GCC Retail Sales Expected to Reach $396.9 Billion by 2028, Driven by Innovation and Growth

UAE, 01 October, 2024 : The GCC retail industry is expected to grow at a 4.6% CAGR, reaching $396.9 billion by 2028, up from $309.6 billion in 2023. This forecast was unveiled at the 13th Middle East Forum (MRF), which gathered over 500 attendees to explore market dynamics and investment opportunities.

Key discussions highlighted the influence of inflation on consumer behavior, with the UAE and Saudi Arabia experiencing inflation rates of 66% and 62%, respectively. Industry leaders emphasized trends like experience-led commerce, omnichannel retailing, and the power of micro-influencers in marketing.

Innovations showcased included AI-powered checkout solutions from Zebra Technologies, aimed at enhancing consumer experiences. Alshaya Group's COO, Steve Vickerstaff, outlined expansion plans in Saudi Arabia, aligning with the Kingdom’s Vision 2030.

The GCC Industry Report by Alpen Capital noted that Saudi Arabia and the UAE account for 75.3% of the retail market in the region. The forum also launched the Mena Retail Compass, a research compilation providing insights into the retail landscape.

Overall, MRF emphasized the GCC retail sector's potential as a key driver of regional economic growth, fueled by innovation and adaptability in a post-pandemic environment.

Source : www.zawya.com