Dubai's economic woes take toll on retail sector

10/7/2010 | Financial Times (tiered subscription model)

Dubai's retail scene has taken a hit from the emirate's economic troubles. Stores have been forced to close because of the meltdown of the property market, a decline in tourism spending and loss of confidence. Retail sales in Dubai declined by nearly a quarter last year, according to Peter Walichnowski, CEO of Majid Al Futtaim Properties, which runs shopping malls in the emirate.

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