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Lower Indirect Taxes Drive Retail Industry in Israel: Ken Research by Ankur Gupta

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Lower Indirect Taxes Drive Retail Industry in Israel: Ken Research by
Article Posted: 09/14/2016
Article Views: 208
Articles Written: 1063
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Lower Indirect Taxes Drive Retail Industry in Israel: Ken Research

Ken Research announced its latest publication on, “The Future of Retailing in Israel to 2020; Comprehensive data overview of the market, with retail sales value and forecasts to 2020”, offer insights on the changing trends and key issues within the Retail Market in Israel.The publication includes qualitative and quantitative insights of the changing retail dynamics in Israelacross various product categories across different distribution channels; covering changing consumer behavior, economic and demographic factors, past & future retail sales trends, technological innovations& leading players within the Retail Market in Israel. The analysis of the aforementioned trends has been done for26 products across 9 product groups in the Israeli retail marketthat include: Apparel, Accessories, Luggage and Leather Goods; Books, News and Stationery; Electrical and Electronics; Food and Grocery; Furniture and Floor Coverings; Health and Beauty; Home and Garden Products; Music, Video and Entertainment Software; Sports and Leisure Equipment; for their sales through four channel groups (Value Retailers, General Retailers, Specialist Retailers and Online) which further includes 17 individual channels. Economic Environment of Israel Despite wars & threat of terrorism, Israel’s economy has remained strong and dynamic. Global openness & powerful judiciary in Israel promotes long term macroeconomic stability in the country. Israel has one of the most technologically advanced economies in the world. The flourishing high-tech industries in the market oriented and mostly open economy of Israel has been attracting large foreign investments in the country. The country ranks 1st in terms of number of high-tech start-ups per head. Educated and skilled Israeli population is responsible for the booming high-tech sector in the country. Israel has the world's highest ratio of R&D expenditure to GDP (4%), enabling strong growth in its human capital. The recent discovery of large offshore natural gas reserves can prove to be a boon for the economyby improving the balance-of-payment prospects as well as is a blessing for the country which is relatively poor in natural resources. Looking at key macroeconomic scenario of the country, in 2016, Israel has a population of 8.2 million people.In 2015, Israel was ranked among top 18 countries in the world on the UN’s HDI, making it one among the highly developed countries in Middle East. Owing to thriving high-tech sector and huge productive base, the GDP is growing at around 4% annually over the last five years. With USD 305.707 billionnominal GDP and USD 286.840 billion GDP (PPP), the country’s global rank is 39th&49th respectively. The economy is largely driven by exports of high-tech products and worked diamonds. However, sector wise contribution to GDP includes: agriculture-2.5%, industry-31.2% & services-64.7% (approximately). Very low inflation around 0.5% prevails in the country with unemployment at around 6.1%. With average tariff rate of 0.9%, the economy is largely open to trade. Israel has also signed FTAs with the European Union, the United States, the European Free Trade Association, Turkey, Mexico, Canada, Jordan, and Egypt. Foreign investment is also welcomed in most of the sectors of the economy. Efficient regulatory framework supports business environment in the country and hence paves the path for long term economic development of the country. Brief Overview of the Retail Market in Israel In 2014, Operation Protective Edge, an IDF military operation in Gaza, which began on 8 July and ended on 26 August 2014, had significant adverse impact on the retail market in Israel. Due to insecure environment, Israeli population preferred to stay at home, which led to the closing of many businesses during July-August which are otherwise considered to be profitable months as people usually enjoy vacations & holidays during these months. However, in 2015, retailing in Israel showed signs of recovery and registered higher growth rates as compared to 2014. Retail market in Israel is characterized by high level of Govt. intervention aiming to encourage competition in the market and hence to reduce product prices. To deal with high cost of living in the country, government has also introduced lower indirect taxes such as reduction in VAT from 18% to 17%. Also, the introduction of the Food Law, Law for Enhancement of Competition in the Food Sector, is a major govt. regulation which imposes various restrictions on the retailers in terms of price interference, number of outlets in specific areas and shelf-space etc. The market for personal imports has been made more open by increasing the import tax exemption on them fromUS$350 to US$500. Looking at the category and channel trends within the retail market in Israel, in 2015, among all the product categories, Food and grocery captured largest share in terms of retail sales. General retailers held the largest share of retail sales and dominated the distribution channel landscape in the market. Interestingly, growing internet retailing has emerged as a key development providing the convenience of shopping anywhere at any time. However, this increased internet retailing has been occurring at the cost of in-store retailing which is a serious issue. Also market competitiveness has increased as a result of influx of international brands along with new domestic companies entering the retail market, According to Ken Research Major Players in Israel’s Retail Market Through various regulations, Israeli government aims to encourage competition in the retail market both among retailers and suppliers, to induce price reduction. As a result, the number of players in the retail market has gradually increased. Some of the leading retailers in Israel are: Shufersal, Delek Group Ltd., Electra Consumer Products Ltd., Gottex Brand Ltd., Hamashbir 365 Holdings Ltd., Mega Retail Ltd., PAZ oil Co Ltd., Rami Levi ShivukHashikma Ltd., YeynotBitan Ltd. etc. Shufersal continued to lead retailing in 2015 in both value and volume terms. Through huge investment in its online platform and consequent popularity among consumers, Shufersal achieved both online and offline store based sales success. Israel’s Retail Market Prospects Over the forecast period, 2015-2020, the retail market in Israel is expected to witness a slowdown, mainly due to increasing internet retailing at the cost of in-store retailing, rising cost of living which will ultimately lead to decreasing amount of money in consumer-pockets to spend on retail products and most importantly the unstable security situation in Israel. However, looking at the expected product and channel trends, Food & Grocery is expected to be the fastest growing category over the next five years. General Retailerswill continue to dominate the market in 2020. Among various distribution channels, online channel will be the fastest growing channel, followed by other general and non-specialist direct retailers. Also, Convenience Storesincluding Independents and Gas Stations are expected to register highest sales value of all channels in 2020. Two important factors expected to pave the future path of retail market growth in Israel are: Internet retailing providing for an efficient and convenient way of shopping and Government’s regulations aiming to encourage competition and reduce prices in the market, , According to Ken Research . Key Topics Covered in the Report • Detailed profile of the Retail Market in Israel • Comprehensive analysis of the category and channel trends inIsrael's retail market • Consumer demographics, trends and behaviours • Historic and forecast retail sales value & growth by product & channel in the Retail Market • Key business requirement for operating in Israel’s Retail market • Analysis of Internet & Technology’s impact on Israel’s Retail Market • Competitive landscape of the Israel’s Retail market • Analysis of key distribution channels inIsrael’s Retail market

To know more on coverage, click on the link below:

Related Reports:

Contact: Ken Research Ankur Gupta, Head Marketing & Communications +91-124-4230204

Related Articles - Israel Retail Market Competition, Grocery retailing in Israel,

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