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02-08-21
Gulf Cooperation Council retail sector recovers to pre-pandemic levels
(MENAFN)One of the region’s biggest retailers stated that the Gulf Cooperation Council (GCC) luxury retail sector returned to pre-pandemic levels, with high-end brands performing particularly well, as shoppers splash the cash they saved by not spending on travel in 2020.
The GCC luxury commodities market dropped 16.6 percent annual to USD7.4 billion in last year, with Saudi Arabia dropped 8 percent and the tourist-dependent UAE decreasing 25 percent, according to Consultancy firm Bains & Company report.
Arab News quoted Michael Chalhoub, president of strategy, growth, innovation and investment and vice-president joint ventures at the Chalhoub Group, which has 559 stores across the GCC and manages brands such as Dior, Swarovski, Fendi and Louis Vuittonthe as saying that the market has recovered quickly.
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