The stage is set for the Gulf’s in-store retail recovery – MENAFN.COM

The stage is set for the Gulf’s in-store retail recovery – MENAFN.COM

( MENAFN - Mid-East.Info M)iddle East: The Gulf's retail sector has recorded a string of positive gains over recent quarters, suggesting continued momentum behind post-pandemic growth—especially in brick-and-mortar retail.

“The COVID-19 pandemic did initially impact the physical retail landscape, both locally and globally,” notes Mohammad A. Baker, CEO and Deputy Chairman of international retail conglomerate GMG, and who is also a member of the Advisory Board of Dubai Chamber.“A drop in consumer footfall coupled with social distancing measures, international travel restrictions, and a wider macro-economic slump put pressure on the sector.”

In the UAE alone, studies estimate that the pandemic cut out AED13.5 billion in sales in 2020.

A surge in eCommerce helped to offset the initial pandemic shocks. Earlier this year, Bricklin Dwyer, chief economist and head of the Mastercard Economics Institute, noted when commenting on the future of retail that the company broadly expects to see“a much faster rate of digitalization” in the Gulf both this year and in the years ahead.