Riyadh-Mubasher: Saudi Arabia's retail sector is expected to grow by an average of 7.8% until 2018, according to a recent report by the research department at Jeddah Chamber of Commerce.
The forecasts are based on the fact that some retail companies recorded 10% growth on the good population rate and strong buying by young people.
The kingdom currently hosts more than 14 global luxury brands, which reflects strong growth in demand for brands, according to the report.
The value of retail sector (including the wholesale sector) increased by 69.4% to SAR 225.4 billion in 2014, compared with SAR 133 billion in 2005.
The sector recorded its highest and lowest growth rates of 8.5% and 4.4% in 2010 and 2005, respectively.
The kingdom ranked third in the Middle East in terms of retail sector growth in 2014, according to the reports issued by international firms.
The Saudi retail sector took the lead in the region, accounting for nearly 42% of the total.
