Boston, MA -- (SBWIRE) -- 04/22/2014 -- Israel's growing and highly urbanised population, together with increasing levels of disposable income, is forecast to lead to a strong rise in household spending across all retail subsectors over the next few years. We are particularly positive about the future growth prospects for areas such as insurance, as well as communications; however, we expect the highest proportion of the household budget to be spent on housing & utilities and transport throughout our forecast period, with food & drink spending also taking a substantial share.
The new Israeli Retail report provides an extensive and comprehensive forecast of various retail indicators including household spending and headline total spending across each retail subsector, household income and employment forecasts, demographic forecasts and a detailed breakdown of household and per capita spending across a large number of retail areas including food & drink, clothing & footwear, household goods and a number of other subsectors.
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Owing to the country's wealth and well-established mass grocery retail (MGR) sector, the Israeli retail market has many characteristics of more developed European markets. The market share of traditional retail (open-air markets, small local grocers and independent supermarket chains) is being eroded as the presence and acceptance of modern retail formats grows. The non-food sector is growing at a faster rate than the food sector as the retail market matures, with the growing dominance of modern shopping centres a major influence. Chains, rather than independent retailers, are becoming increasingly dominant, particularly in malls.
In a country in which almost 28% of the population is in the 20-39 years age range, important for household spending on the retail sector, large shopping malls are attracting young consumers who aspire to the international brands that are increasingly becoming available. Many of the malls in Israel were designed and built by Canadian architect David Azrieli, including the Malha Mall in Jerusalem and the Azrieli Center in Tel Aviv, the largest mall in the city. Meanwhile, the 47-acre Ganei Sarona project in Tel Aviv, currently under construction, is a new complex for commerce, recreation and entertainment on the site of the 140-year-old Templer colony.
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