Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE retail sales up 5% on vibrant domestic market  Join our daily free Newsletter

MENAFN - Khaleej Times - 19/06/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Increased spending economic growth seen across the sector

shoppers at carrefour at deira city centre in dubai. — kt photo

annual retail sales in the uae rose five per cent to hit an all-time high of dh240.5 billion in 2013 to catapult the vibrant domestic market to the fourth position on a global developing market index.

a booming construction and infrastructure sector growing young population and strong economic growth coupled with mounting consumer confidence and increased spending helped the retail sector to claim its highest position ever on the widely respected a.t. kearney global retail development index or grdi.

with several landmark international and regional events including the expo 2020 under way the uae has several mega development projects in the pipeline. the country is also geared up for an exponential growth in tourism and a sustained surge in per capita consumer spending key factors expected to give a big boost to the retail sector. a.t. kearney said in a report that changing consumer demands had a positive effect on retail development in the uae. “on the one hand consumers are seeking greater proximity of outlets leading to more community formats like majid al futtaim’s my city centre in sharjah which caters to local community residents with retail and lifestyle-orientated store and on the other hand retail saturation has led to innovative concepts like the beach the outdoor cinema and beachfront mall at jumeirah beach residence in dubai” the report said.

“the gcc retail sector continues to be considered among the leading markets globally. the uae has a growing need for more sophisticated formats to cater to changing consumer needs. consumers are demanding more proximity and retail saturation has brought about some interesting and innovative concepts including increased use of social media to communicate with increasingly tech-savvy consumers in the uae” said dr. martin fabel partner and head of consumer industry and retail practice at a.t. kearney middle east.he said given the trends and statistics the uae would continue its upswing. “continued year-on-year increases in gdp per capita retail spending per capita and retail sales outlets in conjunction with a significant retailer entry and expansion from local retailers signal a bright prospects for the uae retail sector” said fabel.

with several major global brands establishing outlets in the uae and others expanding their presence the uae retail market is already on a roll. new entrants in the market include the uk-based toy retailer the entertainer which is launching its first store in dubai and prominent uk department store house of fraser establishing a branch in abu dhabi. the luxury retailer chalhoub group is leading the growth from a local brand perspective with 50 new stores planned.

regional retailers are also becoming important players in emerging markets by using their proximity as a competitive advantage to secure a share of neighbouring markets. the uae-based retail giants lulu hypermarkets and majid al futtaim are already on an expansion mode in the gulf region. other gcc markets also performed strongly with kuwait climbing one spot to rank eighth on the index. saudi arabia remained fundamentally attractive to retailers looking to expand and maintains 16th spot on the grdi and oman underpinned by strong growth in the grocery sector in particular ranks 17th on the index.

published since 2001 the grdi ranks the top 30 developing countries for retail investment worldwide. the index in its 14th year analyses 25 macro-economic and retail-specific variables to help retailers devise successful global strategies to identify emerging market investment opportunities

— issacjohnkhaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Feb 12 2016 - Egypt logs 16.5pct drop in non-oil exports over 2015MENAFN
(MENAFN) Egypt's non-petroleum exports saw a 16.5 percent decline in value throughout the previous year as opposed to 2014, based on recent reports.Based on Egypt's General Authority for Export and ...

 Feb 12 2016 - UAE's new theme park's expenditure hits USD1.5bMENAFN
(MENAFN) Set to open its doors this Oct. the all new Dubai Parks and Resorts along with its land has had its overall project expenditure hit USD1.5 billion at the end of last year as opposed to much ...

 Feb 12 2016 - ACWA Power to collect USD8b debt in H1MENAFN
(MENAFN) ACWA Power, the Saudi-based power generation and desalinated water production plants' operator, intends to raise USD8 billion of debt over the first six month of the current year, according ...

 Feb 12 2016 - Spain dismantles falcon trafficking ring destined for UAE racesThe Peninsula
(MENAFN - The Peninsula) (file photo / Reuters ) Madrid: Spanish police said Thursday they had dismantled an international ring that smuggled falcons to the United Arab Emirates where ...

 Feb 12 2016 - Russia raises spectre of world war if nations fail to negotiate over SyriaThe Peninsula
(MENAFN - The Peninsula) Russian Prime Minister DmitryMedvedevchairs a meeting with ministers and top officials on social and economic policy in Moscow on February 10 2016. REUTERS ...

 Feb 12 2016 - Germany offers 500 mln euros in credits to IraqThe Peninsula
(MENAFN - The Peninsula) German Chancellor AngelaMerkel(L) and Iraqi Prime Minister Haider al-Abadi shake hands at a joint press conference after meeting at the Chancellery in Berlin on February 11 ...

 Feb 12 2016 - Russia claims US planes bombed Syria's AleppoThe Peninsula
(MENAFN - The Peninsula) Stalls are seen on a street beside damaged buildings in the rebel held al-Shaar neighborhood of Aleppo Syria February 10 2016. REUTERS Moscow:Russia's defence ...

 Feb 12 2016 - Erdogan threatens to send refugees to EU as NATO steps inThe Peninsula
(MENAFN - The Peninsula) Syrian people wait in front of the Oncupinar crossing gate to go back to Syria near the town of Kilis in south-central Turkey on February 11 2016. AFP Ankara:Turkish ...

 Feb 12 2016 - Qatar- LNG deal 'key to Pakistan's prosperity'The Peninsula
(MENAFN - The Peninsula) Pakistan Prime Minister Nawaz Sharif addressing members of the Pakistani community at the Four Seasons hotel yesterday. Pic: Abdul Basit / The Peninsula DOHA: ...

 Feb 12 2016 - Qatar- Emir visits Al Qassar Metro Station projectThe Peninsula
(MENAFN - The Peninsula) Emir H H Sheikh Tamim bin Hamad Al Thani is briefed on the project by Minister of Transport and Communications H E Jassim bin Saif Al Sulaiti. Doha: Emir H H Sheikh Tamim ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help