| 27 Dec 2009 |
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Saudi Arabia attracts most new retailers in bleak year
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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.
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 GeantGeant
and CarrefourCarrefour 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.
By Abdul Rahman Shaheen
© Gulf News 2009
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