RIYADH: The potential of Saudi Arabia’s retail sector is unlike any other in the world, industry leaders have told Arab News during a high-profile gathering in Riyadh.
Speaking on the sidelines of the RLC Global Forum, regional and international voices expressed confidence in the Kingdom’s growing role as a hub for the industry’s evolution, diversification, and investment.
Saudi Arabia’s Vision 2030 economic diversification plan, supported by targeted investment strategies and growing collaborations, were cited as key forces driving the nation’s retail transformation.
Dennis Michael, chief business development officer at shopping malls developer Cenomi, told Arab News that Saudi Arabia’s long-term economic framework has laid the foundation for local and foreign partners to operate efficiently and expand.
“From a broad macro perspective, Vision 2030 sets the framework for what we are all trying to achieve and opens the doors of the Kingdom to the world,” he said.
Michael said the Kingdom’s forward-looking vision has been central to Cenomi’s progress in the country, as well as to its strategy for expansion and attracting developers to Saudi Arabia as a retail destination.
“Brands want to come and test the market from time to time,” he said. “If we set up our infrastructure and digital capabilities to empower them, we are enabling them to be part of Vision 2030.”
He said the Kingdom’s defined direction is encouraging developers to rethink retail design, moving beyond conventional shopping malls and toward more experience-driven destinations.
“There is no other place like Saudi Arabia when it comes to openness to new ideas and new brands,” he said. “Young Saudis are globally aware and well-traveled, and they want those experiences to come here,” he said.
Michael added that Westfield Riyadh and Westfield Jeddah show how Cenomi is serving younger consumers while developing destination-led retail.
In food and beverage retail, Chief Operating Officer and CEO adviser at Panda Retail Co., Abdullah Al-Sabban, spoke to Arab News on the link drawn between Vision 2030 and the retail sector’s extension to social impact.
“In Panda, we play a big role in supporting consumers and the country at the same time,” he said, adding “We are focusing on initiatives such as humanizing cities and supporting communities through our store network, while ensuring people have access to the goods they need.”
Al-Sabban said that everything in Saudi Arabia’s transformation is moving toward entertainment and “share of wallet,” adding: “We are competing to be present in the way customers want us to be.”
Providing unique insight from a consultancy angle, Gonzalo Brujo, global CEO and president of Interbrand, spoke of the Kingdom’s ability to create a bridge between local and international collaborations as a powerful tool in positioning the Kingdom as a booming retail destination.
Describing the Kingdom as one of the most dynamic and transformative markets, he stated: “Saudi Arabia is booming. There are so many brands and leaders that are best in class, not only in retail but also in sports, entertainment, and tourism.”
On local contribution, Brujo added “Saudis were mainly looking for international brands, now they are looking for authentic local brands that can consolidate in Saudi Arabia and expand across the Middle East and abroad.”
Despite the Kingdom’s ability to leverage its local sources in retail, Brujo pointed to its unique power in balancing between local and foreign partnership in creating its unique retail sector.
“One of the biggest strengths here is combining global expertise with local knowledge,” the global CEO said. “That combination is making the model very successful.”
