Jan 26 2009 |
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Retailers still enjoy healthy sales in 2008
Monday, Jan 26, 2009
Gulf News
Dubai: Some UAE retailers enjoyed healthy sales in 2008 and are aggressively pursuing expansion plans to stimulate consumer spending amid the economic downturn.
Retailers, however, admitted that they are bracing for a challenging year ahead, as consumer spend is beginning to show signs of fatigue.
"The ongoing economic crisis has impacted all industries and retail spending is set to fall in 2009 so retailers may have to be ready for prolonged period of slow growth amongst fierce competition.
Jacky's Electronics reported a 30 per cent increase in footfall and 20 per cent growth in sales last year over 2007.
The company, which has 11 shops in Dubai and two more in Sharjah, also kicked off 2009 with the opening of its largest mall-based outlet in the UAE at Dubai Mall recently.
It is set to open one more store in Bawadi Mall in Al Ain soon, and another one in Mirdiff City Centre in the fourth quarter this year.
"The growing culture of malls brings the demand for retailers to be present in key locations and so strategically, we will push through with our expansion plans.
"We are confident that the developers and landlords will support us with our expansion plans during this economic slowdown," Patel added.
Sharaf DG , for its part, has added three more stores, in Dubai Mall , Mankhool area and Union Cooperative on Al Wasl Road this year.
It claimed the recorded footfall in all its outlets in Dubai increased 170 per cent in 2008 over 2007, while sales grew 150 per cent during the same period.
According to Nilesh Khalkho, chief executive of Sharaf DG , the new year also proved to be fruitful for them, as around 180,000 customers visited their stores during the first week of the ongoing Dubai Shopping Festival (DSF) , an increase of almost 150 per cent over last year.
"We kicked off our DSF campaign with our 'Opening Day Madness' promotion which had an overwhelming response.
"We gave away an 8GB Ipod Nano for just Dh399 which got cleaned off the shelf in three hours flat," Khalkho told Gulf News.
The Nielsen Company's managing director for the UAE, Sevil Ermin, had earlier said that they were likely to see reduced consumption as a result of the financial downturn.
He also forecast reduced consumption and customers switching to value brands in electronic products, as well as in other medium-priority items, such as personal care, furniture and clothing goods.
© Gulf News 2009. All rights reserved.
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