Navigating Retail’s Future: Saudi Retail Forum 2023 Sets the Stage for KSA’s Vision 2030

The Saudi Retail Forum (SRF) 2023, hosted by IMAGES RetailME concluded its inaugural edition in Riyadh, Saudi Arabia, marking a milestone in unraveling the future of the GCC region’s retail industry. SRF 2023 served as a platform to honor and recognize key contributors to the retail industry, applauding their innovative initiatives. The culmination of the SRF in Riyadh brought together entrepreneurs, leaders, innovators, and global retail giants, echoing the legacy of the Middle East Retail Forum (MRF) initiated 12 years ago in the UAE.

Through the SRF, IMAGES RetailME aimed to foster discussions around the retail sector and cultivate a fertile ground for impactful conversations that chart the future of retail in the Middle East and beyond. Research says the KSA retail industry is poised for robust growth over the next five years, driven by factors such as increasing consumer spending, a growing population, and the KSA government’s initiatives to boost the non-oil sector. Forecasts indicate a compound annual growth rate (CAGR) of 7.

2% from 2023 to 2028, reaching a market value of $142 billion by the end of this period. E-commerce is anticipated to play a pivotal role, with a projected CAGR of 15%, reflecting the evolving consumer preferences and digital transformation in the Saudi retail landscape. The SRF navigated a diverse array of topics, unlocking the treasure chest of retail opportunities that lie ahead for Saudi Arabia.

From Retail Tech Vision 2030 to the future-forward landscape of shopping centres, the forum explored the pulse of evolving consumer behaviour and the transformative power of technology, particularly in AI-driven marketing. Also, the culinary playbook unfolded a flavourful journey, while a spotlight on Saudi fashion and lifestyle revealed a market poised for revolutionary trends. With a keen focus on homegrown initiatives ready to make a global impact, the forum explored the dynamics of e-commerce in the KSA.

The CEO’s Agenda took center stage as the key session during the forum, drawing key CXOs to root into the immense potential of the Saudi Retail Market. Speaking at the panel, shed light on the dynamic shift in the KSA retail landscape. “ , highlights key trends in the fashion industry, said “ emphasizes the need for a joint effort in sustainability among retailers, producers, customers, and the Government.

He challenged the misconception of the grocery business as masculine, highlighting the increasing presence of female leaders. Further, Al-Assaf sees the coexistence of physical and digital channels as crucial in the grocery industry, stressing the irreplaceable human touch in customer interactions. As the said, “ .

” Addressing the challenge of promoting local brands, he urges retail groups to champion initiatives that integrate them into portfolios. Kreidiehadded, “ . ” Emphasizing the transformative power of the younger generation in the Middle East, expressed his expertise in the Jewellery industry said, “ .

” Addressing a gap in retail, Abdulla urges the establishment of institutes to groom local talents, fostering entrepreneurship and career development has been critical in KSA, and recognizing the evolving independence of Arab women, he underscores their influential role in shaping retail demands. The CIO’s Conclave: Retail Tech Vision 2030 session added value to the main panel at the SRF and focused on the future of retail technology in the KSA. The session brought together CIOs from various companies to discuss and explore the vision for retail technology in the year 2030.

Topics covered include the use of AI, technology trends, digital transformation, and innovative solutions in the retail industry. The session provided insights and strategies for CIOs to navigate the evolving technological landscape and strategically use the technology to drive growth and enhance customer experiences. The IMAGES RetailME Awards KSA, following the SRF, commended outstanding retailers in Saudi Arabia across diverse categories such as fashion, food, grocery, leisure, entertainment, online retail, and store design.

Emphasizing both global and home-grown retail concepts, this year witnessed a remarkable moment as a total of 28 brands were honored during the gala ceremony. The IMAGES RetailME Awards KSA was a culmination of a rigorous review by a qualified jury, celebrated excellence in the retail landscape with a prestigious gathering. IMAGES RetailME is a two-decade-old retail B2B multimedia brand in the Middle East.

With a strong print and digital readership of over 50,000 across the MENA region, it offers unparalleled insights into local and international trade. RetailME is the No. 1 Retail Intelligence Platform, bringing together traditional and digital retailers of all sizes and contributing on trends, thought leaderships, experiences and transformation.

IMAGES RetailME provides unique, in-depth editorial coverage on all aspects of retail – including retail formats, merchandising, design, shop fit, category management, logistics, technology, shopping centres, consumer trends, franchising, and human resources. Plus, the readers are kept up to date with important directions and trends in this ever-growing industry. .