Within the forthcoming five years the GCC’s Retail Arena is all poised to breach a humungous $50 Billion. Within the prevailing New Year 2021, alongside Expo 2020 Dubai, as well as other core expansion factors, UAE’s national retail arena will be flourishing with huge boosting up of Clients trust with experts depicting it.
Numerous other factors that will aid for expansion of the arena includes admittance as well as mass accessibility for the COVID-19 Vaccine, the mounting admiration of E-Commerce as well as the online shopping, as well as retailers within the territory boosting their multi-channel contributions.
Pandemic aftereffects and salvage: –
Shahram Shamsee, CEO of Merex Investment, a cooperative venture between Dubai Holding and Brookfield Asset Management that possesses and functions numerous retail assets, including The Beach, City Walk and La Mer announced that: “As we progress and venture out in 2021, there is no doubt that the aftermaths of Pandemic will linger around as within a community as well as universal population.”
He further additionally announced that: “In the wake of the pandemic and the security protocols that were in place since its outbreak, we witnessed a surge in uptake for solutions such as curb side pickup among our clients. In the year to come, they project an uptake in the quantity of household brands that will step in to fill in the gaps left by mega universal retailers. To counter the gigantic troubles caused in 2020, retailers will necessity to grip the prospects that lie forward in ensuring future alertness.”
Norma Taki, transaction services partner and consumer markets leader, PwC Middle East announced that “Beforehand the pandemic, 27 percent of Middle East clients were spending for provisions exclusively or primarily online while after the outburst of Covid-19 this figure raised to 51 percent with 92 percent of those clients demonstrating they will likely to endure to purchase groceries chiefly online even when social distancing measures are wholly removed. This displays that there are more and original clients taking lead of E-Commerce podiums.”
“In the background of the mounting migration to online shopping and practices, it is significant for the retail sector, specifically for lifestyle destinations and malls, to re-imagine and reconsideration of the client’s spending skill by enriching this with a new sense – one that they cannot find online,” he stated.
Operating with a latest normal: –
Experts have distinguished that the universal retail industry, at present valued at $25 trillion, will at no time be the same again, even with the accessibility of the COVID-19 vaccine. While vaccines might take back normalcy in life, the retail sector will endure to evolve, due to a technology-led disruption where data analytics, artificial intelligence, machine learning, perceptive analytics, and shifting user habits will restructure the retail industry scene to reinforce customer understanding.
The GCC’s e-commerce sector is predictable to more than double to $50 billion in the subsequent five years, up from $24 billion this year, as pandemic-related crusade restrictions lead to a shift in shopping habits in the region, according to a new report by global consultancy firm Kearney. Amazon, a relatively new player in the region, saw its sales in the GCC grow by 26 per cent to $76 billion in the first quarter of 2020.
“Through the Covid-19 crisis, everyday life changed, and we changed with it,” said Mudassir Sheikha, co-founder and CEO of Careem. “2020 resulted in a much earlier digital adoption that surely had a positive effect on our Super App’s usage, but it also fast-tracked the necessity for digital payments. They have strengthened Careem Pay as the adhesive that fixes all services on the platform together, covering peer to peer payments, mobile recharges, as well as flexible bill payments.”
Offline to online migration, he noted, is now more significant than ever. “Before the pandemic, they covered the mobility of people, with cars, taxis and bikes. But during the pandemic, our movement of things business received much greater reputation. This involved food deliveries, hosting catalogues of shops on our platform, and providing public the opportunity to guide and receive items without having to leave their house, or putting loved ones at risk. When public across the territory were under lockdowns, they were able to offer for their crucial requirements, with the Super App.”
Expo 2020 Dubai brings the global village to Dubai: –
“With Expo 2020, Dubai is poised to fetch millions of guests to the city and given that they operate approximately most of Dubai’s widespread destinations, including City Walk, The Beach and La Mer, Merex Investment have confidence in that public will continue going outdoors to relish shopping and dining, and more prominently, share their valuable experiences with one another to feel associated as part of a community,” said Shahram Shamsee.
For destination operators, it is now more vital than ever to operate collaboratively with tenants to maximise the potential of leased spaces to enhance community experiences, in line with the ever-evolving lifestyle needs of the city, he explained.
“The year 2020 has been a roller coaster year full of new learnings, quick pivoting and unprecedented challenges, as the pandemic has created a new set of rules for the survival and success of retail industry,” said Renuka Jagtiani, chairwoman and CEO of Landmark Group.
“But we as a team take Covid-19 as an opportunity to prove ourselves in tough times. It is only possible if we do proper teamwork, as the customer expectations have been changed, and the way we have to approach them should be far more imaginative and personalised so that we can easily develop the faith and interest in our client.”