Retailers need to ‘reimagine’ current strategies in increasingly competitive market – The National

Retailers need to ‘reimagine’ current strategies in increasingly competitive market – The National

Rapid shift to online retail during pandemic and continued increase in mall space mean companies need to consider options carefully, report says

















Retailers will need to restructure how they do business, leverage technology and artificial intelligence in the wake of the coronavirus pandemic, a new report says. Supplied







Retailers in the Gulf will need to "reimagine their current strategies" if they are to remain relevant in an increasingly competitive market, with customers switching spending online and mall owners facing greater competition, according to a new report.



"The combination of the global pandemic, technology-driven advancements and supply-driven challenges can leave GCC retailers with great uncertainty in respect of their future positioning,“ the paper from CBRE and Roland Berger said.



"Moving forward, retailers will have to reimagine their current strategies not only to keep them relevant in today's retail sector, but also to anticipate the future of the industry and ensure long-term success," said Johannes Distler, a partner at Roland Berger.



Prior to the outbreak of the pandemic, the retail sector in the GCC showed strong growth, with fashion and beauty sales in the region projected to grow by $6 billion