Retail Saudi footfall at Cenomi Centers beats pre-Covid level Footfall across Saudi Arabia’s largest shopping mall operator rose 19 percent year on year in 2023, eclipsing the pre-Covid level of 114 million in 2019. Cenomi Centers reported that the number of people through the doors at its 22 locations in 10 Saudi cities reached 124 million last year. Like-for-like occupancy rose from 90.3 percent on September […] January 31, 2024
Trade Red Sea crisis ‘will push up Middle East consumer prices’ Higher prices will be seen in Middle East shops if the crisis in the Red Sea continues for another two months, the research firm BMI has warned. In late November, Houthi rebels in Yemen began attacking commercial vessels travelling through the Red Sea in what they claim is a show of support for Palestinians in […] January 30, 2024
People & Lifestyle Saudi to open alcohol store for non-Muslim diplomats Saudi Arabia will open its first alcohol store in Riyadh that will be available exclusively to non-Muslim diplomats, according to several media reports. Customers will have to register through a mobile app, get a clearance code from the foreign ministry, and respect monthly purchase quotas, Reuters reported, citing a document. The foreign affairs ministry is […] January 25, 2024
Retail Rare chance to book profits for well-read investors From his shop in Dubai’s Alserkal Avenue, Alex Warren has been asked to source books by a particular Kazakh author, rare Indian poetry and even a copy of Catcher in the Rye in every language ever published. “That was quite odd,” says Warren, who opened Zerzura Rare Books in October 2022. “I didn’t hear from […] January 19, 2024
Retail Kuwait’s Alshaya scales back operations in Egypt Kuwait’s Alshaya Group, one of the Gulf’s largest franchise owners, is scaling back its operations in Egypt due to “the difficulties faced by overseas businesses” in the North African country. “As a result of the economic situation over the last three years and the difficulties faced by overseas businesses trading in Egypt, we have taken […] January 18, 2024
Exclusive Retail Dubai is building bricks-and-mortar appeal, says Jumbo CEO Dubai will remain a stronghold for bricks-and-mortar shopping despite the increased competition from online retailers, according to the chief executive officer of the UAE conglomerate Jumbo Group. “The city’s unique market dynamics, such as demand for luxurious goods, coupled with a significant tourist influx contribute to the continued relevance of physical stores,” Vikas Chadha told […] January 18, 2024
Media & Advertising Saudi media group Tihama to appeal against court ruling The company that operates WH Smith shops in Saudi Arabia is to appeal against a court ruling that blocks its financial rescue plan. The Commercial Court in Riyadh rejected the proposal from media group Tihama on Monday. Shareholders approved the financial restructuring plan recommended by Tihama’s board of directors last month. More than 99 percent […] January 16, 2024
Retail UAE’s LuLu to build India’s largest shopping mall for $483m The UAE retail conglomerate LuLu Group is to develop India’s largest shopping mall, in Ahmedabad, Gujarat, for an estimated cost of 40 billion rupees ($482.67 million). The construction for the proposed shopping mall will start this year, Asian News International (ANI) news agency reported, quoting comments by Yusuff Ali MA, chairman and managing director of […] January 14, 2024
Leisure & Hospitality Dubai hospitality thrives despite rising costs Dubai’s hospitality industry reported a strong end to the year despite global economic turbulence and geopolitical concerns in the region. According to the latest headline S&P Global Dubai Purchasing Managers’ Index (PMI), the emirate’s non-oil private sector posted its best performance for 16 months in December, buoyed by strong sales in wholesale and retail and […] January 10, 2024
Retail Retailers point up savings as Dubai bans plastic bags Supermarket operators have told AGBI that Dubai’s ban on single-use plastic bags is an opportunity to cut costs – and pass on savings to customers. The emirate’s prohibition on the import, production and circulation of single-use plastic shopping bags came into force on January 1, in an attempt to reduce waste and pollution. The Gulf […] January 10, 2024
Opinion Retail What shoppers want – and how to make sure they get it Generative AI tools and ‘value hacking’ will influence buying decisions this year January 9, 2024
Video length: 05:17 VIDEO Retail Gulf retailers absorb Red Sea shipping cost rise – for now The Red Sea shipping crisis is only a “hiccup” in the day-to-day operations of UAE retailers, and customers will not experience any price rises or product shortages in the short term, chains are saying. “We wouldn’t call it a crisis. This particular situation isn’t much different to the challenges we had when the Suez Canal […] January 9, 2024
Analysis Construction Bahrain’s consumer spend to rise as destination malls open Consumer spending in Bahrain is forecast to rise this year as its economy grows – with retail confidence reflected by construction starting on a $530 million development. Bahrain Marina will have nearly 200 shops, including international brands, restaurants and cafes, as well as 274 residential units, 182 berths for yachts and boats, and more than […] January 5, 2024
Retail Perfume helps Dubai Duty Free hit record sales in 2023 Dubai Duty Free (DDF) recorded record sales of AED7.885 billion ($2.15 billion) in 2023, a year-on-year increase of 24 percent, and 6 percent above 2019, with perfume retaining its title as the top-selling sector. DDF celebrated its 40th anniversary in December, and the holiday month finished the year with sales of AED807.6 million, an 8 […] January 4, 2024
Retail UAE enforces new rules for buy-now-pay-later operators Updated regulations for buy-now-pay-later service providers and other finance companies providing short-term credit facilities have been introduced by the Central Bank of the UAE. Buy-now-pay-later (BNPL), a business model that allows consumers to make immediate online purchases and spread their payments over interest-free instalments, has grown in popularity in the Gulf post Covid-19. Last month, […] January 2, 2024
Sustainability Dubai bans single-use plastic bags in new year recycling push A ban on single-use plastic bags has come into force in Dubai. The January 1 ban follows a resolution issued by Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, reported the UAE state-run news agency Wam. It aims to encourage the private sector to promote the use of recycled products, aligning with […] January 1, 2024
Leisure & Hospitality Saudi-listed retail firms suspend merger plans Two major Saudi conglomerates have shelved their merger plans to create a new retail powerhouse. Arabian Centres Company (Cenomi Centers) and Fawaz Abdulaziz Alhokair Company (Cenomi Retail) have agreed to end talks on a merger proposal until further notice, the companies said in separate statements to the Saudi stock exchange. “The conditions and timing are […] December 22, 2023
Finance Payment app Foodics to launch first Saudi fintech IPO Foodics, the cloud-based restaurant management and payment business, is to be the first Saudi fintech to list on the Saudi stock exchange in an IPO next year. “We haven’t decided exactly when but we plan to do an initial public offering during the next year,” Foodics’s general manager, Kamal Mirghalani, told Saudi-owned TV channel Asharq […] December 20, 2023
Video length: 06:37 Retail Margins tighten for UAE retailers ahead of holiday season In the run-up to the holiday season, the UAE’s retailers are enjoying a healthy rise in new business and stocking up on inventory to meet demand. While a busy period is expected, costs continue to increase. To remain competitive, businesses are not increasing prices, meaning margins are being squeezed even further. The latest S&P Global […] December 20, 2023
Retail Sama issues regulations for growing BNPL sector The Saudi Central Bank (Sama) has issued new rules covering the rapidly expanding buy-now, pay-later (BNPL) retail sector, which analysts predict will double in size to $2.7 billion in annual transactions by 2028. Sama said it was issuing the regulations to ensure sustainable growth, transparency and consumer rights in the BNPL market, as part of […] December 18, 2023
Leisure & Hospitality Retailers wear the cost of sustainable process in UAE Retailers in the UAE are shouldering the financial burden of adopting sustainable practices to stay competitive, but policy reforms are needed to back their long-term environmental goals, an executive of the Gulf’s largest clothing company has said. Gaps in existing regulations include a lack of sufficient incentives, tax breaks and a comprehensive framework to enable […] December 15, 2023
Retail Food inflation leads to rise of Gulf discount operators Rising food costs in the Gulf over the last two years have spurred an increase in the number of discount operators entering the market. The food and beverage category of the UAE’s consumer price index rose from 100.3 in 2021 to 107.5 in 2022, and is forecast to rise further to 111.8 in 2023, according […] December 2, 2023
