Vol 1 Issue 10
عربي MONDAY, JANUARY 29
The per capita food consumption in the GCC is forecasted to reach 904.1 kg by 2027 from an estimated 872.5 kg in 2022, growing at a CAGR of 0.7%.
Food consumption in the GCC is set to grow at a CAGR of 2.8% to reach 56.2 million MT by 2027, estimated Alpen Capital in its recently released ‘GCC Food Industry’ report. Future growth is expected to be driven by an increase in population, rise in per capita income and rebound in tourism activities. The regional governments are also taking several initiatives towards ensuring a sustainable supply of food items to meet the rising demand. Moreover, growing awareness of healthy eating habits coupled with increasing penetration of the food services sector offering global cuisines are likely to aid the food consumption across the GCC over the next five years.
TECHNOLOGY TRANSFORMATION
Technology is becoming a crucial part of retail and investing in technology-led transformation is becoming a key aspect for the industry.
We must look at technology implementation and digital transformation from a holistic viewpoint. Just thinking about technology to facilitate online business is not the right approach. Rather we must look at technology for implementation at both online and offline platforms. Taking a unified approach to technology is crucial to enable all touchpoints and the customer to help a retail brand stand out and rule in this digital-first world.”
Faisal Parkar
Director of IT, Tim Hortons
DIGITAL TRANSFORMATION FOR GROWTH
Strategy for growth of the industry is interlinked with technology implementations and digital transformation theories.
Digital transformation is the key to growth and the retail sector in the region is fast adapting to this trend by strategising to make digital a part of their big picture and growth plans. Saudi’s growing economy is conducive of this digital growth, and it helps fuel rapid transformation. So, it is important to become a change agent and manoeuvre the shores with digitally empowered outlook.”
“KSA is different when it comes to comparing this country to Europe. In fact, retail is one of the key pillars driving the big change in this region and it mirrors society and its changing facets. The Kingdom is opening at every juncture, there is more openness to approaches and how people are looking at the growing landscape of retail. The workforce and their intention to join the growth story of retail is very evident and that is collaboratively working towards making this growth a reality”.
Seddiqi Holding, popularly known for their diversified portfolio of luxury brands has recently opened their first retail outlet in KSA. This is a brand-new store for Aesop that has been opened with full opulence at VIA Riyadh.
Leading Saudi brand Touché Privé has announced its robust growth plans for 2024 and is ready to spread its wings across GCC. The brand is known for its commitment to innovation, offering 1,500 unique designs annually, and unveiling a new collection almost every week.
Al-Othaim Fashion Company, one of the companies of the “Othaim Investment” Group, announced the signing of a strategic partnership agreement to obtain the exclusive agency for the Jordanian brand “DNA” in the Kingdom, to enhance its leadership and strong presence in the fashion retail market. They are aiming to open 12 stores in the Kingdom owing to this partnership.
/ˈiː.teɪ.lɪŋ/A fairly common word today, e-tail brings to the front the new side of retail. Retail as a concept has always been associated with brick-and-mortar stores, but with the advent of e-commerce the concept has got revived and altered owing to people seeking convenience and choosing online over offline in most cases. So, to put it simply e-tailing stands for the concept of online shopping and e-commerce which is now redefining the scope of retail in every click!
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