UAE Retail Market to Surpass $ 75 Billion by 2025
Rising
per capita income, growing tourism industry along with the rising number of
developmental projects to drive the UAE retail sector through 2025.
According
to TechSci Research report, “UAE
Retail Market By Type, By Type of Market, By Distribution Channel, By
Region, Competition, Forecast & Opportunities, 2025”, the
UAE retail market is projected to grow from USD55
billion in 2019 to USD75 billion by 2025. Major factors
behind the growth of retail market in the UAE include rising per capita income,
growing tourism industry, increasing expatriate population and rising number of
upcoming development projects in the region such as Deira Mall (Dubai), Al
Maiyah Central (Abu Dhabi), Cityland Village (Dubai), Tilal Mall (Sharjah),
Reem Mall (Abu Dhabi), among others. Furthermore, emerging technologies such as
AI, IoT, Big Data Analytics, among others, are reshaping the retail industry
landscape in the country. Also, the retail e-commerce market continues to grow
due to the growing penetration of smartphones, and the usage of social media
platforms. In addition, better access to secure online payment and gradual
improvement of logistics capabilities are positively influencing UAE retail
market.
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2025"
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The
UAE retail market is segmented based on type, type of market, distribution channel,
and region. Based on distribution channel, the market is fragmented into
supermarket/hypermarket, exclusive stores, specialty retailers, department
stores, general merchandise stores, and online segments. The supermarket/hypermarket
segment accounted for the largest share in the UAE retail market as the market
is highly modernized with leading hypermarket and supermarket retailers like
Carrefour, Spinneys, Geant, EMKE, and Al Madina present in all the major locations
in the UAE. Apart from having a high concentration of hypermarkets/supermarkets,
UAE also has a well-integrated logistics network.
Based
on Type, the market can be fragmented into Non-Food Retail and Food Retail. The
UAE Non-Food Retail segment dominates the market on account of rising urbanization,
increasing income levels and strong retail-supported infrastructure. Retail
market environment has been primarily designed along the standards prevailing
in Western countries. Moreover, the hypermarket/supermarket culture has been embedded
in the minds of the Emirati consumers. The introduction of luxury retail stores
coupled with increasing number of foreign direct investment is expected to
drive the non-food retail market segment in UAE.
Based
on type of market, the country’s retail market is categorized into Organized
and Unorganized market. The UAE retail market is dominated by the organized
segment. The major factor behind the steady growth is that both international
and domestic players are actively emphasizing on increasing floor space by
opening new stores due to rising demand for quality products across the country.
Also, mall developers are investing heavily in advancing infrastructure and
introduction of Augmented Reality and Virtual Reality in offline retail stores
for enhancing the overall customer service experiences are expected to drive
the UAE retail market.
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In
terms of regional segmentation, the market is further segmented into Dubai, Abu
Dhabi, Sharjah, and Rest of UAE. The Gulf has world-class malls that act as a lucrative
tourist destination for domestic and international consumers. Dubai is leading
all other Gulf locations when it comes to quality retail space. The Dubai Mall,
built over a million square meters, is the largest shopping and entertainment
destination in the world. Furthermore, Dubai is one of the top 10 cities in the
world in terms of new retail space under construction. The most prominent among
the new retail projects is Dubai Holding’s Mall of World, which, when
completed, will have the capacity to host 180 million visitors, annually.
The UAE
Retail market is rapidly growing and the key players operating in market
include Lulu Group International, Majid Al Futtaim, Landmark Group, The Savola Group., Azadea, Amazon.ae (Souq), Fathima
Group of Companies, Carrefour, Spinneys Dubai LLC,
Al Maya Group LLC, among others.
“Increasing
advancements in technology including augmented reality, virtual reality,
artificial intelligence, and IoT to improve store operations, ease accurate
inventory management, and enhance consumer shopping experience are among the
leading trends emerging in the UAE retail market.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“UAE Retail Market By, By
Type of Market, By Distribution Channel, By Region, Competition, Forecast &
Opportunities, 2025” has evaluated the future growth potential of UAE retail
market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in UAE retail
market.
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