An expert said that the retail industry in the GCC is set to thrive due to increasing purchasing power, growing expatriate population, changing lifestyle and an expanding tourism and hospitality industry.
Ms Sameena Ahmad MD of of investment bank Alpen Capital said that "Retailers have benefited from the government's initiatives and progressive policy agenda and have a healthy period of growth ahead of them."
Ms Sameena said that "The region's retail sector has displayed strong resilience in the face of global economic downturn and is expected to continue to grow at a steady pace given its attractiveness to tourists and residents in terms of geographic location, developed logistics and availability of diverse and quality shopping options."
She said that "While the sector presents attractive opportunities, it is highly competitive and retailers need to continue to innovate, so that they can achieve sustainable growth and profitability."
According to Alpen Capital, between 2011 and 2016, the GCC's retail sales are expected to grow at a compound annual growth rate of 7.7% to reach USD 270.3 billion by the end of the forecast period.
