- Sharing growth plans at MRF 2023, Alshaya Group CEO John Hadden said, “Our plan is to open 250 more Starbucks outlets annually, aiming for 3,000 outlets in the next five years from the current 2,000.”
- “We’re determined to build our presence, aiming to make a significant impact in the KSA market over the next 5-10 years,” shared Sunil Kumar, CEO, Spinneys.
- “The region will continue to offer unique opportunities with great growth potential for brands in the GCC over the next 20 years,” observed Dr. Günther Helm, Chief Executive Officer – Cenomi Retail.
The 12th edition of the Middle East Retail Forum (MRF) 2023, hosted by IMAGES RetailME, a prominent source of retail intelligence, concluded on a high note, offering valuable insights into the future of the retail market in the GCC region. The event also celebrated and acknowledged key players who have made significant contributions to the retail industry through innovation and trendsetting initiatives.
MRF 2023, one of the largest events on the IMAGES RetailME calendar, once again brought the retail industry stalwarts together to discuss the future and evolution of the $308 billion retail industry.
This year’s forum saw more than hundred seasoned retail experts convening to shed light on the technological transformations and commemorate the substantial growth witnessed within the billion-dollar Middle Eastern retail industry exploring the immense potential of newer markets such as Saudi Arabia. The enriching panel discussions predominantly revolved around sustainable and socially responsible business models, all while celebrating the remarkable expansion of indigenous retail brands in the region. These discussions took place in the context of the booming Middle East retail industry, which has exhibited impressive growth.
Commenting on the forum, Amitabh Taneja, Chairman and Editor-in-Chief of IMAGES Group, emphasised the importance of innovation, collaboration, and transformation in the realm of retail. “Retail is a culmination of many moving parts and retailers stitch these parts with innovation through meaningful collaboration and taking the right approach to transform their growth narrative. We at IMAGES RetailME have always acted as a catalyst for important conversations within the retail sector, encouraging retailers to collaborate for change and growth. MFR 2023 was a testament to these efforts, bringing forth discussions on innovation and best practices in the retail business.”
The event recently took place at the Address Dubai Marina under the theme ‘Innovate. Collaborate. Transform’ which saw retail leaders discuss who trends driving the industry forward.
Talking about the growing opportunities in the Middle East region, John Hadden, CEO, Alshaya Group said, “Amidst vast opportunities, the Middle East stands out as a thriving retail hub. With 90% of our revenue coming from key countries like Saudi Arabia, Turkey, the UAE and Kuwait, our journey in the region continues to flourish. Notably, we’ve seen significant growth in female workforce participation in Saudi Arabia, while the expanding presence of Starbucks amid healthy competition is driving our ambition further. Our plan is to open 250 more outlets annually, aiming for 3,000 outlets in the next five years from the current 2,000.”
Meanwhile, commenting on customer behavioural changes, Rajat Asthana, COO, Eros Group opined, “Acknowledging the digital era, we understand that technology profoundly influences customer behaviour, as e-commerce platforms reshape retail, empowering well-informed customers who seamlessly transition between online and offline, seeking value.”
