Egypt remains resilient amidst the crisis
Over 100-million population, that is growing. A market which witnessed waves of political and economic instability. A retail landscape now challenged owing to the COVID-19 pandemic. We are referring to Egypt – a sizeable retail market that is displaying signs of resilience despite the current challenges.
Consumption patterns in
Egypt have changed, with people turning their focus towards online – much like anywhere else in the world. The global COVID-19 pandemic has resulted in a new wave of transformation in e-commerce in Cairo and across Egypt, indicates research firm JLL. Due to the temporary closure of shopping malls, during the lockdown, consumers got a taste of e-commerce, leading to an increase in demand for online shopping.
“E-commerce will continue to grow even beyond the COVID-19 outbreak, as consumers are starting to adapt to this new normal. We noticed an increase in office demand from e-commerce operators as well. It might affect the demand for physical brick-and-mortar stores, and the shopping malls have already started shaping up to adapt to this new trend. Physical stores will get smaller, and there will be a higher focus on F&B, entertainment and experience in shopping centres,” observes Youssef Abdelwahab, associate – offices & business space, Egypt at JLL.
Even brick-and-mortar retailers are leveraging technology to meet the changing needs of consumers by offering a channel-agnostic experience. As consumer confidence returns, the expected recovery of brick-and-mortar is high. Things like ‘revenge shopping’ is a possibility once the market revives.