In FY2015 $4.31 trillion of aggregated revenues were generated by the top 250 global retailers, representing composite growth of 5.2%, indicates a report by Deloitte Global titled ‘Global Powers of Retailing 2017: The art and science of customers’.
Of these 250 top retailers globally three – Lulu Group, Majid Al Futtaim and Savola Group – are from the Middle East.
“The Middle East remains an attractive destination for retailers, with three retailers ranking in Deloitte’s report of the 250 largest retailers around the world – Lulu Group, Majid Al Futtaim Holding LLC and Savola Group,” reveals Herve Ballantyne, partner and consumer & industrial products industry leader, Deloitte, Middle East. “Together, the Africa/Middle East region’s 19.1% growth rate and 5.8% net profit margin were the highest among the five geographic regions in FY2015.”
“Slow economic growth in major developed economies, high levels of debt in emerging countries, deflation or low inflation in rich countries and a protectionist backlash against globalisation were among dynamics, which contributed to a challenging economic environment for retailers,” explains Dr Ira Kalish, Deloitte Global chief economist.
“And yet people need to shop, so the industry carries on. In some places and with some cohorts of shoppers, the outlook for retailers is favourable,” he adds.