{"id":83651,"date":"2024-02-21T00:00:00","date_gmt":"2024-02-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/21\/saudi-arabia-among-top-10-retail-markets-in-emerging-economies\/"},"modified":"2024-02-21T00:00:00","modified_gmt":"2024-02-21T00:00:00","slug":"saudi-arabia-among-top-10-retail-markets-in-emerging-economies","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/21\/saudi-arabia-among-top-10-retail-markets-in-emerging-economies\/","title":{"rendered":"Saudi Arabia among top 10 retail markets in emerging economies"},"content":{"rendered":"

Saudi Arabia\u2019s retail market ranked third out of 44 developing markets in the <\/strong>202<\/strong>3 Global Retail Development Index (GRDI)<\/strong>, up from 12th place rank in 2021<\/a>, according to data from Kearney<\/a>.<\/p>\n

The local retail sector received a final score of 62.7 in the index last year<\/strong>, up from 50.6 in 2021. This is attributed to the sector\u2019s total sales volume increasing to USD 249 bn, up from USD 119 bn. Market attractiveness has soared to a score of 81.7 last year, up from 75.8 in 2021, while market saturation has increased to a score of 26.7, up from 16.9. We scored an optimum country risk score of 100 in 2023, up from 98.6 in 2021.<\/p>\n

Digitization contributed heavily to the sector making up 12% of the total output of the <\/strong>economy, <\/strong>the survey found. This figure increases to 23% when measured against the makeup of the non-oil economy, said Minister of Municipal and Rural Affairs and Housing Majed Al Hogail at the Retail Leaders Circle MENA Summit<\/a> in Riyadh, Arab News<\/a> reports. The sector is expected to grow to SAR 460 bn by the end of this year<\/strong>, Al Hogail added. <\/p>\n

About GRDI:<\/strong> The every-two-years survey assesses the retail prospects of 35-40 developing markets by considering factors like economic stability, consumer prosperity, and regulatory environment. Retailers use the survey as a point of reference for the prospects of the retail sector and spot opportunities in EMs.<\/p>\n

The share of e-commerce in the overall retail market is expected to rise to 8% in 2027, up <\/strong>from the current 6%,<\/strong> while cross-border e-commerce is projected to slide from the current 50% share of digital retail revenues on the back of an influx of local players. E-commerce and AI-enabled experiential retail are amongst the primary growth drivers of the sector with young consumers attracted to services such as virtual fitting rooms, self-checkouts, paperless transactions, shop online pick up from store, and click-and-collect.<\/strong><\/p>\n

Non-cash retail transactions rose to 62% in 2022, up from 16% in 2016<\/strong> on the back of an increased customer familiarity with cashless payment methods.<\/p>\n

The MENA region has emerged as the next big hot spot in the global retail space, <\/strong>according to the index: <\/strong>Egypt ranked in sixth place, followed by Jordan with a rank of 12, Morocco (17), Algeria (29), and Tunisia (36).<\/p>\n

Growth KPIs: <\/strong>The sector had an occupancy rate of 88% in 2023 with 70k licenses offered to market players annually. <\/p>\n

Regulation + private sector partnerships: <\/strong>The government has been drafting and producing the regulations along with building partnerships with private sector players to boost the sector with a focus on the segments of restaurants, cafes, entertainment and public areas,<\/strong> the minister added.<\/p>\n

On localization:<\/strong> \u201cWe are working to incentivize private sector establishments and provide an attractive environment for Saudis to work,\u201d said Al Hogail. <\/p>\n","protected":false},"excerpt":{"rendered":"

Non-cash retail transactions rose to 62% in 2022, up from 16% in 2016<\/p>\n","protected":false},"author":1,"featured_media":83652,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2671],"tags":[27,10,211],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retail","tag-economy","tag-enterpriseam-ksa","tag-retail","wpautop","entry"],"acf":{"mongo_id":"64c6ff57-356b-4c2b-bd69-5c0b7d3ca789","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2008.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi Arabia among top 10 retail markets in emerging economies","related_issue":[83643],"teaser":"Non-cash retail transactions rose to 62% in 2022, up from 16% in 2016","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.71d03999-6a83-4e1e-9e71-c9d290779e1e.mp3"},"yoast_head":"\nSaudi Arabia among top 10 retail markets in emerging economies - 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