The opening of the long awaited, third phase of The Avenues mall in Kuwait has provided the retail sector with a major boost, while reaffirming a growing demand for luxury goods.
Kuwait has one of the highest per capita GDPs in the world, estimated at $45,757 by the IMF in 2011 and forecast to increase to $52,267 by 2014, giving its consumers considerable spending power.
The number of high-profile, international retailers moving into new shopping centres is also on the rise, signalling a growing confidence in the Kuwaiti market. However, as competition in the sector heats up, industry players are recognising the need to attract both new and repeat business, citing customer loyalty as a key component of long-term success.
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