The Saudi Retail Forum (SRF) 2024, a key industry event for the region, kicks off at very heartening time as the kingdom’s retail sector is poised to reach SR596 billion ($159 billion) by 2024 and touch approximately $176.5 billion by 2026, said the event organisers citing data from Statista, a global market intelligence provider.
SRF will open its doors on December 10 at the JW Marriott Hotel Riyadh featuring an array of keynote speeches, panel discussions, and workshops aimed at fostering collaboration, driving innovation, and crafting actionable strategies to shape the future of retail in Saudi Arabia.
By bringing together thought leaders, government representatives, and industry stakeholders, SRF 2024 will be a catalyst for groundbreaking ideas and partnerships.
According to industry experts, the Kingdom of Saudi Arabia stands at a fascinating crossroad. On one side, it has a flourishing homegrown retail ecosystem, with regional brands becoming national champions.
On the other, tried-and-tested international franchisees like IKEA, Zara, and H&M continue to draw consumers.
Saudi homegrown retailers account for 70% of retail employment and are projected to grow by 5% annually, thanks to the kingdom’s support for local entrepreneurship through Vision 2030, they stated.
As more Saudis take the helm of retail innovation, the narrative is shifting - toward empowerment, resilience, and self-reliance, they added.
Announcing the details of SRF 2024, Amitabh Taneja, Chairman of IMAGES Group, emphasised its transformative potential, stating: "Saudi Arabia has evolved into a global retail powerhouse, with cities like Riyadh, Jeddah, and Khobar becoming premier destinations for luxury malls and high-end retail experiences. Yet, beneath the surface of modern complexes lies a strong cultural foundation, where homegrown brands are gaining momentum."
"Bolstered by growing preference for local names among the consumers, Saudi brands are thriving, playing a key role in shaping the future of retail. The Saudi Retail Forum reflects the spirit of innovation and collaboration required to transform retail in the region," stated Taneja.
"By focusing on key pillars such as technology, leadership, and consumer behaviour, SRF 2024 aspires to inspire meaningful change and growth across the retail ecosystem, aligning with Saudi Vision 2030," he added.
According to the organisers, SRF 2024 emerges as a vital platform for stakeholders to address the challenges and opportunities shaping the industry. Rooted in the vision of a modernised and diversified economy, it will focus on six foundational pillars that reflect the evolving needs of the market while aligning with Saudi Vision 2030.
An emphasis on understanding consumers reflects Saudi Arabia’s status as a leader in digital adoption within the GCC. With internet penetration exceeding 98% and a tech-savvy population, understanding consumer behaviour is more critical than ever.
During the upcoming forum, some of the region’s big profiles like Alshaya Group and Apparel Group will enter into discourse with Saudi’s homegrown retailers such as Reefi and Nabila Nezar to highlight factors impacting consumer behaviour such as cultural identity and consumption habits of the youth.
"With over 65% of Saudi Arabia’s population under the age of 35, the kingdom is driven by a young, value-conscious consumer base. Retail forces will discuss the significance of tapping this consumer niche as well as the industry’s engagement in social responsibility," said Taneja.
The People pillar underscores the importance of leadership, talent development, and strategic vision in the Kingdom’s retail evolution. Homegrown brands account for 70 percent of retail employment with a projected growth rate of 5 percent annually.
While international franchises continue to draw a significant portion of customers, local names are progressing towards helming the flourishing retail market, supported by the Kingdom’s initiatives to encourage local entrepreneurship through Vision 2030.
The forum recognises the critical need for cultivating a skilled workforce that can drive innovation and competitiveness in the global marketplace, he added.
Speakers representing brands like Chalhoub Group and Arabian Oud will navigate pivotal workplace concepts including dynamics, gender inclusivity, and adaptability to cultural norms.
Furthermore, the forum will address the importance of imbibing new skills and leveraging digital tools to cater to consumer expectations and societal trends, and underpin the growth of tech-enabled workforce. Cenomi Retail and Danube Online are among the retailers who will delve into the aforementioned topics in the session, it added.
