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A Global Retail Invasion
Unrest or not, the Middle East, global retailers forge on with regional expansion, hoping there won’t be any long-term impact on people’s desires to buy international.
April 17, 2011 1:05 by Precious de Leon
Following the large number of new entrants in 2009, the UAE fell back slightly in 2010 in terms of its place in the new entrant rankings; however, this is relative to the high proportion of retailers already present in Dubai and retailers remain very active in the region, with Kuwait (six new entrants) and Saudi Arabia (five) proving popular, according to the report.
So basically, now that most brands have found their ‘Middle East crash course’ in the Dubai, most are feeling ready to get out there and expand across the Middle East.
And according to Peter Gold, Head of EMEA Cross Border Retail, CB Richard Ellis, target markets include Abu Dhabi and then Kuwait, Saudi Arabia. “The recent unrest in the Middle East cannot be ignored, but it is unlikely that this will have any long-term impact on retailers’ desires to expand into the region.”
Overall, Europe dominates CBRE’s rankings of the most highly penetrated global retail markets, with the continent’s five largest economies all featuring prominently in the top 10 international retail destinations: UK (1st), France (4th), Spain (5th), Germany, (6th), Russia (8th), and Italy (10th).
Beyond the top ten, though the list becomes more global as emerging markets continue to rise in ranks.
Turkey experienced the largest growth in retailer presence in the past year, with 39 percent of all retailers surveyed now located there, up by 2.2 percent. Belgium, Poland, Egypt, Vietnam, Brazil and Mexico also saw retailers increase their presence by 1.5 percent or more.