Commercial real estate services and investment firm, CBRE in collaboration with consulting firm Roland Berger talks about the state of retail in the GCC in the report titled, ‘Trends in the GCC Retail Market’. The report looks at the current state of the retail industry in the GCC region and forecasts its development in a post-COVID-19 world.
The global economy is experiencing an unprecedented impact due to the COVID-19 pandemic, which has led to dramatic changes in consumer behaviour. Due to its interconnected nature, the retail industry is particularly vulnerable to the effects of this pandemic and leaves retailers uncertain on how to respond to the current state of the retail market, as well as about their future in a post-COVID world.
Currently, retailers are operating in crisis management mode as a result of significant losses; wherein procedures such as furloughing and/or letting go of employees, shutting down stores and, in more extreme cases, declaring bankruptcy is being seen across the globe.
On the other hand, “Retailers with a successful online presence have been able to minimise the impact, and in some cases even managed to drive profits as a result of frenzied online consumption. Our report takes a long-term view on the opportunities in the retail industry in a post-COVID-19 world,” stated Gabriella De La Torre, director – consulting at CBRE.