EXCLUSIVE Retail Saudi Arabia’s bid to be the next global fashion powerhouse It will not be long before Saudi Arabia produces a global fashion powerhouse brand to rival Louis Vuitton and Chanel, according to the man tasked with fulfilling the kingdom’s catwalk ambitions. “I have no doubt about that, the sky is the limit,” Burak Cakmak, CEO of the Saudi Fashion Commission told AGBI as designers from […] January 15, 2023
Retail Dubai conglomerate Majid Al Futtaim replaces CEO Bejjani Alain Bejjani has been replaced at the helm of Dubai-based retail and property conglomerate Majid Al Futtaim (MAF). The Lebanese business executive had been CEO of the company since 2015. During his eight year tenure in charge, Bejjaini led the digital transformation of the company and spearheaded its drive towards sustainability. MAF also completed major […] January 14, 2023
Retail Dubai customs law will ‘level playing field’ for local retailers Dubai’s decision to lower the tax threshold for goods imported from overseas has been hailed by local retailers. Industry insiders see it as a positive step to protect businesses from global ecommerce giants and say it is already having a positive effect. Under Dubai Customs Notice No. 5 of 2022, which was announced in June […] January 13, 2023
Retail Britons splurge at Christmas but retailers brace for tougher 2023 British shoppers spent freely at Christmas, piling their trolleys with party food, drink and clothing as they enjoyed the first holiday season free of Covid worries for three years, but retailers warned most will tighten their belts in 2023. Tesco, Britain’s biggest retailer, and rival Marks & Spencer posted better than expected Christmas sales as […] January 13, 2023
Analysis Retail Strong Gulf consumer spending defies global concerns Consumer confidence among the Gulf’s shoppers remains strong, despite concerns about the impact of a global slowdown and rising prices. A survey by management consulting firm Kearney found that 88 percent of respondents in the UAE and 79 percent of those questioned in Saudi Arabia were concerned about global market volatility and rising inflation. At […] January 12, 2023
Analysis Food & Drink Dubai’s alcohol tax cut met with some cheers but more booze Dubai’s move to suspend the 30 percent tax on alcohol has triggered differing views about its impact on retail and hospitality businesses and their customers. Some experts say it will result in a short term boost in sales and will deter residents from travelling to other emirates to buy cheap liquor. But industry insiders disagree […] January 3, 2023
Retail Perfumes drive Dubai Duty Free sales higher to $1.74bn in 2022 Perfume contributed AED1.134 billion ($310.66 million), or 18% of total sales of AED6.339 billion ($1.74 billion) for Dubai Duty Free in 2022. Overall sales rose 78 percent year-on-year, Dubai Duty Free said in a statement. The operation recorded over 17.3 million sales transactions throughout the year, an average of 46,912 transactions per day, while 47.302 […] January 3, 2023
Opinion Retail 5 shopping trends for 2023, from embracing Gen Z to going green Consumers are more digitally savvy and increasingly concerned about sustainability – retailers must be ready for them December 23, 2022
Opinion Retail Ashish Panjabi: Stability without the spikes for UAE retailers After a phenomenal year for UAE retail due in part to Expo Dubai and the World Cup effect, we now expect a steadier time for business December 23, 2022
Analysis Retail You’ve come a long way, Baby – female-led startups land in Gulf Women in the UK are launching their own businesses at a record rate. In 2018, 56,200 female-led startups were established in Britain. Three years later, the number had soared to 145,200, according to the 2022 Alison Rose Review of Female Entrepreneurship. One of the key beneficiaries of this rapid growth is the Gulf, as UK […] December 20, 2022
Analysis Retail Time running out for Gulf’s luxury watch investors to cash in After a boom in haute horology over the past few years, with reports of shortages that even put royals on the waiting lists, prices for Rolex watches have started to fall. But some coveted pieces will always command a premium, collectors have said. The value of Swiss watch exports to the Middle East in 2021 […] December 17, 2022
Retail Unilever says litigation with Ben & Jerry’s ‘resolved’ in Israel Unilever said on Thursday that its litigation with the independent board of Ben & Jerry’s over the sale of its Israeli ice cream business has “been resolved”. The company did not provide details of how the litigation had been resolved. Unilever in June sold its Ben & Jerry’s ice cream business in Israel and the […] December 16, 2022
Retail Japanese sports brand Asics kicks off Gulf expansion in Doha Japanese sports brand Asics has signed a deal with the UAE’s Apparel Group to develop branded retail stores across the Gulf. The five-year franchise agreement will see the rollout of 20 stores in Qatar, the UAE, Saudi Arabia, Oman and Bahrain, with the first outlet opening in Doha Festival City Mall this week. Commenting on […] December 13, 2022
Food & Drink GMG-Silal deal aims to dish up customers for 1,100 UAE farms More locally grown food is set to be sold in UAE supermarkets under a link-up between retailer GMG and agri-food business Silal, a subsidiary of sovereign wealth fund ADQ. Under the deal, which was signed at last week’s Abu Dhabi International Food Exhibition, up to 1,100 UAE farms contracted to Silal will be supported to […] December 12, 2022
Exclusive Retail Cenomi in bid to shake up kingdom’s online retail industry The retail behemoth previously known as Fawaz Alhokair Group is overhauling its operations from being predominantly bricks and mortar-based to one of the region’s biggest online marketplaces. “Over the past three decades, we’ve done a fantastic job at making the business what it is today, but we know there is a lot more to be […] December 9, 2022
EXCLUSIVE Retail British model David Gandy to expand fashion brand to the Gulf British model David Gandy is planning to expand his sustainable fashion brand to the UAE. “The Gulf region is a very interesting market for us,” Gandy told AGBI. “We are global with direct-to-consumer sales with David Gandy Wellwear, but what we’ve done in London and Paris, and what we are looking to do in New […] December 7, 2022
Analysis Saudi Arabia Vision 2030 ‘Entertainment is the new retail’ for Riyadh malls More than half the new retail space being developed in Riyadh is dedicated to entertainment venues, research has found, as Saudi Arabia seeks to attract younger people to malls. At the Mall of Saudi, being developed by Majid Al Futtaim in north Riyadh, large areas will be allocated to dining, leisure and entertainment – and […] December 7, 2022
Analysis Retail Global luxury fashion brands look to the Gulf for growth in 2023 The Middle East and North America are expected to have the highest growth potential for the fashion industry in 2023, as executives deprioritise countries like China in the short term. The war in Ukraine, rising inflation and supply chain pressures are the biggest threats to the fashion industry in the run-up to a challenging year […] December 2, 2022
Retail Europe’s largest outlet mall targets Gulf shoppers Outletcity Metzingen, Europe’s largest luxury discount outlet mall, has signed a partnership to promote the destination to Gulf shoppers, as Germany reported a 318 percent surge in tourists from the region in the first half of this year. The shopping centre, which is located in the south of Germany, struck the deal with Dubai-based AVIAREPS […] November 28, 2022
Retail US ‘Black Friday’ online sales hit record $9bn despite high inflation US shoppers spent a record $9.12 billion online this Black Friday, a report showed on Saturday, as consumers weathered the squeeze from high inflation and grabbed steep discounts on everything from smartphones to toys. Online spending rose 2.3 percent on Black Friday, Adobe Inc’s data and insights arm Adobe Analytics said, thanks to consumers holding […] November 27, 2022
Opinion Retail The Middle East has a bright e-commerce future Digital tech firms in the Gulf are making tremendous advances in how they use the latest technologies to build the foundations for future success November 25, 2022
Exclusive Retail Amazon tips Saudi Arabia to deliver sales growth Amazon sees “exciting potential” in Saudi Arabia and the Middle East, one of its executives has said, as the e-commerce giant commits to further investment in local facilities and talent. Ronaldo Mouchawar, vice president of Amazon Middle East and North Africa, which opened its new office in Riyadh last month, told AGBI that the company […] November 22, 2022
