Retail is truly the art of turning “just browsing” into “I can’t live without this!” With every display and interaction, it’s less about pushing products and more about creating moments that feel almost essential.

This concept was at the heart of Fast Company Middle East’s inaugural Next Big Things in Retail summit in Riyadh, held in partnership with Oliver Wyman on November 12. Industry experts, retailers, and tech leaders gathered to unravel the game-changing shifts reshaping the retail world.

The summit delved into retail’s future, from e-commerce and omnichannel to AI-driven personalization, spotlighting how tech is reshaping customer interactions with a sharp focus on Saudi Arabia’s evolving retail sector. 

After a day of engaging talks and in-depth insights, the summit celebrated retailers who have truly redefined the industry. The Retail Innovation Awards was a fitting tribute to those leading the charge and driving meaningful change in the retail space.

Here are the companies (listed in alphabetical order) breaking new ground, championing an inclusive, dynamic culture, and setting themselves apart with fresh approaches to retail.

Cenomi Centers

For a new era in shopping

Cenomi Centers is transforming Saudi Arabia’s retail sector with innovative lifestyle centers. Recently, they partnered with GIB Capital to launch an SR 1 billion fund for the development of U Walk Qassim Mall in Buraidah. The company is also expanding its flagship U Walk mall in Riyadh, introducing 10 new global brands like Nike and Nespresso, while adding a multi-story car park to accommodate 2,000 vehicles. In 2024, Cenomi welcomed 100 million visitors, achieving an 8% revenue growth. Their partnership with Al Nassr Football Club to open a merchandise store further integrates sports into retail. With ambitious projects ahead, Cenomi Centers continues to redefine shopping experiences in the region.

Chalhoub Group

For a luxe future in retail

Chalhoub Group, one of the largest luxury retail operators in the Middle East, has been a key player in the region since its founding in 1955. Headquartered in Dubai, the group manages over 750 stores across 14 countries and partners with prestigious brands like Louis Vuitton, Dior, and Sephora. Recently, Chalhoub announced a joint venture with Italian fashion group OTB to open more than 15 new stores for brands such as Jil Sander and Maison Margiela, reflecting its commitment to expanding its luxury portfolio. Additionally, the group has strengthened its e-commerce presence by acquiring a majority stake in Threads Styling, a chat-based luxury shopping platform. With a focus on sustainability and innovation, Chalhoub Group continues to shape the luxury retail industry in the region.

eXtra Group

For leading Saudi’s consumer tech

eXtra Group, officially known as United Electronics Company, is one of Saudi Arabia’s fastest-growing retailers of consumer electronics and home appliances. The company recently received approval to list 30% of its financial services subsidiary, United International Holding Co., on the Saudi Tadawul market. This listing, anticipated to generate investor interest, aims to expand eXtra’s capital base and reinforce its financial services via Tasheel Finance, a major player in the regional lending sector. Known for its broad product selection and easy shopping experience, both online and in-store, eXtra Group has earned its place as a favorite among Middle Eastern tech consumers.

GMG

For prioritizing people and planet

In 2024, GMG, a leading global well-being company based in Dubai, made significant strides in sustainability and corporate social responsibility. The company launched its inaugural Sustainability Report, revealing an impressive 89% green energy usage in its logistics operations, which helped avoid over 2,000 tonnes of CO2 emissions. This achievement aligns with the UAE’s Green Agenda-2030 and reflects GMG’s commitment to integrating sustainability into its core business practices. Additionally, GMG introduced the GMG Cares CSR program, focusing on environmental initiatives, community support, and employee well-being. The program includes efforts like reducing plastic waste and supporting local agriculture through partnerships with UAE farms. These initiatives highlight GMG’s dedication to encouraging a sustainable future while positively impacting communities.

MAGRABi Retail Group

For expanding vision, expanding impact

MAGRABi Retail Group, a prominent Middle Eastern eyewear retailer, has recently made significant strides in its expansion and governance. This year, it merged its operations with Dubai’s Rivoli Vision, growing its network to 290 stores by 2024, including 89 Rivoli Vision outlets across the UAE, Qatar, Oman, and Bahrain. The group reported a 15% increase in overall sales, supported by a 225% surge in online revenue, attributed to enhancements in delivery options, such as same-day shipping, and customer-friendly digital features like virtual try-ons. Additionally, MAGRABi has implemented a progressive board restructuring to enhance corporate governance, focusing on transparency and accountability, aiming to achieve 50:50 gender equality across its workforce by 2025.

As the evening came to a close, the recognition of these leaders highlighted the evolution of the retail sector in the Middle East—one that continues to redefine the future of shopping and customer experience.