RETAIL PEOPLE MAGAZINE ISSUE 29 – ROAD TO RECOVERY

Page 39

FEATURE

Iranian Retail Market - From Corona Crisis To Rental Campaign Advantages

I

ran’s pristine retail market does not benefit much from the services and products of foreign brands due to international restrictions. As a market of more than 80 million, it tried to strengthen domestic brands and despite the spread of COVID-19, it had significant success in introducing and expanding domestic brands. In this regard, Shahrokh Keshavarz, Regional Representative of the MECS+R in Iran, the Retail People Magazine had the privileged to interview him where he described the trend of the Iranian Retail Market during the corona outbreak. What was the impact of the Coronavirus on the Iranian retail market? We commonly use a different methodology to identify the causal impact of the pandemic shock. We found out that during the strictest lockdown months from March to April, the year-over-year growth rate in the value of transactions dropped by 41% compared to the months before the pandemic started. Following the reopening of the economy and shopping centres in Iran from May to June, the year-over-year growth rate rolled up by 12% above the benchmark months, suggesting an accumulated demand discharge after the reopening. What was the reaction of chain stores and brands during the covid-19 pandemic? In the recent crisis caused by the pandemic, not only manufacturing companies but also stores have been unable to meet the mutated demands of anxious customers, and we have seen empty shelves and long queues in most department stores. The retail structures of some countries, including Turkey and Iran, were less damaged by the pandemic, and we did not see any serious crises and empty shelves in stores. You launched a campaign to support the tenants shopping centres in Iran. This campaign has been successful in helping Iran’s Retail Industry get through these hard times with less loss. Can you enlighten us or share your thoughts on this?

Shahrokh Keshavarz

Founder & CEO, Golden Business Magazine MECS+R Regional Representative – Iran

of the economy. This can imply a persistent effect of COVID-19 on consumer preference for online shopping. What was the development of chain stores in Iran during COVID-19? The process of opening and operating chain stores and shopping malls in Iran were very positive even despite the widespread corona outbreak. Despite the initial shock of closure and inactivity due to the corona outbreak and with the gradual improvement of the situation, we saw the opening of chain stores even virtually. This trend accelerated after passing several dangerous corona peaks, and it can be argued that in terms of positive activities in the field of chain stores, the situation is the same as in the pre-corona era.

We have started a campaign to support the tenants of these shopping centres. With more than 50 convinced owners and managers of great shopping centres, participated to help and support their tenants. Each one assumes their social responsibility by allowing these tenants to work rent-free for 2-3 months or by substantially reducing their rent. As a result, thousands of retailers and shopkeepers was relieved and no longer felt distressed. After being acclaimed by shopping centres and appreciated by the tenants, this campaign has swiftly brought attention to itself by drawing the attention of television channels, newspapers, and social media and has become widespread throughout the country. How do you assess the increase in online sales following the Corona outbreak? The COVID-19 pandemic led to a spike in online transactions of activities with online terminals. The impact continued to exist after the reopening

RETAIL PEOPLE . NOV - DEC 2021 .39


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Articles inside

REDTAG’s Anytime, Anywhere Exchange Service Delivers Peace of Mind

3min
page 48

Dubai’s Emirates Airline to Take in 6000 Operational Staff, Including Pilots

5min
pages 49-56

Saudi’s Dar Al Arkan and Katara Hospitality Join Hands to Develop Sea- Front Project in Qatar

3min
page 47

Aldar to Create 1000 Jobs for UAE Nationals by 2026

4min
page 46

Honoring Gregory Vogt School (GVS Graduates

2min
pages 43-44

Strategies for Success: 3 Tactics for Working with Small Tenants

4min
pages 40-42

Virtual Reality Entertainment in Shopping Malls. Will it Work?

5min
pages 34-35

NFT – A Token of Ownership, Forever

2min
page 38

Experiential Retail: Repositioning Saudi Arabia’s Retail Sector

4min
pages 28-30

Iranian Retail Market – From Corona Crisis to Rental Campaign Advantages

2min
page 39

Retail: Back to Basics

2min
pages 26-27

Is It The End of Face Painting and Spend and Win?

4min
pages 36-37

BackLite Intelligence: Data-Driven Mall Advertising

1min
pages 32-33

How Big Data Will Help Retail Real Estate Achieve Success

2min
page 31

Mall of Muscat – On a Clear Path to Recovery

4min
pages 16-17

Wingstop Targets Middle East Markets

3min
pages 24-25

Innovation & The Road to Recovery

2min
page 21

Retail Is On Its Way To Glory

3min
pages 10-11

Times Square Centre – A Rare Example of Retail Growth Even During Challenging Times

6min
pages 6-9

Enhancing Experiences, Improving Lives

4min
pages 12-13

Architecture That Brings People Together

3min
pages 18-20

The Birthplace of Saudi Arabia – The Future of Retail

6min
pages 14-15
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