The retail sector is one of the fastest growing and most important sectors of the global economy. The past few years have witnessed stiffening competition with many new players entering the retail market. This has propelled the leading names in the sector to take a fresh look at their way of working and strategies to stay ahead in the competition. This has resulted in better services, and more options for the consumer, thereby making his/her shopping experience more pleasurable.
A.T. Kearney publishes an annual study – The Global Retail Development Index – ranking the top 30 developing countries for the purposes of worldwide retail expansion. With the purpose of aiding the retailers to design global strategies, as well as to identify investment opportunities, the Global Retail Development Index analyzes 25 retail-specific and macroeconomic variables.
The growth of e-commerce has also added a fresh layer to retail development. Many global retailers are re-examining their internet potential and thinking of ways to build up an online presence. Alibaba, the e-commerce giant has introduced a new concept into the market, that is “new retail” which focuses on integrating “brick and mortal” retail for its online channel, via fresh data technology and modern form of logistics.
India has claimed the top position in the 2017 Global Retail Development Index. India surpassed China, which was at the number one position in the previous index, due to its booming economy and the ease of foreign direct investment. At the second spot, China continues to be an influential player in the retail sector. At the third spot is the southeast Asian nation of Malaysia.
|Global Retail Development Index|
|United Arab Emirates||59.4|