Majid Al Futtaim revealed optimistic indicators about the retail sector in the UAE, during the remainder of this year.
In the first edition of its quarterly report entitled “The State of the Retail Sector in the UAE”, the company stated that despite the challenges posed by the global pandemic, the businesses on which the retail sector is based in the UAE have proven their resilience.
The report highlighted the developmental role played by e-commerce platforms to enhance the retail sector’s response to the challenges of the pandemic, and the data showed that e-commerce in the UAE doubled, and by February 2021, spending on e-commerce platforms increased by 30% year on year.
The report indicates that there are clear indications of a return of optimism to the local consumer market, as the UAE is expected to record the fastest growth rates in the GCC this year.
Despite the ongoing effects of the pandemic, the report confirmed that gaining consumer confidence in spending has begun to take an upward trend, and this was confirmed by data that showed a 17% increase in consumer spending during the period from February to March 2021, and retail sales showed in its malls increased by 10% year-on-year in March 2021.
Alain Bejjani, CEO of Majid Al Futtaim Holding Company, said: “In 2020, we witnessed rapid shifts in consumption and shopping patterns and the emergence of an urgent need to find new innovative solutions that take advantage of e-commerce tools, in order to keep pace with those changes that occurred in the patterns and behaviors of shoppers in retail trade.
According to the report, we are approaching a new and optimistic phase, especially with regard to the retail sector in the UAE and its ability to achieve a rapid and high recovery.
Follow the economic statement via Google News