By Shane McGinley
Retail sales in the region jumped 13.2 percent in 2010 on rising consumer demand
Retail sales in the MENA region jumped 13.2 percent last
year, making it the only region in the world to post double digit growth, accountancy
firm Deloitte has said.
In its latest retail report, Deloitte said emerging markets
were the most promising for consumer sales and marked the Middle East as a
“While global economic growth is on the mend, most of it is
taking place in emerging markets, many of which are experiencing rapidly
increasing consumer spending,” said Nasser Sagga, audit partner at
Deloitte and Touche.
“Within the Middle East there is a number of emerging
economies that meet the criteria of strong growth prospects and good
demographics – Egypt and Turkey being two such examples.”
The report identified the 250 largest retailers around the world
in 2010, more than 11 percent of which were based in the MENA region.
Despite seeing a significant drop in trade and tourism
during the financial crisis, the Gulf remains a key a market for retailers.
A report last year by real estate consultancy CB Richard
Ellis found Dubai ranked second only to London in terms of the number of global
brands with a presence in the city.
In a ranking of 294 of the world’s top retailers, more than
half had a presence in Dubai.
“Despite continued uncertainty for some retailers across the
world, luxury brand retailers have remained active and were responsible for the
most new store openings,” said Peter Gold, head of Europe, Middle East and
Africa cross-border retail at CBRE.