GCC retail to reach $ 240 billion by 2015
The GCC retail industry is expected to reach $240.3bn by 2015 underpinned by high disposable incomes and a steady flow of tourists, investment bank Alpen Capital said in a new report. Retail sales across the oil-rich Gulf will grow at a compound annual growth rate of 8.3 percent between 2010 and 2015, the company estimates in its GCC retail report.
“While the financial crisis slowed down the pace of growth, the GCC retail sector continues its uptrend supported by fundamental drivers, including growth affluence and disposable income, rise in tourism, and a large expatriate population, favourable demographic factors, and large-scale infrastructure development,” Mahboob Murshed, managing director at Alpen Capital, said in a statement.
Middle East duty free and travel retail sales are expected to increase 9.9 percent year on year between 2010 and 2015 while luxury sales will grow by 8.5 percent, the report said