INNOVATE. COLLABORATE. TRANSFORM.10 OCTOBER, 2023 | DUBAI MARINA

The 12th edition of the T Middle East Retail Forum (MRF) that brought together retail visionaries, leaders, innovators and disruptors highlighted the massive growth opportunities in the Middle East, which continues to be a thriving retail hub despite intense competition and macroeconomic headwinds.

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Summarising 10 key takeaways driving the billion-dollar regional retail industry forward: 

> Hybrid is the way ahead:

While data is invaluable, the relevance of brick-and-mortar hasn't diminished. If anything, consumers are looking for a hybrid shopping experience choosing channels based on their needs and convenience.

› Creative use of locations is key:

Repositioning and re-purposing assets is crucial while keeping in mind local requirements, tourist footfall while also preserving heritage.

> Transaction is a by-product:

Retail spaces are increasingly becoming community-centric where people walk in to build a connection, talk, socialise while also engaging in shopping activities.

> A clear shift towards experiential retail:

From product discovery to last mile, experience sits at the heart of decision-making, leading to new partnerships being formed between brands and solutions providers.

> Technology continues to be an enabler:

But the execution of a technology platform or a solution alone doesn't necessarily guarantee success. The chances of success are high for every such tech implementation backed by strong consumer insights.

> Retention is the new acquisition:

Gone are the days of focusing only on growth and acquisition. In a highly competitive landscape where the cost of customer acquisition is quite high, retention is as crucial as acquisition.

> Storytelling steals the show:

Building an authentic narrative about the brand and its DNA is crucial to not only build a strong consumer base but also resonate with the target audience in the long-term.

> The pursuit of innovation: