DOHA: The retail market in Qatar is expected to undergo a tremendous shift in its growth, resulting from the expansion of outlets. As per data by Mordor Intelligence, the sector is estimated to grow at a compound annual growth rate (CAGR) of 5 percent boosting Qatar’s dynamic economy.

Retail experts stress that swift economic enhancement, high levels of disposable income, and a high standard of living are key drivers of retail market growth.

Qatar offers a sizable consumer market with a population of more than 2.6 million and a 99.4 percent urbanization rate. The country also ranks fifth with a GDP per capita of over $132,886 in the base year.

Researchers state that Qatari consumers are open to trying new items and examining the quality of the goods and services being supplied.

Place Vendome, Qatar’s iconic shopping mall was launched in 2022 with a sizable mall (50,000 sq. m. or more). The Lusail-domiciled mall consists of various new retail brands such as Fortnum & Mason, Urban Outfitters, and Anthropology. The report states that over 1.7 million sq. m. of organized retail space is anticipated to be added to Qatar, with 230,000 sq. m, as a result of its expansion projects.

Despite the worldwide slump during the pandemic period, the retail market performed fairly well albeit stores had to shut down for months due to lockdown measures.

Experts stated that the government moved swiftly to facilitate the expansion of digital options when non-essential stores closed down during the COVID-19 lockdown.

Local retailers needed more resources, creativity, and know-how to build their digital presence and had to adapt as many joined forces with large e-commerce platforms and delivery services.

The report further explains that the retail industry, however, remains fiercely competitive, with a small number of significant businesses controlling the majority of the market share.

With companies expanding their storefronts and considering the commercial possibilities in new regions, the organised retail market has been developing rapidly.

Large hypermarkets, supermarkets, and other retail chains are steadily replacing the majority of unorganised retail establishments. A large-scale continuation of this is anticipated during the forecast period, contributing considerably to market growth. Some of the major players dominating the market include Lulu Group, Chalhoub Group, Alshaya, and Al Tayer Group, etc.

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