Retail Leaders Conference: Exponential growth seen in sector

Entry of big business houses, growing e-commerce point towards bright future

LAHORE: Pakistan’s retail sector is booming at an exponential pace, but needs further investment primarily in the ‘mall-culture’ to tap its true potential and help create local brands to compete with global products in the European and American markets.

This was discussed at a recent gathering in Lahore at the ‘Retail Leaders Conference.’

“Pakistan’s retail market is currently worth $152 billion and growing at 8% annually. It has to explore a lot of ground in coming years and has the potential to become a key sector to drive the country’s economy,” said LXY Global Chief Executive Officer (CEO) Yousaf Jamshed.

“The entrance of some big business houses and new emerging trends in the retail sector indicate how this sector is shaping up for the future,” he added. “The e-commerce is growing at a much faster pace now compared to the growth of the retail sector a decade ago,” Sefam Managing Director Hamid Zaman said.

“Currently, it is hard for me to tell the exact percentage of online shoppers or websites but I am certain of one thing; it is growing and we cannot rule out its importance while conducting the retail business now.”

He said the best thing about those portals was that they took lesser budget for advertisements compared with television or print adverts.

“The circumstances in the retail sector have changed dramatically in the last 15 years in Pakistan and we are now way ahead in terms of expertise. Ten years ago, it was hard to find expert managers and manpower to establish a retail brand; but now it is much easier, though there still are problems,” said Service Industries Limited CEO Omer Saeed.

Published in The Express Tribune, April 1^st,  2016.

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