Saudi retail spending to grow by 15% per annum
Saudi retail sales are estimated to have topped US$ 43.5 billion in 2002 growing by 15% from 1998 according to industry sources.
The increase in retail spending until 2008 is forecast to be 15%, with growth expected to accelerate as more young Saudi nationals gain buying power by entering the workforce and more shopping malls are developed.
According to the latest Retail International ® report, Jeddah is poised to offer over 750,000 sq. mts. and Riyadh over 600,000 sq. mts of shopping space by 2009. There are projects under development in other cities including Dahran and Al Khobar. (menareport.com)
© 2004 Mena Report (www.menareport.com)