Detailing a comprehensive perspective on the retail industry, the report states major market characteristics and changing dynamics of the industry. The report examines the key sub-segments of the retail market by analyzing the fundamental growth drivers and significant challenges and developments. The comprehensive report also profiles some of the big names in the retail industry of countries in the region.
The retail industry continues to maintain a positive momentum attributed to key factors influencing the market like robust economic growth, rising purchasing power, growing population comprising a large proportion of expatriates, changing consumption patterns and increasing penetration of international retail players. Retail structure in the GCC region is undergoing significant transformation, driven by the social and economic developments that has resulted in an increase in modern retail formats such as hypermarkets and supermarkets. The Gulf is also gearing to host events such as World Expo 2020 and FIFA 2022, leading to a growing influx of tourists and creating immense opportunities for existing and new retailers in the region.
The GCC retail industry is expected to grow at a 7.3% CAGR between 2013 and 2018 to reach US$ 284.5 billion. Alpen Capital’s report confirms that Saudi Arabia continues to hold the largest share in the region’s retail industry. Estimated at 46.4% of the region’s total retail sales in 2013, the country’s share in region’s retail sales is likely to increase to 47.1% in 2018. The UAE’s contribution to the total retail sales of the GCC is expected to decline from 26% to 24.6% during the forecast period.
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