Over the next two decades the potential prize for entering and mastering the Middle East market is immense. Across the Gulf Co-Operational Council (GCC) region – which comprises Saudi Arabia, UAE, Kuwait, Bahrain, Qatar and Oman – affluence is growing at a rate of knots, and the young, aspirational demographic is hungry for Western fashion brands, beauty products, and luxury goods.
So how do international retailers looking for growth markets capitalise on the Middle East opportunity?
Recently, ShopperTrak spoke to Nicolas Rubeiz, Senior Consultant at Middle East business consultancy, The Unit. His advice was to start small, so retailers can fine-tune their proposition before growing their footprint. “Open for a year and wait while you learn from your experiences,” he said. “Refine your services and adapt to your market. Once you are 90% close ….