India Retail News

The retail industry is one of the critical links in the conversion of the Gulf Co-operation Council (GCC) economies from being predominantly dependent on oil exports to achieving a balanced diversification of revenue sources. Retail also plays an important role in the development and progress of other focus sectors such as tourism and hospitality. Despite a few setbacks caused by global economic worries, the region's debt crisis and political unrest, the GCC's retail industry was largely back on track in 2010.  High disposable income, expanding population base, growing aspirations, and consistent inflow of tourists, amongst other factors cushioned the region's retail sector from a difficult global climate. As a result of the big boost provided by the GCC governments and private investments, largely funded from oil exports in the past, the retail landscape in most parts of the GCC region has transformed from traditional souks (markets) to upscale shopping malls and hypermarkets.