Participants pose for a group photo at the event in Dubai.

Gulf Today, Staff Reporter

Top experts in the Middle East’s retail industry engaged in some thought-provoking discussions at RetailME THINK! I CAN! conference, followed by the ICONS of Retail Gala Awards ceremony, that focused on transformation of the Gulf region’s $296.8 billion (Dhs1.09 trillion) retail industry – at the Address Marina Hotel, on June 14, 2023.

Laila Mohammed Suhail, CEO, Strategic Alliances and Partnerships Sector, DET and Entities, Dubai’s Department of Economy and Tourism and Board Member, Dubai Gold and Jewellery Group, said, “The retail sector in the UAE has come a long way in evolving from brick-and-mortar to a completely different level with e-commerce at the driving seat now.

“The retail sector is growing and will continue to grow. It has been the biggest pillar in our country’s economy and will play even a bigger role in the coming years.”

The UAE’s retail industry is full of great stories and there are great learning tips from every leader driving the industry forward – conversations that captivated the audience.

Colm McLoughlin, Executive Vice Chairman and CEO of Dubai Duty Free, shared his story with the delegates on how he and his team had set up Dubai Duty Free in 1983 that became one of the world’s largest travel retailers in less than 40 years!

“When Dubai Civil Aviation officials invited Aer Rianta International – a company that set up the world’s first travel retail facility at Shannon Airport in Ireland, where I come from – to explore the possibility of setting up a duty-free operation in Dubai International Airport, I was one of the team members selected to visit Dubai – way back in 1983

“In a few months’ time, we established it. On December 20, 1983, Dubai Duty Free was born. In its first year of operation, our sales hit US$20 million at the end of 1984. That’s how it began. We set it up and was ready to return to Ireland. However, I was given an opportunity to meet His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

 What the famous Abdullah brothers developed in 40 years with their previous business, they re-created a better one in just eight years through Jawhara Jewellery.

“When we planned to set up the new business eight years ago, we wanted to build it based on our 40- year experience in the shortest possible time and we achieved the same feat in just eight years,” Tawhid Abdullah, Chief Executive Officer of Jawhara Jewellery told retail leaders at the RetailME THINK! I CAN! conference while speaking about how his family re-created a regional jewellery brand.

“The question is how did we do that? In order to achieve this, we decided to create partners in the business, making our accountants, sales professionals, marketing officials – all partners in the company – so that they feel a sense of ownership in our success.

“Yes, they receive a basic salary package, but they benefit from the growth and success of the company. Now, we have more than 1,000 partners – not employees – who run the business and we work as a team. This is how we have created a bigger company in eight years, compared to what we had built in 40 years!”

He said, empowerment of team members to take ownership of the projects, works and business activities – is crucial. “Empowerment through partnership is a very crucial part of the success of our company. The partners are the reason why we are now so successful.”

It all boils down to people empowerment through partnership. Perhaps this is called learning from experience.

Tapan Vaidya, CEO of PJP Investments – franchisee of Papa Johns, said, “Every investment needs to give you return, sometimes you need AI, but it might be difficult and not fruitful. Let me quote Bill Gates’ business rule Number One: Automation applied to an efficient operation will magnify efficiency. Rule Number Two: Automation applied to an inefficient operation will magnify the inefficiency.

“So, it is very important to make sure your system and operations are healthy but also sensible and logical for technology to come and help you. Use technology that adds value to your business.”

Dharmin Ved, CEO of 6th Street.com, said, the introduction of ChatGPT and Generative Artificial Intelligence (AI) has put forward AI to the frontline of the retail sector – that will transform retail and other industries.

“In our customer happiness team, we have seen a four-fold increase in productivity, since the influx of ChatGPT and other Generative AI products that has changed our work,” he said.

RetailME THINK! I CAN! symposium and ICONS of Retail Gala Awards brought together the region’s top leaders in retail under one roof who spoke about their transformational journeys – both challenges and opportunities – that provided great insights to others who are yet to start their journey