UAE retail growth on track
dubai — Dubai’s vibrant retail scene will continue to show a steady growth over the next few years, with new mall openings and international visitor spending driving growth, while retailers focus on their outreach with a special focus on customer experience, experts at The Retail Summit 2019 said.
Held in partnership with the Dubai Chamber of Commerce & Industry and Meydan One, the event drew the participation of more than 80 senior industry experts and over 600 global retail executives.
“Retail is a very important economic sector for Dubai, and we believe that this industry is here to stay,” said Hamad Buamim, president and CEO, Dubai Chamber Of Commerce & Industry, in his opening address. ”Over the past few years, we have been able to attract a lot of international retail brands to Dubai, and we are always looking to see how we can attract more. Dubai’s malls are unique in that they are not just shopping malls but entertainment and experience centers. The government has also played a key role in ensuring that the success of the retail sector continues, by launching various initiatives that are support Dubai and ensures that it remains competitive. These include measures to make it easier to enter into the city.”
He noted that while there have been challenges in the industry, there are also plenty of opportuni- ties for retailers. “Over the past few years, Dubai has risen the ranks to become the number one market for international retailer presence, overtaking London for the spot. Ecommerce is a growing segment and social media continues to play a bigger role. We have several examples of brands that have no physical presence, but are operating successfully due to the strength of their social media. We are also proud of the many success stories that Dubai has seen; brands like Souq.com and noon.com will continue to grow in the region, along with other brands such as Careem and Huda Beauty.”
Marco Antonio Urios, SVP of Omni Channel Solutions at Majid Al Futtaim - Retail, says that customers satisfaction remains at core of their retail strategy. “With cutting-edge technology at our disposal, we’re tackling disruptive change head on and taking it from a cause for concern to an asset, all while placing the customer at the heart of everything we do. For innovators, the possibilities that come along with disruption are exciting to say the least.” Fahad Abdulrahim Kazim, VP at Meydan Malls, noted that malls have gone through a period of an evolution in recent years. “We need to move away from defining ourselves as malls and think of ourselves as a destination. Think outside the box and see what your customers really need, and make sure to entertain every different segment. More than that, we need to ensure that we are a place that you can visit more than once. We need to create flexible spaces, because you don’t know what will happen in the future; start from there and start adding different elements that bring in authenticity.”