Business | General
Saudi Arabia attracts most new retailers in bleak year
UAE placed fourth on global list as Middle East makes big impression
- By Abdul Rahman Shaheen, Correspondent
- Published: 00:00 December 27, 2009
Riyadh: Saudi Arabia has emerged as the country which attracted the most new retailers in the past year, 37 according to the latest research report from CB Richard Ellis (CBRE).
The report, entitled ‘How global is the business of retail?' by the commercial real estate services firm, has revealed that Middle Eastern countries have experienced a marked increase in the number of new retailers, making these countries the top five, with Kuwait in second place and the UAE fourth.
Serbia and Indonesia ranked third and fifth respectively on the list. CBRE's annual study mapped the global footprint of 280 of the world's top retailers in 67 countries, exploring the globalisation of the retail industry and highlighting differences between sectors and regions, thereby identifying trends in the patterns of global retail expansion.
For the first time, the 2009 report also analyses retail globalisation at the city level, allowing for additional scrutiny of retailer expansion strategies.
Retailers have continued not just to internationalise, but to globalise, with over 40 per cent of all new openings during 2008 taking place outside the retailer's home region.
Aziziya Panda keeps lead
Several global retailers such as Geant and Carrefour entered the Saudi market over the past five years.
However, these foreign companies could not obtain a major stake in the Saudi local market, where the Aziziya Panda chain of the Savola Group still holds sway in the retail sector, representing 30-35 per cent of the market.
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