Dubai has held onto its position as the second most important international shopping destination in the world, for the fourth year in a row. The Emirate that counts shopping as a national past-time, comes in a close second to the British capital, London, according to a new report by real estate consultancy firm CBRE.

The 2015 edition of 'How Global is the Business of Retail?' reveals that Dubai has a presence of 55.7 percent of international retailers followed by Shanghai with 53.4 percent in third place. The Big Apple has a 46.3 representation and Singapore is included in the top five locations with its 46 percent representation of global brands.

Dubai has become home to 45 new international brands in 2015 with high profile retailers including Hollister, Cavalli Caffe and McQ Alexander McQueen among the new labels setting up shop in the Emirate. 

Nick Maclean, managing director, CBRE Middle East, said: "Dubai's global air connectivity and its growing stature as a hub for trade between the East and West has clearly given an added impetus to the retail sector. Dubai continues to remain the clear destination of choice for the majority of the brands looking to enter the region for the first time, frequently using the emirate as a stepping stone to wider regional expansion programs."