Retail

The Omani retail sector has grown by 7% since 2011 and continues to expand, as large construction projects, predominantly malls and hypermarkets, look set to add more retail space to the sector. The rise in the number of shopping malls, currently numbering 16 in Muscat alone, has coincided with a shift in spending patterns as the population becomes wealthier, while an increasing number of high-net-worth individuals has led to the growth of luxury and fashion brands and the emergence of niche market concepts, such as smaller-scale, high-end retail centres. Although spending patterns have been shifting as lifestyles change, the Omani consumer price index shows that a large portion of household spending still goes towards food and related products, a trend reflected in the steady growth of hypermarkets, which now account for 70% of grocery sales. This chapter contains an interview with Dominic Myers, CEO, Enhance Operating Companies.