Market Trends of Qatar Retail Industry
This section covers the major market trends shaping the Qatar Retail Market according to our research experts:
Rising Disposable Income and Affluent Standard of Living is Driving the Market
The nation offers a sizable consumer market. With a population of over 2.6 million and a 99.4% urbanization rate, Qatar is also one of the wealthiest nations in the world, ranking fifth with a GDP per capita of over US$132,886 in the base year. Qatari consumers are open to trying new items and examining the quality of the goods and services being supplied. Previously, there were 21 shopping malls and 1.4 million sq. m. of organized retail space in the city. Rapid economic development, high levels of disposable income, and a high standard of living are the main drivers of retail market expansion.
As predicted, place Vendome, Qatar's largest shopping center, opened in April this year; most of its stores are already leased. Since Tawar Mall opened earlier, Place Vendome is the first sizable mall (50,000 sq. m. or more) to debut in Qatar. It will include numerous new retail brands, including Fortnum & Mason, Urban Outfitters, and Anthropology. The launch of Place Vendome will mark Doha's 19th mall with more than 20,000 sq. m. of rentable space. More than 1.7 million sq. m. of organized retail space will be added to Qatar, with 230,000 sq. m.
Digital Adoption and Transformation is Boosting the E-Commerce Sector
The government moved rapidly to facilitate the expansion of digital options when non-essential stores were shut down at the start of the pandemic. For instance, the Qatar Central Bank introduced the Qatar Mobile Payment System, which enables users to pay with their smartphones by scanning QR codes. This was made possible by the population's propensity to use digital tools. According to Bader Al Darwish, chairman and managing director of Darwish Holding, "It is essential to accelerate digital transformation plans in retail to reflect the rapidly changing ambitions of customers and exceed their expectations."
Local retailers had to adapt, and many joined forces with large e-commerce platforms and delivery services. Before the pandemic ended, they needed more resources, creativity, and know-how to build their digital presence. One organization that took advantage of the rise in online shopping was EB utler, which assisted various companies in developing a multichannel strategy for delivering goods and services.
