Dubai, UAE: Saudi Arabia stands at a fascinating crossroad. On one side, we have 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.

In fact, Saudi homegrown retailers account for 70 percent of retail employment and are projected to grow by 5 percent annually, thanks to the Kingdom’s support for local entrepreneurship through Vision 2030. As more Saudis take the helm of retail innovation, the narrative is shifting—toward empowerment, resilience, and self-reliance.

The Saudi Retail Forum (SRF) 2024 is ready to take place on December 10, 2024 at the JW Marriott Hotel Riyadh. It stands as a testimony to the interesting moments for retail that the Kingdom is witnessing. This is a very heartening time as the Kingdom’s retail sector is poised to reach SR596 billion (US$159 billion) by 2024 and touch approximately US$176.5 billion by 2026, according to Statista, a global market intelligence provider.

Announcing the details of SRF 2024, Mr. Amitabh Taneja, Chairman of IMAGES Group, emphasised its transformative potential, saying: “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. 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.”

The forum will feature 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.

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, SRF 2024 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 percent and a tech-savvy population, understanding consumer behaviour is more critical than ever. At the 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 percent 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.

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.

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.

The forum will explore Experiences, acknowledging that modern consumers prioritise meaningful and culturally resonant retail journeys. With a significant portion of new mall developments incorporating lifestyle and entertainment elements, SRF 2024 will convene retailers like Al Othaim Entertainment, Tarfeeh, and Azad Properties among others to explore how retailers can craft immersive experiences that appeal to both local and international audiences, ensuring a blend of cultural authenticity and global relevance.

To facilitate unique shopping experiences, speakers from Toys R Us, United Homeware Company and Baytonia will emphasise the curation of visually captivating, immersive store environments that reflect a brand’s identity. They will also focus on the role of technology in creating seamless omni-channel journeys for customers.

In a separate one-to-one chat, Data Science and WaysAhead Global will deep dive into the instrumental role of artificial intelligence (AI) in shaping the retail landscape,

SRF 2024 will address Technology as a cornerstone of retail transformation. Topics such as AI-driven operations, automation, and advanced digital tools will be discussed, offering insights into how technology can revolutionise efficiency, customer engagement, and competitiveness in a rapidly evolving landscape. Retailers including Flormar, The Hair Addict, and United Electronics Co will discuss the central role of technology in the workplace.

Equally significant is the focus on Value, addressing the growing consumer demand for sustainability, authenticity, and quality. Saudi shoppers increasingly favour brands that honour local traditions while embracing responsible practices. Through insightful discussions, the forum will showcase how retailers can harmonise heritage with progressive values to create lasting brand connections.

Innovation will take centre stage as SRF 2024 highlights the need for retailers to adopt cutting-edge solutions like artificial intelligence, the Internet of Things (IoT), and data-driven approaches. By integrating technology with tradition, retail names like Giordano and Aljazera Markets aim to explore transformative retail formats that set new benchmarks in the industry.

SOLOX- Stories, Opinions, Learnings and Outcomes will feature retail leaders sharing inspiring stories of professional growth in their respective companies.

SRF 2024 is expected to convene over 500 industry leaders, innovators, and retailers, making it one of the largest gatherings in the region’s retail sector. With Saudi Arabia’s e-commerce market forecast to surpass SAR29 billion (US$7.7 billion) by 2025, the forum will provide a crucial platform for participants to explore omnichannel retailing strategies, embrace technological advancements, and adopt sustainable practices.

Saudi Arabia, accounting for 50 percent of the GCC’s total retail sales, stands as the region’s largest market. Its strategic geographic location, youthful and tech-driven consumer base, and rapidly growing e-commerce industry position the Kingdom as a global retail hub. The industry is driving the country’s GDP, contributing 8.6 percent or US$86 billion. SRF 2024 will offer attendees unparalleled insights into emerging trends, groundbreaking innovations, and strategies to thrive in this vibrant market.

Beyond the numbers, the forum embodies a larger mission: fostering knowledge-sharing, sparking innovation, and creating opportunities that will not only shape the future of Saudi Arabia’s retail landscape but also set an example for the global retail community.

As part of the Kingdom’s Vision 2030, the Saudi Retail Forum 2024 aligns with the broader national goal of economic diversification, modernisation, and sustainability. Retail, a cornerstone of Saudi Arabia’s non-oil economy, holds immense potential for growth and innovation. By addressing critical topics such as talent development, cultural relevance, sustainability, and technological integration, SRF 2024 positions itself as a vital driver of progress in the retail sector.

The Saudi Retail Forum 2024 is more than just an event it is a movement dedicated to shaping the future of retail in Saudi Arabia and beyond. By focusing on the six essential pillars of transformation, the forum offers a comprehensive approach to tackling the industry’s most pressing challenges while unlocking its full potential.

IMAGES RetailME Awards KSA 2024

The SRF 2024 will be followed by the highly-coveted IMAGES RetailME Awards KSA 2024 which will celebrate retail excellence, honouring the contributions of retailers towards the progress of the industry. Featuring over 20 categories, the dazzling awards ceremony will empower local brands while recognising the efforts of international franchises in driving the retail sector.