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Total world retail sales were worth $22 trillion last year, up 6.0% from 2015
E-commerce retail sales were worth $2 trillion in 2016
69% of retailers plan to increase investment in digital transformation
GCC sales are predicted to grow at a CAGR of 7.3% between 2015 and 2018, reaching $284.5 billion
Dubai, UAE:
Today, the 11th edition of The World Retail Congress began at Madinat Jumeriah for the second time, under the Patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
The three day World Retail Congress has brought together global retail leaders, providing them with an opportunity to meet with fellow industry experts and international retailers to discuss the key trends and ideas that shape the current retail industry. The Congress aims to identify key areas of growth and the technological tools of the future, enabling retailers to adjust their own strategy and move their businesses forward.
Ian McGarrigle, the Chairman of the World Retail Congress, introduced the event commenting, ‘With 0.64 cents of every dollar spent in retail stores being digitally influenced our current retail ecosystem is rapidly evolving. To be successful and build long-term fruitful relationships with their customers, retailers must now examine every part of the experience they offer, which is why the theme of this year’s Congress is ‘reimagining the customer experience’. Ultimately, consumers have so many choices now that it is important to create brand differentiation at every level of retail. Furthermore, a recent survey of retail CEOs by JDA Software that is being presented at the Congress this week found that 69% of retailers plan to increase investment in digital transformation and yet 52% of retailers have not yet implemented a digital strategy. We see the role of the Congress is to help shape the future of global retailing by bringing together the greatest minds within the retail world to transform our multi-faceted industry.’
The World Retail Congress agenda includes talks, not only from the household names in retail but also from the disruptor companies, the leading innovators, the start-ups, as well as input from the external influencers from the political and financial worlds. It provides its 1,400 attendees with the choice of workshops, panel discussions and plenaries from over 150 speakers to inspire their future growth strategies. Today’s sessions included an talk from Terry L Lundgren, Chairman of Macy’s Inc, on ‘The State of Retail’,’ and a discussion of ‘A new era of experiential retailing: Beyond the selling of ‘stuff’ from Jo Malone, Founder of Jo Malone and Jo Loves, Stephan Fanderl, CEO of Karstadt, Arrigo Berni, CEO of Moleskine and Katya Atanasova, VP, Retail Royal Dutch Shell.
H.E. Majid Saif Al Ghurair, Chairman, Dubai Chamber, said “Dubai is an ideal host city for the World Retail Congress, given its status as a preferred shopping destination that continues to attract retailers and tourists from around the world.’ Dubai Chamber’s Chairman explained that the future of the emirate’s retail sector looks bright and noted that key trends such as growing economic prosperity, steady population growth, increase in tourist numbers, rising incomes, and Expo 2020, will support expansion in the sector going forward.”
HE Eng. Mohammed Ahmed Bin Abdulaziz AlShehhi, Undersecretary for Economic Affairs -
UAE Ministry of Economy, said, ‘We are delighted to welcome The World Retail Congress, this premier international event being hosted in Dubai for the second consecutive year, and we look forward to informative and insightful discussions that will take place here. We are also honoured to welcome many leading industry experts from around the world, who will share the wisdom of their extensive experience with us. This Congress offers an ideal platform for local, regional and global companies and experts to share insights and knowledge on key developments within the sector and learn more about what the UAE can offer as a leading hub for retail, trade and investment.
Another integral part of the World Retail Congress is the research shared, aiming to help retailers understand the latest thinking across the industry. The annual CEO study, entitled ‘The Global Retail Sentiment Index’ conducted by Monash Business School in Melbourne, showed that retail confidence overall is marginally ahead of last year but retailers are mindful of fragile consumer confidence. Another major report, “The DNA of the Retailer of Tomorrow” which is a survey completed by 100 retailers from around the world, identified the 10 main pillars of transformation, which they believe are the key areas within the business to focus on in order to meet the demands of today’s customers.
Looking ahead over the next two days, Terry Lundgren, Executive Chairman of Macy’s, Inc., Martha ‘Marty’ Wikstrom, Founder of Atelier Fund and Micky & Renuka Jagtiani, Founders of Landmark Group, will be inducted to the World Retail Hall of Fame at a special ceremony on Wednesday. The World Retail Hall of Fame is a highlight of the Congress and recognizes outstanding retail leaders who have both taken their businesses forward and dominated the wider industry.
Continuing its partnership with Dubai Chamber of Commerce & Industry, the World Retail Congress has also invited its delegates to learn from Dubai’s emergence as one of the leading retail capitals of the world through its Retail Study Tour of new destinations such as City Walk, Box Park, Al Serkal Avenue, IMG Worlds of Adventure and Dubai Festival City. The Congress is also sponsored by a number of key local companies, including Majid Al Futtaim as a key sponsor, Magrabi as an annual partner, Al Maryah Central, Al Futtaim and The Apparel Group as 5 Star partners, and The Chalhoub Group as a 3 Star partner.
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About World Retail Congress
The World Retail Congress was launched in 2007, to be a platform for senior retail executives to meet and discuss the most important topics affecting retailers across the world. It has been held in Barcelona (2007-9), Berlin (2010-11), London (2012), Paris (2013-14), Rome (2015) and Dubai (2015-2016) is attended by up to 1,500 industry leaders from more than 60 countries.
The official event partner of the 2017 World Retail Congress is Dubai Chamber of Commerce & Industry
For more information please visit https://www.worldretailcongress.com/
Please follow us on: https://twitter.com/worldretail
About Dubai Chamber of Commerce & Industry
Established in 1965, the Dubai Chamber of Commerce & Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub.
For more information visit: www.dubaichamber.com
For further information, please contact:
Tara Mallon
tmallon@bellpottinger.com
00971 5555 97396
© Press Release 2017
