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GCC retail sales to grow 7% by 2016
- Middle East: Tuesday, December 11 - 2012 at 04:50
Bahrain-based Alpen Capital has said retail sales in the GCC are expected to grow at a CAGR of 7% between 2011 and 2016 to $270.3bn by the end of the forecast period. Sales of supermarkets and hypermarkets in the GCC are expected to grow at an annual average rate of 10.5% between 2011 and 2016. The relatively under-penetrated markets in terms of modern grocery retail formats like Saudi Arabia, Qatar and Kuwait are likely to outperform in this segment. The retail industry in Saudi Arabia is projected to expand at a CAGR of 9.5% between 2011 and 2016. All the other GCC nations are likely to register retail sales growth of around 5%-7% during the same period, the report said.
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