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FINANCIAL NEWS
GCC retail sales to hit USD284.5b by 2018
29 Jan 2015
(MENAFN) Retail sales across the Gulf Countries Council (GCC) are forecasted to grow annually by more than 7 percent to 2018, reaching a total of USD284.5 billion, with expectations that food sales will outperform the non-food retail sales due to higher demand for healthier and high-value food in the region, Arabian Business reported.
Sales in supermarkets and hypermarkets in the GCC are expected to reach USD59.3 billion, thus registering a compound annual growth rate (CAGR) of 9.2 percent, while sales in airport-based duty frees are estimated to grow to reach USD6.6 billion in 2018 in comparison with USD3.9 billion in 2013 due to an increase in passenger traffic.
“While retails sales growth across all the GCC countries is expected to remain positive between 2013 and 2018, the outlook for Qatar is most optimistic. During the period, the Qatari retail market is expected to grow at a CAGR of 9.8 percent,” a report released by Alpen Capital said.
Meanwhile, the retail industry is projected to maintain its growth momentum due to strong economic growth, rising purchasing power, growing population, a change in consumption patterns and increasing penetration of international retail players.
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