IBPC Retail Conclave 2024: Shaping the future of retail in the UAE
Indian Business and Professional Council Dubai concluded its annual Retail Conclave
Dubai: The Indian Business and Professional Council (IBPC) Dubai concluded its annual Retail Conclave at the Taj Dubai, according to a media release. The event brought together prominent industry leaders, diplomats, and experts to explore the evolving landscape of the UAE's retail sector, driven by technological advancements and shifting consumer preferences.
Siddharth Balachandran, Chairman of IBPC Dubai, delivered the opening remarks, setting the tone for the Retail Conclave 2024 by emphasizing the significance of innovation and collaboration in driving the future of the UAE’s retail sector.
The event featured an impressive lineup of guest speakers, including Maha Al Gargawi, Vice President of Business Advocacy at Dubai Chambers, and Paras Shahdadpuri, Chairman of The Technology Group under Dubai Chambers and Governing Board Member of IBPC Dubai who also mentored curate the conclave. Yatin Patel, Deputy Consul General of India in Dubai, highlighted the significant contribution of the retail sector to business growth and tourism in the UAE. Other key participants included Mansoor Al Malik, Executive Director for Policies and Legislation Division at Dubai Customs, Siddharth Balachandran, Chairman of IBPC Dubai, Vice Chairman Sunil Sinha, and several Governing Board members.
A key highlight was a panel discussion led by Dr Sahitya Chaturvedi, Secretary General of IBPC Dubai, which featured industry veterans from sectors like electronics, jewellery, luxury, and FMCG. The discussion addressed the rising costs of retail operations, including rental fees and payment gateway charges, while tackling challenges related to digital disruption. The panellists emphasized the importance of luxury retail as a vital component of the UAE’s economy.
Keynote presentations included Dr Chaturvedi's insights on the younger generation's potential as high-net-worth consumers, projecting they could account for 80% of global luxury spending, which is anticipated to reach USD 600 billion by 2030. Speaking on behalf of Ajmal Group, Dr Sahitya Chaturvedi discussed the UAE's luxury goods market, currently valued at $6.32 billion, highlighting its promising growth trajectory.
Nandkumar V, Director of Marketing and Communications at Lulu Group, stressed the importance of data science in analysing consumer behaviour and crafting effective loyalty programs. Shuja Jashanmal, Group CEO at Jashanmal Department Stores, shared insights on the lasting impact of retail brands in the Gulf, while Ashish Panjabi, Chief Operating Officer at Jacky’s Group highlighted the crucial role of human capital in retail. The conclave also examined the emerging consumer class known as HENRYs (High Earners, Not Rich Yet), who are significantly influencing luxury demand.
Dr Sahitya Chaturvedi remarked, “The future of retail lies in our ability to adapt and innovate. Engaging with our customers and understanding their evolving needs is essential for growth in this competitive landscape.”
The event concluded with gratitude to the organizing committee, led by Amit Vardhan, MD of Prism Marketing, and co-convener Aditya Singh, Head - Jewellery International Business, at Titan Company Limited.
As the UAE retail market continues to advance, the IBPC Retail Conclave 2024 has set the stage for future innovations and collaborations, ensuring that the sector remains vibrant and responsive to consumer demands.