• Retail sector forecast to contribute $308 bn (SAR 1.16 trillion) to GCC economy in 2023
• Saudi Arabian retail sector forecast to grow to $159 bn (SAR 596 bn) in 2024
• Regional and global industry leaders to convene in Riyadh 7 - 8 March 2023
• Strategic discussions to focus on ‘Digital Economy and Purposeful Growth’
12, January 2023 – Riyadh, KSA: The Retail Leaders Circle is convening its 9th MENA Summit in Riyadh, as regional consumer habits adapt to historic levels of inflation. The highly anticipated annual event is the foremost strategic platform for the retail industry. It brings together regional and global decision-makers to discuss the trends affecting the industry and how companies can respond strategically to the changing competitive environment.
The retail sector will contribute $308 billion (SAR 1.16 trillion) to the GCC economy in 2023, approximately 14 percent of the region’s non-oil GDP. In Saudi Arabia, the sector is forecast to grow to $159 billion (SAR 596 billion) by 2024. Retail accounted for 22.8 percent of Saudi’s non-oil GDP as of the third quarter of 2022, according to the General Authority for Statistics.
Yet research suggests that inflation is weighing on consumer sentiment. According to a recent Ipsos survey, 39 percent of respondents placed inflation at the top of their list of concerns. Inflation reached 10 percent in 2022, as retailers faced supply chain issues and price increases. “This is an opportune moment to gather the region’s cross-sector leadership to examine the emerging trends affecting the industry. Consumer behavior and preferences are constantly evolving, putting new competitive pressures on businesses,” said Panos Linardos, Chairman, Retail Leaders Circle. “We are delighted to be returning to Riyadh for the third time to explore how companies can navigate this new landscape and drive growth in an increasingly digital economy.”
The focus of the 2023 Summit is ‘Digital Economy and Purposeful Growth.’ The event brings together innovative voices from all perspectives, backgrounds and geographies to take stock of an industry in the midst of rapid reinvention, managing ongoing business disruptions and charting a new commercial blueprint for the future.
Cenomi, Saudi Arabia’s biggest retailer, will participate in the Summit as a strategic partner. Mohamad Mourad, managing director and CEO, Cenomi Group, said: “Having recently undergone a significant transformation with the launch of the Cenomi brand, we look forward to continuing to lead and drive the conversation around the future of retail and lifestyle in the Kingdom of Saudi Arabia. I look forward to the opportunity to debate new ideas and insights shaping the sector as well as the future growth prospects for both the retail trade and the country more broadly, as a strategic partner of the Retail Leaders Circle summit in Riyadh.”
The Summit hosts thought-provoking sessions, task-force roundtables and engaging live experiences. Influential C-suite leaders, industry pioneers, policymakers, innovators, investors and analysts will explore the impact of the new digital era on entrepreneurship, innovation and collaboration.
“Hosting the Summit in Riyadh underlines the Kingdom’s significant growth potential to retail business leaders and brands from across the region and around the globe. We recognize the challenges and opportunities of this new era. Our goal is to elevate the industry narrative by leveraging our collective power and expertise to drive positive change,” said Panos Linardos. “The ninth Retail Leaders Circle significantly supports the region’s efforts to build a new model of extraordinary retail and commerce experiences within a digital, inclusive and sustainable ecosystem.”