The conflict intensifying in parts of the Middle East has prompted\nmany people to avoid public spaces, and in Dubai and other major\nshopping centres across the region, many stores have closed or are\noperating with a limited staff as tension escalates and disrupts\nbusiness. As of Tuesday, the air war between the United States and\nIsrael against Iran continued to widen, with Tehran firing missiles and\ndrones at Gulf states in retaliation for weekend airstrikes that killed\nIran\u2019s Supreme Leader.<\/p>\n
Chalhoub Group, which runs about 900 stores for luxury brands\nincluding Versace, Jimmy Choo and Sephora, said its stores in Bahrain\nwere closed, while markets such as the UAE, Saudi Arabia and Jordan\nremained open though staff presence was described as \u2018voluntary\u2019.<\/p>\n
\u2018We operate with a limited team comprising staff who are voluntarily\nand feel comfortable to come to the stores,\u2019 Chalhoub\u2019s Vice President\nof Communications, Lynn al Khatib, told Reuters.<\/p>\n
Amazon reportedly closed operations in Abu Dhabi, suspended\ndeliveries across the region, and instructed employees in Saudi Arabia\nand Jordan to stay indoors, according to Business Insider on Monday,\nciting an internal memo.<\/p>\n
Gucci owner Kering said its stores were temporarily closed in the\nUAE, Kuwait, Bahrain and Qatar.<\/p>\n
The growth engine of luxury goods now faces a threat.<\/p>\n
Shares in luxury groups LVMH, Herm\u00e8s, and Cartier owner Richemont\nfell about 4% to 5.7% on Monday afternoon as investors feared further\nspillovers from the conflict.<\/p>\n
The Middle East still accounts for a small share of global luxury\nexpenditure, around 5-10%, according to RBC analyst Piral Dadhania.\nHowever, Bain & Company has said the region was the \u2018best\nperforming\u2019 in luxury last year when handbag sales declined\nglobally.<\/p>\n
Airports closing are curbing tourism to the region abruptly. Missile\nattacks \u2014 including one that damaged the five-star Fairmont Palm hotel\nin Dubai \u2014 are likely to deter travellers, particularly if the conflict\npersists.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/middle-east-in-turmoil-shopping-malls-turned-into-graves-1772607635", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }