His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai, met with leaders and representatives of global retail brands on the sidelines of the fourth edition of The Retail Summit (TRS), which commenced in Dubai today at Atlantis, The Palm.

Held 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 prestigious two-day event is being attended by more than 800 industry leaders and top international brands from more than 50 countries, along with over 80 distinguished speakers.

The meeting discussed the current global retail landscape, as well as the latest emerging trends in consumer behaviour and the numerous competitive advantages that position Dubai as one of the world’s most favourable business environments.

Organised in partnership with Dubai Chambers, The Retail Summit is a key global event hosted in Dubai that explores the future dynamics of the retail sector. The event focuses on the current trends shaping consumer preferences and how modern technologies can be leveraged to enhance customer experiences.

His Highness Sheikh Ahmed bin Mohammed said: “The retail sector is one of the most important pillars of Dubai’s thriving and diversified economy. We are keen to enhance the sector’s value by fostering a competitive environment that facilitates business growth and consolidates Dubai’s position as a preferred global destination for prestigious and emerging brands from around the world.”

His Highness added: “Dubai's retail sector is home to the largest international brands, reaffirming the city's standing as a global hub for business, the economy, and retail. Inspired by our leadership's vision, we remain committed to fostering the sector’s growth and reinforcing Dubai's role as a global economic powerhouse and business centre.”

His Excellency Faisal Juma Khalfan Belhoul, Vice Chairman of Dubai Chambers, said: “We are committed to enhancing the emirate’s favourable business environment to drive economic growth and attract international investors and companies from various sectors to Dubai. The Retail Summit plays a crucial role in our efforts to enhance Dubai’s position within the global economy in line with Dubai Chambers’ strategic priorities and the goals of the Dubai Economic Agenda, D33.”

During his opening address at the event, His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, highlighted that retail sales in the UAE experienced a 6% increase in 2023, reaching approximately AED230 billion. Euromonitor data forecasts a compound annual growth rate (CAGR) of 3.7% between 2023 and 2028, projecting sales to surpass AED275 billion by 2028, he said.

HE Lootah also discussed the growing role of e-commerce in the UAE’s retail landscape. E-commerce sales in the country are forecast to achieve a CAGR of 10% between 2023 and 2028, reaching a value of more than AED42.1 billion in 2028. He highlighted Dubai Chambers’ support for the retail industry through its various programmes and initiatives and reiterated the chambers’ commitment to enhancing the sector’s global competitiveness.

Gary Thatcher, CEO and Co-Founder of The Retail Summit, expressed enthusiasm about the opportunities the event will offer, stating: “The Retail Summit plays an important role as a catalyst for driving innovation and excellence in the retail industry. Moreover, with a robust agenda and a power-packed line-up of speakers, we are well-positioned to chart the course for the future of retail. It has been a successful day one, and we are confident that day two will be an exciting day full of networking and impactful insights.”

The Retail Summit 2024 aims to facilitate impactful discussions and provide actionable insights to support the retail sector’s growth. The summit's agenda revolves around eight key pillars including Artificial Intelligence, Brick & Mortar, Data, Digital, Macroeconomics, Supply Chain, Sustainability & Ethics, and Talent.

Day one of the summit featured the participation of industry professionals from leading companies such as JD Sports, Apparel Group, Amazon MENA, eyewa, Alshaya Group, StockX, MAF Retail, eBay, Neuhaus, AWWG, GMG, Unilever Prestige, Chalhoub Group, Inglot, Venchi, Vogue Business, and other local and international businesses.

A key highlight from the first day was an event dedicated to the contribution of women to the retail sector. The Women in Retail reception celebrated the achievements of inspirational female leaders in the field, who discussed how they overcame challenges, made significant achievements, and left their mark in the industry.

The two-day summit will feature more than 35 thought-provoking sessions led by over 80 industry experts. Participants will explore topics ranging from omni-channel experiences and cutting-edge digital innovations to evolving consumer behaviours, diversity, emerging market opportunities, sustainable commerce, and the influence of AI on consumer engagement. In addition, the summit provides a dedicated networking app to facilitate seamless networking opportunities.