Saudi Arabia Retail Market to be Boosted by Online Retail During the Forecast Period
Increasing
standardization, the growing concept of modern retailing, and rising tourism
across the nation are the leading factors driving the Saudi Arabia retail
market during the projected period.
According to
TechSci Research report, “Saudi Arabia Retail Market – By Region, Competition,
Forecast & Opportunities, 2018-2028F”, The Saudi Arabia retail market has been
observing significant growth owing to factors such as rise in tourism,
distinctive marketing strategies by market players, increased presence on
online platforms, etc.
Consumers are shifting to
online channels as a result of the COVID-19 pandemic crisis.. Digitization is
anticipated to assist in streamlining processes, cutting expenses, reducing
staff workloads, increasing the possibilities for profit generation, and
raising the overall quality of customer experience. Players are seeking
expansion, emphasizing on creating new business models, and changing their
pricing methods as a result of the market becoming more developed and
competitive.
Moreover, market players are
focusing on expanding their retail platforms by launching new stores across the
country. For instance, in 2022, Lulu launched a new hypermarket in Saihat
Eastern Province, in Saudi Arabia. Between 2020 and 2023, Lulu Group is
planning to open 91 hypermarkets as part of its USD2.9 billion investment in
its retail network. Also, in 2022, Lulu Group launched new hypermarkets in
Jeddah to further expand Saudi food products. Similarly, in 2022, Majid
Al-Futtaim opened doors to its first CB2 store in Riyadh intending to continue
to expand its retail offering in the Kingdom. The new store's offerings include
kitchenware, bedding, lighting, rugs, accessories, indoor and outdoor
furniture, and more. Customers can also explore intriguing collaborations with
top designers including Azeeza, Lawson-Fenning, Mathew Williamson, Ross
Cassidy, Jennifer Fisher, Kara Mann, and Ross Cassidy. Also, in 2022, Majid Al
Futtaim inaugurates a new Carrefour store in the Al Noor district in Dammam,
Saudi Arabia.
Additionally, market players
are expanding their distribution centers to further increase their presence in
the nation. For instance, in 2022, Al-Nahdi Medical Company inaugurated IMDAD,
the first smart distribution center across the MENA region for the retail
sector. The cutting-edge facility, which covers a 250,000 square metre area in
Jeddah's industrial hub, is equipped with the most advanced semi-automated
world-class technology and can accommodate 16,000 different types of products while
enabling the delivery of 200 million units to all regions of the Kingdom.
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Saudi Arabia's retail
market is segmented based on type, retail store type, region, and competitional
landscape. Based on the retail store type, the market is further fragmented
into supermarkets/hypermarkets, online, baqala stores, departmental stores,
exclusive stores, convenience stores, and others. The online channel is
anticipated to register the fastest growth since it offers convenience to
customers. Various retail channels are also selling their products online with
free delivery throughout Saudi Arabia. They are providing cash on delivery
options, and various practical payment alternatives such as Tabby, which allow
customers to pay later at zero interest, to give a seamless omnichannel
shopping experience in the Kingdom.
In terms of region, the
market is segregated into Western, Eastern, Northern & Central, and
Southern regions. Due to a large number of major market players in this region,
the Northern & Central region is the one that generates significant demand in
the nation's retail industry. Saudi Arabia's capital, Riyadh, which is located
in the Central region, has undergone more significant changes when compared
with other regional cities. The main center for the newest inventions and
technologies is now Riyadh. Hence, this region is expected to register a
significant share during the forecast period.
Key market players in the Saudi Arabia retail
market include:
- Lulu Group International
(EMKE Group)
- Abdullah Al Othaim Markets
Co.
- Panda Retail Co (Savola
Group)
- Fawaz Abdulaziz AlHokair Co.
- Majid Al Futtaim Retail LLC
- Balsharaf Group
- Bin Dawood Holding Company
SJSC
- Alraya Foot Stuff LTD.
- AL-Sadhan
- Choithram LLC
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" The
Saudi Arabia retail market has been observing significant growth over the past
few years. Surging demand in the e-commerce industry and the popularity of
online shopping and delivery services have impacted the market expansion,
particularly over the last couple of years. In the next five years, emerging
market players may emphasize on establishing retail channels and working with
established companies globally to support them financially.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
Saudi Arabia
Retail Market By Type (Food Retail v/s Non-Food Retail), By Retail Store Type
(Supermarkets/Hypermarkets, Online, Baqala Stores, Departmental Stores,
Exclusive Stores, Convenience Stores, Others (Specialty Stores,
Drugstores/Pharmacies, etc.)), By Region, Competition Forecast Opportunities,
2018-2028F”, has
evaluated the future growth potential of retail and provides statistics and information on market structure, size, share,
and future growth. The report is intended 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 present in the retail market of
Saudi Arabia.
Contact
Mr. Ken Mathews
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