ME retail market worth $500bn by 2010
Dubai, March 11, 2008
There has been an unprecedented boom in the retail sector in the Middle East region and industry experts see the dynamic regional retail market to be worth over $500 billion by 2010.
According to experts, no other industry in the Arabian Gulf is expected to grow faster than the retail sector. The region currently enjoys six million sq m of retail space, with another 5 million under development and many more plans in the pipeline.
According to the latest Middle East survey by Retail International, Dubai leads the way in terms of density of shopping “footage”, making up more than 50 per cent of the UAE’s total footage.
The survey comes ahead of the opening of InRetail, the region’s leading trade show for the design, fit-out and operational management of retail outlets, supermarkets and shopping malls in the Arabian Gulf.
This year's event, to be held from June 8 to 10 in Dubai, will showcase the latest and best retail innovations featuring world renowned manufacturers alongside the region’s largest agents and distributors.
Paula Al Chami, exhibition director of the InRetail 2008 trade show, said this was the beginning of a bright future for the retail industry.
“Over the next five years, the GCC will have more than 200 retail developments that will occupy in excess of 11 million sq ft of retail space and accommodate more than 27,000 retailers” she said.
“These are mind-boggling figures, and those associated with the industry have to stay up to date with the rest of the world if they wish to stay competitive," Chami noted.
"The transition to custom-designed shopping complexes across the region, together with the proliferation of branded store networks, has created an acute need for professionals to stay in touch with the latest trends and best practices in the industry” she added.
The event will primarily focus on three major product sectors - shopfitting & visual merchandising, retail design & consultancy and supply chain management & technology.
The exhibition will also feature the ‘Innovations in Retail 2008’ seminars, bringing together experts in the industry to help Gulf professionals remain up to date with the latest and the best, and deliver world-class retail design and management to the region.-TradeArabia News Service