Slash it and they will run proved to be very much the case yesterday for Dubai retailers in need of a sales boost, as high numbers of consumers showed up and spent their dirhams on the first day of the weekend’s Super Sale.
Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) put out the call-to-shop when it announced the three-day event encompassing 1,000 outlets, 250 brands and discounts of between 30 per cent and 90 per cent.
Mall of the Emirates (MOE) was very busy at 4pm yesterday with long traffic jams in the streets outside as cars waited to enter the mall.
“Our sales are 58 per cent up compared with the same day last year, and we are not having a sale,” said the manager of a global fashion chain’s outlet at the mall. “It’s been mostly women’s and children’s clothing that has seen the bump. Maybe the men will come in over the weekend. The footfall has been really impressive.”
The new event is part of the Retail Calendar, announced last year, to organise promotions and sales emirate-wide.
Eager customers were waiting at MOE before stores opened. Meanwhile, parking at The Dubai Mall was reportedly almost impossible by late afternoon.
The event is likely to give retailers a much needed fillip, as this year has been marked by flat growth amid weak consumer sentiment on lower oil prices and the subsequent softer economic environment.
“The event looks to be a great success so far,” said Saeed Al Falasi, the executive director of retail and strategic alliances at Dubai Festivals and Retail Establishment, part of Dubai Tourism and the organiser of the sale.
He said the idea was to get people excited ahead of the typically slow Ramadan retail period.
“I didn’t expect people to be up and out early but it seems they were. Having the event just before Ramadan allows people to buy their clothes for the holy month and gifts for Eid. We have worked closely with the retailers and this allows them to clear their warehouses and restock with summer lines and updated products.”
Tahar, a store manager for a leading fashion brand, said it was discounting almost all its stock by 40 per cent.
“We have had a brilliant day so far,” he said. “We really needed it because sales have been non-existent, worse than dead. My only worry is what it will be like after Saturday.”
While a noticeable amount of people were toting shopping bags emblazoned with various brands’ logos, not everyone thought the sale lived up to its billing.
“I thought there was supposed to be a sale, but everything I’ve been interested in has been full price,” said Robin, a Dubai resident from Australia. “I think the stuff that has been discounted heavily is the stuff they can’t get rid of usually.”
The event was not just for the physical retailers, as Souq.com was also discounting many items online, however the crowds in MOE underlined the physical pleasure customers get from bricks and mortar malls.
Deekay, a twenty-something Indian expat living in Dubai who was laden with shopping bags in MOE, said she had been shopping like crazy, even spending in shops that had no sales on.
“I don’t know what came over me. I just thought why not, because I had saved money on my other purchases. I’ve picked up something for all the family,” she said.
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INDIA SQUAD
Rohit Sharma (captain), Shikhar Dhawan (vice-captain), KL Rahul, Suresh Raina, Manish Pandey, Dinesh Karthik (wicketkeeper), Deepak Hooda, Washington Sundar, Yuzvendra Chahal, Axar Patel, Vijay Shankar, Shardul Thakur, Jaydev Unadkat, Mohammad Siraj and Rishabh Pant (wicketkeeper)
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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The%20specs%3A%202024%20Mercedes%20E200
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SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
The UAE squad for the Asian Indoor and Martial Arts Games
The jiu-jitsu men’s team: Faisal Al Ketbi, Zayed Al Kaabi, Yahia Al Hammadi, Taleb Al Kirbi, Obaid Al Nuaimi, Omar Al Fadhli, Zayed Al Mansoori, Saeed Al Mazroui, Ibrahim Al Hosani, Mohammed Al Qubaisi, Salem Al Suwaidi, Khalfan Belhol, Saood Al Hammadi.
Women’s team: Mouza Al Shamsi, Wadeema Al Yafei, Reem Al Hashmi, Mahra Al Hanaei, Bashayer Al Matrooshi, Hessa Thani, Salwa Al Ali.
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