The burgeoning retail industry of the Middle East has attracted players from all over the world, and Waitrose, one of the leading retail chains in the UK, is latest to join the league. The retail biggie has opened its first overseas store in the region. The retailer has entered into a licensing agreement with Fine Fare Food Market LLC to tap the growing Middle East retail market. With its first store located at Dubai Mall, Waitrose is planning to launch its second store by this year end.
The retailer’s move is largely being driven by the fact that the Middle East region enjoys a large consumer base coupled with increasing incomes and high availability of retail space. Moreover, the region has hardly felt any impact of the ongoing financial crisis around the world, says an analyst at RNCOS.
According to our study on the burgeoning retail industry in the Middle East, “Middle East Retail Sector Analysis (2007-2010)â€, Dubai has emerged as a retail hub in the Middle East region. The city accounts for more than 50% of the total retail space across the UAE. It has also emerged as one of the preferred destinations for shopping because of Dubai Shopping Festival (DSF), an event that has grown more than ten times since its launch in 1995.
Our research attributes the rising attraction of Dubai among retailers to the expanding consumer class, rising income levels, and a large expat population base. Most international brands and retail chains are already present in the region and are investing heavily in order to augment their operations.
“Middle East Retail Sector Analysis (2007-2010)” is an extensive research which provides a detailed overview on the retail industry of the Middle East. It underlines the factors responsible for the growth of the industry, opportunities lying ahead and the challenges to be faced by the industry in coming years. This report provides the country-wise analysis, forecast, latest market trends, and emerging future areas of growth.
About RNCOS:
RNCOS, incorporated in the year 2002, is an industry research firm. We are a team of industry experts who analyze data collected from credible sources. We provide industry insights and analysis that helps corporations to take timely and accurate business decision in today’s globally competitive environment.
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