UAE’S CONSUMER RETAIL MARKET OUTLOOK IS BRIGHT

Despite the challenges of the pandemic, consumer business in the UAE has proved resilient, dropping by 12 per cent compared to the 22 per cent decline for the wider economy, according to a report by Majid Al Futtaim. The report series - State of the UAE Retail Economy tracks the progress of the retail economy, with the first edition revealing optimism that retail will recover strongly in 2021. The data, which combines sales transactions and footfall in malls, shows that in the UAE, e-commerce has increased to double its 2019 level, and by February 2021, this spending had increased by 30 per cent year-on-year.