The retail markets have existed since the ancient times but the market of that time was not so much updated and developed but as the time passes the market is become more developed and encourage consumers to imagine that they have access to lower prices. Retail refers to the activity of reselling the goods and services. For instance, some of the retailers may sell to business consumers and such sales activity is termed as non-retail activity. Moreover, the increasing awareness in the citizenry of the current trend the retail market is rising more enormously in the Saudi Arabia. Not only has this, the significant increase in the disposable income and adoption of assured and branded products are the two major drivers of the retail market in Saudi Arabia. The key players are adopting the effective strategies and policies for making the product more attractive at a reasonable price for making the market more competitive and profitable for both the consumer and retailers.
According to the report analysis, ‘Retailing in Saudi Arabia, Market Shares, Summary and Forecasts to 2022’ states that some of the major companies which are currently functioning in this sector for dominating the effective market share by accomplishing the global demand of the potential consumers involves Lifestyle, Max, H&M, Zara, Gazzaz, Splash, BHS, U-Mark, Nayomi, Sun & Sand Sports, Panda, Abdullah Al Othaim Supermarket, Bin Dawood, Farm Superstores, Al Raya, Tamimi Stores, Danube, Carrefour Hypermarket, Manuel, Balsharaf Supermarket, Jarir, AlNaghi, United Matbouli, Abdul LatifJameel, Amazon, Saco, Al Sadhan, Emax, Axiom Telecom, Carrefour Hypermarket, Al Nahdi, Al-Dawaa pharmacies, Arabian Oud, Magrabi, Abdul Samad Al Qurashi, Panda, Zohoor Al Reef, Bath & Body Works, Lifestyle, Ikea, Saco, Al Aamer Furniture, Home Centre, Lifestyle, Panda, Gazzaz, Al Jedaie Furniture, Abyat, BHSand several others. Whereas, the Zara is prominent player for clothing sector and expected to attain the highest share across the globe with the online platform. Not only has this, the key players are engaging in more attractive activities for dominating the effective share and leading the market growth in the near future.
The retail market of Saudi Arabia will grow during the period of 2017-2022 which is majorly supported by the economic recovery, increasing urbanization and favorable labor dynamic. Moreover, the international retailers are also playing significant role in the retail market of Saudi Arabia. Whereas, the retail sales are expected to grow from SR503.6 billion in 2017 to SR715.7 billion in 2022, at a CAGR of 7.3% during the period 2017-2022. The clothing and footwear sales are anticipated to grow from SR75.2 billion in 2017 to SR117.4 billion in 2022 and the food and grocery category of retail is the highest segment in the Saudi Arabia retail industry and its growth in majorly operated by rising household expenditure. The Beauty product sales are introducing the strong growth which is maintained by the rising participation of women in the workforce, social reforms such as wearing a hijab now being discretionary and enabling women to operate. Therefore, in the coming years it is expected that the retail market of Saudi Arabia will grow more actively over the next few years.
For more information on the research report, refer to below link:
Ankur Gupta, Head Marketing & Communications