Saudi Arabia Retail Market | Latest Research Reveals Key Trends for Business Growth

According to TechSci Research report, “Saudi Arabia Retail Market – By Region, Competition, Forecast & Opportunities, 2018-2028F”, The Saudi Arabia retail market has been observing significant growth owing to factors such as rise in tourism, distinctive marketing strategies by market players, increased presence on online platforms, etc. Consumers are shifting to online channels as a result of the COVID-19 pandemic crisis.. Digitization is anticipated to assist in streamlining processes, cutting expenses, reducing staff workloads, increasing the possibilities for profit generation, and raising the overall quality of customer experience. Players are seeking expansion, emphasizing on creating new business models, and changing their pricing methods as a result of the market becoming more developed and competitive.

Moreover, market players are focusing on expanding their retail platforms by launching new stores across the country. For instance, in 2022, Lulu launched a new hypermarket in Saihat Eastern Province, in Saudi Arabia. Between 2020 and 2023, Lulu Group is planning to open 91 hypermarkets as part of its USD2.9 billion investment in its retail network. Also, in 2022, Lulu Group launched new hypermarkets in Jeddah to further expand Saudi food products. Similarly, in 2022, Majid Al-Futtaim opened doors to its first CB2 store in Riyadh intending to continue to expand its retail offering in the Kingdom. The new store's offerings include kitchenware, bedding, lighting, rugs, accessories, indoor and outdoor furniture, and more. Customers can also explore intriguing collaborations with top designers including Azeeza, Lawson-Fenning, Mathew Williamson, Ross Cassidy, Jennifer Fisher, Kara Mann, and Ross Cassidy. Also, in 2022, Majid Al Futtaim inaugurates a new Carrefour store in the Al Noor district in Dammam, Saudi Arabia.

Additionally, market players are expanding their distribution centers to further increase their presence in the nation. For instance, in 2022, Al-Nahdi Medical Company inaugurated IMDAD, the first smart distribution center across the MENA region for the retail sector. The cutting-edge facility, which covers a 250,000 square metre area in Jeddah's industrial hub, is equipped with the most advanced semi-automated world-class technology and can accommodate 16,000 different types of products while enabling the delivery of 200 million units to all regions of the Kingdom.

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Saudi Arabia's retail market is segmented based on type, retail store type, region, and competitional landscape. Based on the retail store type, the market is further fragmented into supermarkets/hypermarkets, online, baqala stores, departmental stores, exclusive stores, convenience stores, and others. The online channel is anticipated to register the fastest growth since it offers convenience to customers. Various retail channels are also selling their products online with free delivery throughout Saudi Arabia. They are providing cash on delivery options, and various practical payment alternatives such as Tabby, which allow customers to pay later at zero interest, to give a seamless omnichannel shopping experience in the Kingdom.

In terms of region, the market is segregated into Western, Eastern, Northern & Central, and Southern regions. Due to a large number of major market players in this region, the Northern & Central region is the one that generates significant demand in the nation's retail industry. Saudi Arabia's capital, Riyadh, which is located in the Central region, has undergone more significant changes when compared with other regional cities. The main center for the newest inventions and technologies is now Riyadh. Hence, this region is expected to register a significant share during the forecast period.

Key market players in the Saudi Arabia retail market include:

• Lulu Group International (EMKE Group)
• Abdullah Al Othaim Markets Co.
• Panda Retail Co (Savola Group)
• Fawaz Abdulaziz AlHokair Co.
• Majid Al Futtaim Retail LLC
• Balsharaf Group
• Bin Dawood Holding Company SJSC
• Alraya Foot Stuff LTD.
• AL-Sadhan
• Choithram LLC

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"The Saudi Arabia retail market has been observing significant growth over the past few years. Surging demand in the e-commerce industry and the popularity of online shopping and delivery services have impacted the market expansion, particularly over the last couple of years. In the next five years, emerging market players may emphasize on establishing retail channels and working with established companies globally to support them financially.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Saudi Arabia Retail Market By Type (Food Retail v/s Non-Food Retail), By Retail Store Type (Supermarkets/Hypermarkets, Online, Baqala Stores, Departmental Stores, Exclusive Stores, Convenience Stores, Others (Specialty Stores, Drugstores/Pharmacies, etc.)), By Region, Competition Forecast Opportunities, 2018-2028F”, has evaluated the future growth potential of retail and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the retail market of Saudi Arabia.

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