RIYADH: Despite the economic downturn, the retail sector in the Middle East is projected at $500 billion by 2010 with the GCC accounting for more than 60 percent of the total retail in the region, said Gautam Hari Singhania, chairman and managing director of Raymond Ltd. Singhania added that a major share of the market would be held by Saudi Arabia.
“With the strong presence of Indian, European and American expatriates, the region provides unparalleled business prospects in the retail market,” Singhania said at a press conference held to unveil Raymond’s Middle East Vision for 2012 at the company showroom in Olaya Street yesterday.
He added that his company came to the Middle East some 25 years ago with a showroom in Muscat. Raymond has 24 showrooms in the Middle East, including seven in the Kingdom. Singhania said that although the economic crisis has affected the export market in India, major brands would continue to prosper as people converge toward popular brands for value for money. “In view of the crisis, they have become careful in spending and want to invest in a single suit than going for many cheap ones,” he said.
Describing the global financial crisis as a transitional phase, he said he could not foresee a definite period for the recession, which many countries are struggling to overcome. He, however, added that good quality products would always have a regular market in a country like Saudi Arabia.
“We opened our first shop in the Kingdom and still want to expand our network here,” he said, adding that Raymond produces 500 quality suits each day in India for export to the Japanese market. Singhania said he has plans to increase the Raymond Shop network from the existing 35 in the Middle East and SAARC region to 50 by 2012 with presence in malls like the Mall of Emirates, Dubai Mall, Burjuman, Villagio Mall and Pearl Mall.
