Technology, shifting consumer choices shaping UAE retail sector
Globally, as inflationary pressures ease and interest rates decline, the global retail sector is expected to see a resurgence. E-commerce sales are projected to surpass $8 trillion by 2027. 'In the UAE, retail is an experience, spanning luxury malls to traditional souqs. Statista reports retail sales forecasted to reach $139 billion by 2028. With this strong momentum, we are excited about the industry's expansion and our role in shaping its future,' Shuja Jashanmal, Group CEO, Jashanmal National Company, told Khaleej Times in an interview.
Ramadan and Eid sales have historically been very significant events in Jashanmal's retail calendar. 'A standout category this year for the group has been women's fashion, where both MAX&Co and Reiss performed exceptionally well, recording over 20 per cent growth year on year,' Jashanmal said.
Additionally, gift cards continue to be a popular choice, with demand surging from the first week of Ramadan and peaking in the final week leading up to Eid. Over the past two years, the overlap of Mother's Day with Ramadan has further driven sales. 'This year, we saw an impressive 50 per cent increase in gift card sales compared to last year, highlighting their growing popularity as a preferred gifting option,' Jashanmal said.
The UAE continues to be one of the most mobile-centric and omnichannel retail markets globally, with consumers gravitating towards online shopping for better deals, rewards, and personalised experiences.
With the growing popularity of mobile shopping, the company has strategically invested in Jashanmal.com, which was launched in April 2020. 'Since its inception, the platform has consistently recorded double-digit year-on-year growth, reflecting strong consumer engagement. In addition to our own e-commerce platform, we manage the websites for several of our franchise brands, including Bally, Clarks, Replay, Delsey, and Kipling, ensuring a seamless online shopping experience across multiple categories,' Jashanmal said.
At Jashanmal Group, home products and gifting experienced significant growth this Ramadan, driven by the strong cultural tradition of social gatherings and gift-giving during the holy month. Among the standout categories, coffee machines saw the highest surge in demand, with De'Longhi coffee machines performing exceptionally well across all channels throughout the month. Another product that captured customer interest was the retro-style refrigerators from Hoover UAE, which became particularly popular for placement in majlis of the Emirati households.
'This trend highlights the continued preference for premium and stylish home appliances during Ramadan, reflecting both functional and aesthetic considerations in consumer choices,' Jashanmal said.
Additionally, this year saw a rising interest in digital gift cards, reflecting a shift towards convenience and personalisation. The UAE's digital gift card market is expanding rapidly, fuelled by evolving consumer preferences, personalisation, and the shift towards cashless transactions. The global gift card industry, valued at $450 billion in 2023, is on track to reach $1.5 trillion by 2032, with MENA's segment projected to hit $6 billion by 2026.
'The power of choice is the biggest reason behind the rising popularity of gift cards. They offer a seamless gifting experience, making it easier for both the giver and the receiver to select something they truly value. Convenience and personalisation remain key drivers,' Jashanmal said.
As competition in the UAE's gift card market intensifies, consumers increasingly value the ability to shop at their own pace. The option to top up personal funds further enhances the experience, enabling recipients to purchase higher-value items. 'Additionally, businesses integrating gift cards into loyalty programmes and corporate incentives are further driving adoption. With these factors in play, digital gift cards are set to maintain strong growth in the coming years,' Jashanmal said.
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