(MENAFN- Gulf Times) Qatar is ranked fourth among the top five in the world and the top in the GCC countries in the Global Retail Development Index (GRDI), a report released by AT Kearney said Tuesday.
Marking its debut into the index, Qatar's retail market is expected to grow on the back of growing infrastructure projects and population.
Overall, Qatar saw total retail sales hit as high as $12.4bn with a 9.7% annual growth over the past four years.
Bolstering Qatar's global position is its projected growth in retail space, which will reach one million square meters in the next three years. The proliferation of malls in the country, paired with the Doha Shopping Festival, will also enhance the retail landscape. It is likely a variety of retail outlets make their way to the country, ranging from hypermarkets to luxury goods.
Shamail Siddiqi, principal (Consumer and Retail Practice) AT Kearney Middle East, said, "Despite the record drop in oil prices, retail sales growth is expected to continue its momentum. Indeed, the retail space pipeline remains strong, with several major projects under way in Qatar as well as the UAE and Oman. Many retailers see Qatar as the natural next step for increasing their regional footprint. The country's staggering GDP per capita, along with the ambitious infrastructure projects, has made it a market retailers cannot afford to ignore."
The 2015 GRDI includes a special feature on the prospects for luxury goods in developing markets.
Martin Fabel, partner and Global Head ( Strategy Practice) said, "Our work with consumer industries and retail clients shows retail sales growth is expected to continue. Luxury remains a relatively bright spot in emerging markets, as the wealthy have proven less vulnerable to economic woes than the general population."
The feature includes an analysis of the 15 leading luxury brands and their presence in the GRDI's top 30 countries. The analysis shows emerging markets fall into three tiers of luxury development, with different implications for brands looking to enter or expand in these markets. Qatar currently hosts 13 of the top 15 brands, indicating a strong local demand for luxury brands and an opportunity for luxury retailers to further penetrate the market.
Published since 2001, the GRDI ranks the top 30 developing countries for retail investment worldwide.
The index analyses 25 macroeconomic and retail-specific variables to help retailers devise successful global strategies to identify emerging market investment opportunities.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.