GCC Retail Market

Retail is a process in which the consumer goods or services are sold to the customers by several channels. It can also be defined as a business deal where the sellers sell small quantities of goods to the customers as per their requirements. It embraces direct-to-customer sales activities of the producer, either by its own stores, by the house to house canvassing, or by mail-order business.  A retailer is an agent, business enterprise, or a merchant whose primary business is to sell directly to ultimate customers for non-business use.

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The factors responsible for driving the growth of the GCC retail market include the increasing numbers of tourists and the rising population in several countries such as Saudi Arabia and the UAE. In addition to this, the announcement of various mega mall concepts, community malls, and expansion of existing retail centers are some other factors fuelling the growth of the retail market in this region during the forecast period. Increasing government initiatives & policies such as permitting 100% foreign ownership in this sector and reviving infrastructure projects to increase the investments in the retail sector, is further boosting the growth of the GCC retail market. Moreover, an increase in the disposable income is leading to growth in consumer spending and rising investments by the retailers to implement in-store automation to meet the demands of digitally-driven shoppers, are attracting large consumer base towards the retail market in GCC region. The inclination of consumers’ preference for online shopping and growing living standards, rapid urbanization, and increasing penetration of retailers across the region are paving the way for the retail market in the region. The factors which are responsible for hindering the growth of the GCC retail market are the challenges faced due to the slowdown in the economy of the region and variations in the price between the online stores and offline stores.

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Based on the product, the food & beverages and tobacco products segment are expected to grow at a higher CAGR during the forecast period owing to the increasing demand for food items among the consumers across major countries including Saudi Arabia and UAE and expansion of consumer base. Moreover, rising incidences of cardiovascular diseases, obesity, and diabetes is surging the demand for organic and healthy food among the population in the GCC region, which is also a major factor that is driving the growth of the market in this segment.

Based on the distribution channel, the e-commerce segment is projected to increase at a higher CAGR over the forecast period in the GCC retail market due to the increase in the consumer’s inclination towards buying products online as a result of the presence of various brands under one platform and the offering of several discount offers on the products. Moreover, the growing usage of smartphones and an increase in the penetration of the internet, along with the rise in the number of brands going online across the region, are also fuelling the growth of the market in this segment.

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Based on the countries, UAE is anticipated to grow at a higher rate in the GCC retail market during the forecast period due to the increasing demand for products from a large number of expatriate population and fashion-conscious millennials. Furthermore, the rising number of tourists, growth in disposable income of people, and various upcoming projects for the development of shopping & leisure centers and malls are further bolstering the growth of the market in this country during the forecast period. Moreover, an increase in the incorporation of digitalization and the growing adoption of omnichannel strategies are some other significant factors that are fuelling the growth of the market in UAE.

Key Developments: 

• • In 2020, The Chalhoub Group entered into a retail partnership with Joor, a digital wholesale platform for fashion. Through this partnership, the company planned to power the digital expansion in the Middle East.
  • In 2019, Fawaz Abdulaziz Alhokair Co. signed a franchise agreement to launch Italian cosmetics brand KIKO Milano in Saudi Arabia entirely in the Arabian Center malls in the country.

The GCC retail market has been segmented on the basis of product, distribution channel, retailing type, and countries. Based on product, the market is segmented food & beverages and tobacco products, apparel, footwear & accessories, personal & household care, industrial & automotive, furniture & toys, electronic & household appliances, pharmaceuticals & luxury goods, and others. Based on the distribution channel, the market is segmented into hypermarkets & supermarkets, specialty stores, convenience stores, department stores, e-commerce, and others. Based on retailing type, the market is segmented into store retailing and non-store retailing. 

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Key questions answered in this research report:

• • At what pace is GCC retail market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the GCC retail market? What will be the impact of drivers and restraints in the future?
  • Which product generated maximum revenues in 2019 and identify the most promising product during the forecast period?
  • What are the various distribution channels of the GCC Retail market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

GCC Retail Market by Product

• • Food & Beverages and Tobacco Products
  • Apparel, Footwear & Accessories
  • Personal & Household Care
  • Industrial & Automotive
  • Furniture & Toys
  • Electronic & Household Appliances
  • Pharmaceuticals & Luxury Goods
  • Others

GCC Retail Market by Distribution Channel

• • Hypermarkets & Supermarkets
  • Specialty Stores
  • Convenience Stores
  • Department Stores
  • E-Commerce
  • Others

GCC Retail Market by Retailing Type

• • Store Retailing
  • Non-Store Retailing

GCC Retail Market by Countries

• • Saudi Arabia Retail Market All-Up (Option 1: As a part of the free 25% customization)
  • Kuwait Retail Market All-Up (Option 2: As a part of the free 25% customization)
  • UAE Retail Market All-Up (Option 3: As a part of the free 25% customization)
  • Oman Retail Market All-Up (Option 4: As a part of the free 25% customization)
  • Rest of GCC Retail Market All-Up (Option 5: As a part of the free 25% customization)