Data and analytics company GlobalData forecasts UAE’s retail sector to grow by 0.4% in 2020, as brief lockdown period protected consumer spend. And there could be pent-up demand.
The UAE is forecast to be the sixth best performing market in 2020 – of the 49 countries researched by GlobalData – with spend growth remaining in positive territory, significantly helped by its short lockdown period – from March 23 to April 23 – for non-essential stores.
“Although COVID-19 is set to wipe AED13.5 billion off the original 2020 forecast growth of 5.8% in the UAE, its wealthy population and brief lockdown period will mean the market holds up better than many of its MENA neighbours,” observed Emily Salter, retail analyst, GlobalData. “Additionally, the UAE will experience a faster recovery than most western economies due to consumers’ greater propensity to spend on luxury items, although falling oil prices may have a long-term impact on domestic consumer wealth.”
Moreover, phased reopening of shopping malls, commercial centres, high streets, retail stores, restaurants and salons in the UAE, following strict governmental guidelines, could be used a blueprint for others around the world to evaluate how they can operate safely, once allowed.
“The first malls to re-open in Abu Dhabi at the beginning of May have introduced safety precautions including visitors being scanned by thermal cameras as they enter the location, gloves and masks being required. Shoppers have been asked to bring their own bags and to pay by card. If successful, the safety strategies implemented by malls could be used by other retailers and landlords to implement their own opening plans, potentially allowing shops to open earlier than they otherwise would have, improving the economic recovery – both in the UAE and globally,” added Salter.
J Lindeberg was started by Johan Lindeberg in 1990s with the aimSeptember 2, 2022 | By RetailME Bureau
Majid Al Futtaim has made significant strides toward environmental, social, and corporateJuly 5, 2022 | By RetailME Bureau
Abu Dhabi based grocery retail chain Lulu Group has partnered with Amazon
UAE-government-led initiative Food Tech Valley – announced in 2021 by His Highness
Abu Dhabi-based supermarket chain Lulu Hypermarket is all set to open in
Plant-based meat brand Beyond Meat’s financial results for the third quarter of
UAE’s fresh produce brand Barakat has launched bio-degradable packaging across its entire
UAE-based agritech start-up Pure Harvest Smart Farms has signed a Memorandum of
Carrefour, owned and operated by Majid Al Futtaim – Retail in the
Grandiose Supermarket, part of Ghassan Aboud Group, has announced expansion plan in
The Valrhona journey began 100 years ago with a cocoa bean. Since
Deliveroo UAE has announced the expansion of its rapid grocery delivery service
The Ministry of Climate Change and Environment (MOCCAE) revealed that the UAE
Amazon will continue to lay off employees in 2023 as CEO Andy
From hands-on coffee workshops, guided tasting flights and an extended artisan menu
The Dubai Festivals and Retail Establishment (DFRE) has unveiled an exciting line-up
Denim major Levi Strauss & Co. has appointed Michelle Gass as president
American retail conglomerate Macy’s Inc. has announced S.P.U.R. Pathways: Shared Purpose, Unlimited
“We saw accelerating demand for Starbucks coffee around the world in Q4
This holiday season might be challenging for retailers in the US as
Reinforcing its sustainability commitments Apple has decided to decarbonize its global supply
Global retailer Walmart has recently introduced a sleepwear and intimates brand called
Retail sales in the US remained strong monthly and saw another year-over-year
Global retailer Walmart is “striving to power 100%” of its global operations