Innovation In GCC Retail To Drive Record High Growth Of US$ 313.2 Billion By 2021

Smart Stores Expo, a trade show devoted to showcasing the latest trends and technologies shaping the future of retail, is back with its second staging slated September 4 – 6 at the Dubai International Exhibition and Convention Centre.  Building upon the success of its launch in Abu Dhabi, the event comes at an opportune time given the bright outlook of GCC retail, with technology innovations being cited as a key driver of growth.

A report by Alpen Capital revealed that the GCC retail sector is forecasted to grow at a record high of US$ 313.2 billion by 2021, driven by an expanding population base, high per capita income, increasing tourist arrivals, and mega international events.  Changing consumer preferences, the spread of digital devices and increasing number of people connected over the internet were also found to be propelling the change in the region’s retail landscape. Moreover, technology innovations and modern store formats with smart interiors were cited as key trends transforming the in-store experience.

Meanwhile in the UAE, an analysis by the Dubai Chamber of Commerce and Industry found that the country’s retail sector is projected to expand at a compound annual growth rate (CAGR) 4.9% and reach US$ 71 billion by 2021.

Organisers of the show, Smart Stores Expo recognising the need for retailers to address the new demand of consumers for a differentiated shopping experience promise a bigger event to help players stay relevant to new developments.  This year’s exhibition is expected to be twice as big as the first edition, and predicted to attract more than 60 exhibitors and over 3,000 visitors throughout its three-day run.

From its inception, Smart Stores Expo established itself as a must-attend event for professionals and key decision makers in the retail market.  The show has been successful in attracting some of the region’s most influential retailers and solution providers as exhibitors. It also included live product demos and a conference with prominent speakers from leading retailers.