GCC retail sales to grow at 4.6% CAGR, reaching $386.9B by 2028: MERF 2024
Tue 01 Oct 2024Taking on the theme of “The Power of Next”, the Middle East Retail Forum 2024 coalesced entrepreneurs, professionals, innovators, and thinkers to forecast the future of retail in the GCC.
Dubai: The retail sector in the Gulf Cooperation Council (GCC) is on track for substantial expansion, with sales expected to surge to US$396.9 billion by 2028, up from US$309.6 billion in 2023. This promising forecast was unveiled at the 13th Middle East Retail Forum (MRF) held at the JW Marriott Hotel Marina, Dubai, by Alpen Capital.
The MRF 2024 attracted over 500 participants, including representatives from more than 300 brands and 100 industry leaders. The event provided a dynamic platform for retail enthusiasts and key stakeholders to discuss emerging trends and investment opportunities in the region’s booming market. Key topics included the impact of inflation, the rise of e-commerce, and the integration of advanced technologies in retail.
A highlight of the forum was Deloitte’s consumer industry analysis, which revealed that the UAE and Saudi Arabia experienced inflation rates of 66% and 62% respectively in 2024. This has led Middle Eastern consumers to prioritize value, driving retailers to innovate and enhance their offerings. Joerg Meiser from Deloitte emphasized the cautious yet optimistic consumer behaviour shaping the market.
Industry leaders from Mumzworld, Grandiose, and Jumbo Electronics shared insights on adapting to changing customer preferences and leveraging digital platforms. Emin Imer of Hepsiglobal highlighted the effectiveness of micro-influencers in marketing, particularly within niche markets like gaming.
Amitabh Taneja, Chairman of Images Group, said, “The Middle East Retail Forum serves as a holistic platform for the diverse retail community to gather, address challenges, and brainstorm solutions. This year’s forum highlighted the future of retail, and we predict notable advancements in the market enabled by the integration of latest technologies.”
WETEX 2024 supports future readiness of digital infrastructure worldwide
Zebra Technologies showcased their AI-powered checkout solution, demonstrating the future of tech-driven retail experiences. Additionally, Alshaya Group’s COO, Steve Vickerstaff, discussed the company’s expansion plans in Saudi Arabia, aligning with the nation’s Vision 2030.
The event also celebrated innovative startups at the UAE FMCG Startup Innovation Summit, recognising promising ventures like SHAKE YOUR PLANTS and THE NATURE’S OWN FACTORY. Furthermore, the launch of The MENA Retail Compass provided retailers with valuable insights into regional trends and growth opportunities.
As the MRF 2024 concluded, it was clear that the GCC retail industry is poised for significant growth, driven by innovation, technology, and a resilient consumer base. With a projected CAGR of 4.6%, the region’s retail landscape is set to thrive, offering ample opportunities for businesses and investors alike.