Wednesday, 21 February 2018 03:31 GMT

GCC retail sector to hit USD270b by 2016

(MENAFN) Retail sales in the GCC region are expected to increase by an average of 8 percent annually in the 2011-2016 period to USD699.2 billion, Times of Oman reported

The Head of Asset Management, Gulf Baader Capital Markets said: "Food constitutes 50 per cent of total retail spending, while demand for luxury brands show increasing trend. Expanding population base and growing urbanization of the GCC region are attractive for retailers.

The population in the GCC is estimated at around 42 million and is expected to reach 53 million by 2020

GCC retail sector to hit USD270b by 2016

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