Retailers, brands focus on ‘flourishing’ Saudi market: Retail Leaders Circle chairman

The main focus of retailers and brands is on establishing business in Saudi Arabia, as it represents one of the largest markets in the GCC and the most fast growing market in the region, Founder and Chairman of Retail Leaders Circle, Panos Linardos, told Argaam in an exclusive interview.

“They want to make sure they are part of a flourishing retail market in line with Saudi Vision 2030,” Linardos stressed on the sidelines of the Retail Leaders Circle Summit MENA Region (RLC MENA) in Riyadh.

He further explained that retailers and brands aim to create a good presence and harness some opportunities in such markets.

Linardos added the Kingdom witnessed phenomenal transformations over the past few years, expecting they will have a positive impact on the market with many businesses opening up to tourism and entertainment sectors.

Saudi Arabia offers outstanding opportunities, which are going to reflect on retailers’ books within the next 2 years, Retail Leaders Circle chairman said.

“We see tremendous interest from participating retailers, policy-makers, government dignitaries, top industry leaders who are debating and discussing some of the most pressing priorities facing the industry,” Linardos stated, commenting on the summit’s input.

He added that the summit is a platform for C-level executives and international retailers and brands to network and build partnerships.

On the challenges facing the retail segment, Linardos said that retailers are stagnant due to capital pressure in many industries, which is changing the consumers’ preferences, adding that geopolitical and global trends are also influencing their business.

“Successful retailers are those who are mindful of the consumers; who are adjusting to their changing preferences and working towards personalizing their experience,” he noted.

He also called on retailers and brands to be on the top of the game in terms of growing their digital presence, while aligning with their teams and strengthening their skills.