Saudi Arabia is experiencing a retail revolution, balancing a booming local retail ecosystem with the appeal of global franchise giants. While homegrown brands thrive as national champions, international names like IKEA and Zara continue to attract loyal consumers.
Vision 2030 Fuels Retail Growth
Local retailers now account for 70% of retail jobs, growing by 5% annually, driven by Vision 2030’s support for entrepreneurs. This dynamic shift showcases Saudi Arabia’s focus on empowerment, resilience, and self-reliance within the retail sector.
The Saudi Retail Forum (SRF) 2024, scheduled for December 10, 2024, in Riyadh, embodies this transformation. The event reflects Saudi Arabia’s retail sector’s growth, projected to reach $176.5 billion by 2026, according to Statista.
SRF 2024 will feature keynotes, panel discussions, and workshops to foster collaboration and innovation in Saudi retail. Industry leaders, government officials, and stakeholders will gather to address challenges and opportunities, aligning with Vision 2030 goals.
Mr. Amitabh Taneja, Chairman of IMAGES Group, highlighted the forum’s transformative potential. He noted Saudi Arabia’s evolution into a global retail hub, blending cultural authenticity with modern retail innovations.
Key Pillars of Retail Transformation
Consumer Insights: With over 98% internet penetration, understanding consumer behavior, especially among tech-savvy youth, is crucial for success. Retail leaders like Alshaya Group and Reefi will explore trends impacting youth-driven consumption patterns.
Leadership and Talent: Homegrown brands, contributing 70% of retail employment, drive Saudi retail growth. Leaders from Chalhoub Group and Cenomi Retail will discuss workforce development and leveraging digital tools to meet consumer demands.
Experiential Retail: As mall developments integrate entertainment, retailers like Al Othaim Entertainment will discuss crafting immersive experiences for diverse audiences. Technology plays a pivotal role in creating seamless shopping journeys.
Technological Advancements: AI, IoT, and automation will take center stage, showcasing their impact on retail efficiency and customer engagement. Retailers like United Electronics Co will discuss how technology is revolutionizing the industry.
Sustainability and Value: Saudi consumers now demand brands that balance cultural heritage with sustainable practices. Discussions will highlight how to harmonize tradition with progressive values for long-term success.
Celebrating Excellence
Following SRF 2024, the IMAGES RetailME Awards KSA 2024 will honor outstanding contributions to the retail sector. Featuring over 20 categories, this event will celebrate local and international brands’ efforts in shaping Saudi retail.
Saudi Arabia, representing 50% of GCC’s retail sales, stands as a regional retail powerhouse. SRF 2024 will provide a platform to explore strategies for growth and innovation, setting benchmarks for the global retail community.
