Thursday, March 28, 2024 | Ramadan 17, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Retail market in the Sultanate is dynamic: Report

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New Delhi:The retail market in the Sultanate is promising, competitive and dynamic, said a report published by the Indian Orbis Research and published on the Galus Australis website.


The report pointed out that the opening of new stores, acquisitions, and the boom of e-commerce are driving the expectations of the retail industry in the Sultanate until 2026.


Moreover, the strong merger and acquisition activity along with the expansion of distribution channels will benefit companies operating in the Omani retail markets.


The report explained that increased consumer awareness, increased competition, and costs involved in deploying advanced technologies, such as artificial intelligence and emerging unconventional vendors pose challenges to market growth.


The report pointed out that retail companies across the Sultanate focus on enhancing operational efficiency and diversifying revenues through e-commerce channels.


It stated that the recovery of the economy is accompanied by an increase in purchasing power and an increase in the disposable income of middle-class families, which strengthens the retail industry in the Sultanate.


It pointed out that at the global level, the size of the retail market is estimated at about $4.8 billion, with North America dominating retail sales, followed by Europe and the Asia-Pacific region.


The Middle East, Africa and Latin America region is expanding rapidly, with consumer goods leading the way in sales, followed by leisure goods, clothing, accessories and more. --ONA


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