The bi-annual global retail landscape report revealed that South African retailers Pick’n Pay and Massmart Holdings are growing into African retail markets, notably Ghana, now ranked as the index’s top African country.
Senegal ranks 7th; Morocco, 12th; Tunisia, 25th; Egypt comes 26th, Tanzania and Nigeria at 28th and 30th respectively.
“This year’s Kearney 2019 Global Retail Development Index found that national, regional, and local realities—from Internet connectivity to the availability and cost of labor—continue to shape retail development around the world (see figure). That said, economic development and trade policy are still the largest factors in shaping global retail growth in consumer markets.”- AT Kearney
The African country also ranked 1st and was identified as the next “bright spot” for Africa led by increased foreign and public investment as well as population urbanization. According to the report, Ghana’s retail sector is currently valued at $24.4 billion and is expected to hit $33.16 billion by 2024.
The study also reported that department stores and shopping spaces are set to grow by 15% per annum. More international retailers, according to the study, view Ghana as the next go-to-market.
The country increased foreign and public investment by 14.2% (of GDP) in 2018, a number expected to rise to 30.8% by 2028.
Overall, the country may have a relatively low average income, but it is expected to be the fastest-growing economy in the world this year.Checkout full report here: https://www.kearney.com/documents/20152/4218099/2019+Global+Retail+Growth+%E2%80%93+A+Mix+of+New+Consumers+and+Old+Traditions.pdf/79ba4703-03d2-4132-6432-ebfc493c75e3?t=1574349982877