Ahmed Bin Abdulqader ـ nabd–alhadath
The Saudi Retail Forum (SRF) 2024 concluded successfully last week at the JW Marriott Hotel Riyadh, solidifying its position as the premier platform for fostering innovation, collaboration, and knowledge-sharing in the Kingdom’s rapidly evolving retail sector. It was attended by more than 500 industry leaders, government representatives, advisors and retail professionals, and global retail giants. The event underscored the critical role of retail, especially homegrown brands, in driving Saudi Arabia’s economic growth and aligning with Vision 2030’s ambitious goals.
Organised by IMAGES RetailME in partnership with key stakeholders, SRF 2024 revolved around six foundational pillars reshaping the Kingdom’s SR600 billion retail sector: People, Experiences, Value, Innovation, Consumers, and Technology. Through thought-provoking discussions, keynote speeches, workshops, Fire-side chats, and panels, the forum delivered actionable strategies to navigate market challenges while cementing Saudi Arabia’s position as a global retail hub.
The Retail Townhall – Retail Ideas Worth Spreading – a valuable repository designed to inspire retail professionals worldwide, served as the event’s intellectual cornerstone, with industry leaders from Apparel Group, Arabian Oud, Tim Hortons, Eyewa, and Linen Obsession.
A key panel, Collaborate, Not Compete – a consumer-focused session – explored the evolving dynamics of Saudi Arabia’s retail landscape, with a focus on evolving consumers and overcoming challenges like declining purchasing power, operational costs, and regulatory complexities.
Prince Waleed N. F. AlSaud, Founder and CEO of Mukatafa Consulting Company, commented on the sector’s transformation, “Over the past few years, Saudi Arabia’s retail sector has undergone significant changes driven by demographic shifts, including increased female workforce participation—a Vision 2030 milestone—and evolving consumer behaviours. While these changes have brought increased household incomes, inflation, rising VAT, and credit dependency have tightened disposable incomes, reshaping spending patterns. Strategic investments in talent, customer experiences, and simplified regulations are essential for the sector to realise its full potential.”
Another key panel speaker, Dr. Tamim Al-Ghannam, CEO of Reefi, shared his insights on how his company’s approach differs from larger organisations. He said, “At Reefi, we focus on serving small, overlooked consumer segments that big companies ignore. We started by understanding the needs of a very niche market—high-quality fabric for bathroom towels—and turned it into a thriving brand. This customer-first mentality allowed us to grow from a local startup into a leader in our segment. Our success lies in solving one specific problem and expanding from there, rather than trying to tackle everything at once.”
The People Powered Progress panel highlighted how workforce is central in retail. People are the cornerstone of every company who bridge the gap between the brand and consumers. Panellists representing Cle and Panda Retail Company discussed the significance of nurturing talent, fostering leadership, and enhancing retail and consumer knowledge in Saudi Arabia.
The Talent Takes The Lead session also highlighted People, a key pillar of the SRF. It underscored finding retail talents who will fuel growth of homegrown brands in the thriving landscape of Saudi Arabia.
Dr. Mohammed Fitaihi, CEO & Founder of Luxury Goods Trading Company, emphasised the importance of leadership and people management in driving success. He stated, “It all starts with hiring the right people. As Steve Jobs said, we hire people to teach us how to function. As a CEO, my role is not only to develop strategy and ensure financial growth but to foster a culture of governance and communication. My job is to mentor and guide my team, ensuring we are all aligned with the vision and objectives. Success hinges on effective governance, emotional intelligence, and the ability to scale through smart IT systems and recording processes to replicate achievements across the organization.”
Mr. Ali Al Shareif, CEO of Al Othaim Life Co., shared insights into the evolution of retail over the past decade, emphasising how automation has transformed the industry. This shift has allowed staff to focus more on customer interaction, turning them into brand ambassadors. He stressed the importance of understanding the customer journey, arguing that while sales and KPIs are crucial, the true success of a business lies in fostering strong customer relationships. By focusing on creating exceptional experiences and encouraging repeat visits, retailers can ensure long-term success and customer loyalty in today’s competitive market.
A fireside chat between Tawhid Abdullah, Founder and CEO of Jawhara Jewellery, and Mohammed Abdullah AlShahrani, Country Manager of BytePlus, presented their take on technology transforming tradition. Saudi’s homegrown brands are tradition-driven; however, to sustain in the future, the incorporation of technology is crucial.
The forum looked at another crucial pillar, Experiences, in the From Retail to Retailtainment session. Speakers discussed the fusion of retail and entertainment for improved customer engagement.
Mr. Osamah Alawwam, Co-Founder of Roasting House, shared insights on the evolving retail and customer experience landscape. He highlighted the remarkable 92 percent occupancy rate in Saudi Arabia’s retail sector despite the rapid growth of e-commerce, which he described as “wonderful news for manufacturers and everyone in the industry.” He also emphasized the importance of focusing on customer experience, acknowledging that while Roasting House spent years refining their coffee production process, they realized in 2024 that customer experience needed more attention. This shift led to the launch of a new product—a box with six different types of coffee, designed for convenience and fun. This product won the “Best New Product” award at the World of Coffee event, showcasing the success of their approach to integrating customer experience with product innovation.
As the retail landscape shifts toward experiential shopping, the Engaging Through Experiences panel emphasised the need to create immersive, culturally authentic, and globally relevant environments. Panellists from Homegrown Market, Baytonia, and United Homeware Company – Nice explored strategies for capturing the attention of a youthful, tech-savvy audience.
Ms. Tamara Abukhadra, Founder & Managing Director of Homegrown Market, shared insights into fostering local talent while enhancing customer engagement. She said, “Our mission at Homegrown Market is to empower local brands by helping them transition from home-based ventures to scalable, public-facing businesses. By providing direct access to consumers, we enable brands to test products, gather insights, and grow strategically. Many of our partner brands, like Wasin, have scaled successfully within our network, showcasing the incredible potential of Saudi talent while fostering innovation, sustainability, and entrepreneurial growth.”
Panellist Mr. Sanjeev Sharma, CEO of United Homeware Company (UHC), stressed upon the importance of understanding the evolving consumer market. He mentioned, “Businesses today need to place the consumer at the centre of their strategy. With e-commerce disrupting traditional trade, especially for the younger population, it’s crucial to focus on offering convenience, such as faster checkouts, seamless shopping journeys, and quick deliveries. Consumers are looking for flexibility—being able to shop anytime, anywhere, and with a hassle-free experience. Companies that adapt to these needs will maintain relevance in a rapidly changing market.”
Technology was once again was spotlighted during the Tech Tales In Retail panel discussion. Key panellists from Flormar, Nana, KUDU Company for Food & Catering, The Hair Addict, and Foodics discoursed on the transformative role of technology in retail for building efficient systems, enhancing both customer experiences and operational efficiencies for the digital age.
Sadique Ahmed, CEO of Pathfinder, said, “Participating in the SRF event in Riyadh was an incredible experience for Pathfinder. The event provided an unparalleled platform to connect with retail leaders, exchange insights, and showcase innovation within the industry. The level of engagement and enthusiasm we received was truly inspiring.
Introducing RetailGPT at SRF was a highlight for us. The feedback from attendees reinforced the pressing need for solutions that address key challenges in customer engagement and the integration of physical and digital retail experiences (phygital). RetailGPT, powered by AI, enables retailers to bridge this gap by creating seamless and personalized interactions across all touchpoints. We are grateful for the conversations sparked and the connections made during this remarkable event. SRF reaffirmed our belief in the potential of technology to transform the retail landscape, and we look forward to continuing this journey with our industry partners.”
The importance of value, another pillar of SRF 2024, was analysed by retail leaders in the session Values Drive Value. Authenticity, sustainability, and trust are defining factors to create value that resonates with customers and earn their loyalty in the long run. Homegrown names like Shams Pharmacies and Aljazera Markets Co. took to stage to shed light on the concept of value.
Mr. Younis Skainy, COO of Aljazera Markets Co., highlighted the importance of sustainability in retail. He said, “Sustainability is a long-term balance between economic, environmental, and social responsibilities. As part of our commitment, we ensure that our suppliers adhere to strict standards and procedures. We also focus on eco-friendly packaging, recyclable shopping bags, and proper labelling to assure customers of our dedication to environmental responsibility. However, sustainability is often under-discussed. There needs to be more education and awareness, not just for today’s customers but for future generations, as what we do now is for the benefit of the generations to come.”
During the day’s final session, Tradition Meets Tomorrow, innovations took the centre stage. Industry leaders explored how Saudi retailers are blending cultural values with forward-thinking strategies. Brands like Kun Sports and New Balance entered into discourse with regional names like GMG and Honeywell.
The forum concluded with SOLOX – a segment featuring retail leaders who focused on individual pillars to narrate their professional journeys in respective companies. Spotlight was on local brands who embrace tradition as part of their brand identity
The culmination of SRF 2024 was the prestigious IMAGES Retail ME Awards KSA, which celebrated outstanding achievements by Saudi and regional retail brands across various categories. The awards recognised excellence in areas such as innovation, sustainability, customer-centric strategies, and leadership.
The awards showcased how Saudi and regional companies are not just meeting but exceeding global standards in retail excellence.
“The awards serve as a testament to the resilience, creativity, and forward-thinking strategies of Saudi Arabia’s retail industry,” said Mr Amitabh Taneja, Chairman of IMAGES Group. “By recognising these achievements, we aim to inspire continued innovation and collaboration that drives the sector forward.”
The highly-coveted IMAGES Retail ME Awards KSA celebrated the outstanding contributions of Saudi and regional brands shining a spotlight on their pivotal role in shaping the Kingdom’s retail ecosystem. Recognising achievements across more than 20 categories, the awards celebrated innovation in areas such as sustainability, customer-centric initiatives, omni-channel integration, and creative brand strategies to name a few.
Awardees included industry leaders and emerging brands, showcasing the diversity and resilience of Saudi Arabia’s retail sector.
Beyond celebrating organisational achievements, the awards demonstrated how the Kingdom’s retail landscape is setting benchmarks for the global market.
SRF 2024 demonstrated Saudi Arabia’s retail industry at the forefront of global innovation, blending tradition with modernity and fostering collaboration across stakeholders. By addressing key themes such as sustainability, AI integration, and experiential retail, the forum inspired a shared vision for the future of retail in the Kingdom.
As Saudi Arabia continues to evolve as a retail powerhouse, SRF 2024 reinforced the sector’s pivotal role in economic diversification and its alignment with Vision 2030. The Forum left behind a legacy of transformative ideas and actionable insights that will shape the Kingdom’s retail ecosystem in the years to come.
