The Iran war is beginning to hit the Gulf’s shopping economy, with Dubai’s luxury retail sector facing weaker demand, falling tourist numbers and rising import costs. From Lulu Retail and Majid Al Futtaim to Dubai Duty Free, major businesses are feeling the pressure as consumers tighten their budgets and cut back on discretionary spending. With shipping disruptions in the Strait of Hormuz driving up sourcing and transportation costs, retailers face a double blow. The pressure is also translating into workforce cuts, with Majid Al Futtaim and Jashanmal reportedly laying off employees. But not every retailer is losing out. As shoppers trade down to cheaper alternatives, businesses such as Union Coop and Americana Restaurants are seeing stronger profits. Is the Iran war permanently changing how the Gulf shops? Gursshheen Gahllen brings you all the details on Firstpost Live.
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