-border retailer activity and attractiveness of 50 meccas and found:

• London stands at the forefront of international retailing as a global retail powerhouse, and the #1 retail market

• One-third of the top 15 global retail cities are located in the Middle East (Dubai #4, Kuwait City #9, Abu Dhabi #11 and Jeddah and Riyadh tied for #12)

• Asia Pacific outranks all regions with 18 cities making the cut driven by sheer market size

• Cities in the United States make up just over one-quarter (26.4 percent) of the top 50 cities, with only one city (New York #5) in the top 15

"Structural change is sweeping the retail industry as technology and e-commerce platforms become more sophisticated; however, demand for the right physical space, in the right location, is stronger than ever," said James Brown, director of global retail research for JLL. "Borders are becoming less of an issue for retailers pursuing opportunities overseas and we're seeing the global retail landscape shifting fast to accommodate the change."

Read Full Article