Expo 2020 plays big role in the growth of UAE retail market

Sajjad Ahmad, Deputy Business Editor

Expo 2020 Dubai is playing a big role in the growth of the UAE retail sector as the numbers of the global visitors are increasing every passing day after its official opening on October 1, 2021.

Expo is expected to attract over 25 million visitors during the six months period, which will accelerate the overall business activities in the UAE.

The UAE is a home of global brands, local and global retail brands see the Expo 2020 as an opportunity to grow their businesses and contribute to the national economy

 “According to the sales figure analysis by the Dubai Chamber of Commerce and Industry, the retail market is set to increase 13 per cent by end of 2021 as the Expo 2020 Dubai and quick vaccination campaigns for COVID-19 are accelerating the sector. The UAE’s medium-term retail sales will rise by 5.7 per cent annually, reaching $7.5 billion by 2025, on the other hand, online retail is valued to increase by 14.8 per cent in Compound Annual Growth Rate,”  said Yasser Beydoun, Managing Partner & Co-Founder of Brands For Less (BFL) Group.

He explained “Globally, Dubai is considered the top and central shopping, dining, and entertainment destination. It is convenient for shoppers from all over the world because all the major brands have established outlets in many of its leading malls. It is apparent that the retail sector will gain the most from the Dubai Expo 2020. This means the retail sector can anticipate substantial growth in sales this coming year since Dubai Expo 2020 is attracting tourists from all over the world.”

About the impacts of Covid-19 on retail sector, he said, “The pandemic was a huge blow to most businesses, however, your creativity in devising strategies that keep your business afloat will eventually determine the strength of your company. We are exhilarated to open new stores in new markets. Such post-pandemic growth of our business is something of note. Our strength lies in our passionate desire to provide an exceptional customer service experience to our clients and keep them satisfied and happy even in turbulent times. ”

Beydoun said, “After a remarkable sales growth of 19 per cent in the first half of the year, we anticipate a phenomenal rise in the last quarter, we are looking forward to recording an 8 per cent increase compared to the previous year.”

He added, “We anticipate seeing record-breaking revenue in the local retail sector since the Expo is set to attract millions of tourists from all over the globe.  With that in mind, BFL Group is ready to welcome tourists into our shops. At the same time, we are sticking by our core brand’s unique concept– which is the treasure hunt. -This innovative buying experience has continued to be an attractive and fun way of shopping for our customers.”

About expansion plans, he said, “Our past record proves that we are a brand that loves to explore, so we are defiantly looking forward to tapping into other markets over time. Currently the brand is operating in five countries and we have more expansion plans for GCC markets underway and will reveal them soon.”

He concluded, “Our clientele grew because we saw an opportunity to reach new customers through marketing and social media, hence we invested in it. We are constantly updating our social media handles.  The recent upgrade into e-commerce has appended virtual clientele into the Group.

The lockdown made us see the beauty of online business, hence we embraced e-commerce as a core function of the industry.”