Continuing the annual ritual, many shopaholics flooded the Dubai shopping malls last week to get their hands on branded products at a discounted price of up to 80%.
Just like brand-craze, the ‘sale culture’ has also intensified over the recent years. The sale culture has brought relief to shopaholics who don’t come with heavy pockets. On the other side, retailers have been able to tap into a greater market by offering discounted prices; ensuring greater profits due to economies of scale.
Dubai’s annual clearance sales are an attraction to locals and tourists alike. The seasonal sales have significant effect on tourist influx and the income generated thereafter. Every successful sale contributes massively towards Dubai’s economy.
It is about time that the sale culture extends beyond apparel, cosmetics and home products. Dubai’s real estate gurus need to come up with an annual real estate sale to mobilize the property market and tap in to a greater target market. The market dynamics of real estate are quite different from other industries but this does not negate the positive outcomes of organizing an annual sale.