Trade Talk Today EuroShop Day 2

00:00:04: Welcome to Trade Talk Today, your daily inside.

00:00:09: This show is brought you by... It's a day two of EuroShop and it was wonderful watching Trade Talk today.

00:00:25: I'm very happy that we have a wonderful guest on the show today, and hope you are all doing well at home or if you're walking around in the trade fair?

00:00:32: And i hope you were doing well on your second day of the fair.

00:00:35: Tarek Siba, you are the Managing Director for the Golf Office and it's great to have you here!

00:00:41: How are you?

00:00:41: Thank you so much for having me.

00:00:42: It was an opportunity...it is really a pleasure being part A trade fair and it's really a great show.

00:00:50: I mean, we're the second day today And then were very much looking forward to it

00:00:53: and there was a lot of talk about regarding retail in the Gulf region.

00:00:57: So we'll talk that on the second.

00:00:58: but i want To get warmed up a little bit with our ten quick fire questions.

00:01:03: They must say this is The first time That they guessed actually took a look at them because We had us a small misunderstanding In the beginning.

00:01:09: so you already Had a chance.

00:01:10: Look At Them But im still gonna see how spontaneous You react.

00:01:13: will See Skyline view or beach sunset?

00:01:18: Okay.

00:01:19: Mega Mall or boutique concept?

00:01:22: Oh, okay!

00:01:22: I didn't expect that answer.

00:01:24: Luxury brand opening or tech innovation launch?

00:01:27: Just a

00:01:27: personal, yeah...I have to give my personal opinion.

00:01:30: then it's luxury.

00:01:31: Okay.

00:01:32: Podcast or book?

00:01:36: What was the last podcast you listened to do remember?

00:01:40: I can't remember exactly name but somehow about human being and how.

00:01:45: leadership podcast.

00:01:47: Okay,

00:01:47: I listen to the entertainment ones so maybe i should do that later for once as well and get further in my life.

00:01:53: rock or classical music

00:01:55: of course classic classical

00:01:56: smart tech or human service?

00:02:01: Human service may be.

00:02:02: Maybe it's a mixture.

00:02:03: nowadays we can get into that just in a minute.

00:02:05: That is not such little difficult question but I would still prefer human service personalization

00:02:10: grand opening ceremony Or VIP preview

00:02:15: Grand Opening Ceremony

00:02:16: Oh okay Maybe both maybe get invited to the VIP preview and then go into grand opening.

00:02:21: Possibly, yeah

00:02:22: exactly

00:02:23: fast paced growth or long term

00:02:26: strategy?

00:02:28: Business breakfast or evening networking event.

00:02:31: business breakfast

00:02:32: okay are you morning person?

00:02:35: pretty much oh

00:02:36: ok um one word describe retail in the Middle East which is not a. do have one thing that you can say.

00:02:43: this actually describes what's happening in the middle east right now But

00:02:49: it's booming, I would say.

00:02:50: So there are a lot of innovations going on.

00:02:52: Innovations

00:02:53: warming is at large scale now?

00:02:55: Absolutely!

00:02:56: It is very exciting what's happening worldwide in regards to retail and different things that have been tried out... ...innovations or not working will get into that right now.

00:03:06: so tell me the metal is as famous for iconic mega malls And you just said you like boutiques better.

00:03:12: but i mean theres alot going on with the mega mall too.

00:03:15: The future still bigger, or is it going back to the boutiques and its maybe smaller but more experimental?

00:03:22: What would you say.

00:03:24: I mean the mega projects in mega malls within the UAE and within Saudi Arabia.

00:03:31: there's a thousand square meters of outlet and retail spaces.

00:03:36: they do care about how these outlets look and how consumers are having good experience inside at.

00:03:44: It is getting smarter.

00:03:45: I mean, we've got a lot of innovations that technologies are integrated within this experience and it's became part of the shopping consumers' experiences as well.

00:03:53: There is an initiative like Saudi Vision to the thousand twenty That has transformed in the region.

00:03:57: First of all maybe you can explain our viewers who don't know about what this new vision is.

00:04:03: Maybe tell us where do they see the biggest retail investment opportunities right now regarding these changes or these opportunities?

00:04:11: The vision of Saudi, is exactly like the vision or also of the United Arab Emirates which is twenty thirty one.

00:04:19: Both they have a large scale economic growth and both are going into different sectors in different industries to grow on them.

00:04:30: Of course it's retail other ones tourism.

00:04:33: so we've got hundreds of thousands square meters that are built now for the retail stores and retail outlets.

00:04:40: And I would say these projects is also combined with AI, in combination with technology.

00:04:46: so i think this solution on the next requirements and demands it's not only for the fit out store then how it looks and how big it is but also combine with integrated solutions an integrated technology within RIT.

00:04:58: And so it's not only about, because this sounds like something is bigger better bolder.

00:05:02: It's also the small things that you change and incorporate.

00:05:06: It

00:05:06: gets smarter now.

00:05:07: I mean everybody trying to turn into these big platforms or big outlets in retail smart cities i would say.

00:05:16: So we are coming maybe to a time where everything is going to be digital and AI, but at the same time they would like more personal experience within luxury brands than actually outlets.

00:05:28: Absolutely!

00:05:29: I think it's both...I'm

00:05:30: glad that it's not only digital and i am glad we're staying with the human part as well.

00:05:35: Let us speak about humans.

00:05:36: let see how middle-eastern consumers have seen from our perspective as young digital brand driven.

00:05:45: What does it take in this day and age to stand out in this competitive market?

00:05:50: And do you also see your consumers as these brand-driven, young consumers.

00:05:56: I mean, we have to be innovative.

00:05:58: You have a lot of new innovations or technologies that somehow get aligned with the new generation.

00:06:07: now is eighty percent using digital even though the older midgeneration has started using digital.

00:06:15: People are counting right now on counterless payments, e-wallets and many other technologies.

00:06:22: So I think to stand out you have to be really competitive when we have new solutions.

00:06:28: that has integrated technology is something that can make life easier.

00:06:33: experience much better for the generation.

00:06:36: Luxury and lifestyle are key pillars in the region.

00:06:40: Is experimental retail now more important than your product offering, what would you say?

00:06:45: I'd

00:06:46: say that luxury is definitely an important factor for the retail industry from the Middle East and GCC.

00:06:56: Imagine having a great meal at a restaurant!

00:07:00: The product is actually the ingredient of this.

00:07:04: Actually, the ingredient is the product.

00:07:07: So the experience and the dining experiences actually what leaves a memory.

00:07:12: so it's same exactly for the products in retail.

00:07:15: nowadays.

00:07:17: brands are trying to keep the luxury shoppers on a very good experience.

00:07:22: So they combine both personalization and experiential retail, And then I would like to have them satisfied and happy with in within the stores.

00:07:31: it's exactly Like for example if we took up A quick example of buying an expensive high brand luxury shirts.

00:07:39: For example We've got a white shirt that has no logo On its.

00:07:43: for example this price of these white cotton t-shirts can cost twenty or thirty, even fifty times than the normal T-shirt price.

00:07:54: So at the end people are luxury shoppers paying for their experience and they're paying it as a statement.

00:08:03: so... They have to help person with that experience!

00:08:06: What do you think other regions in this world could learn from your market?

00:08:14: I mean,

00:08:17: actually we have the investments and then they have funds to create great theaters of entertainment and outlet stores.

00:08:28: And then they're buying their technologies.

00:08:30: what you can learn is that investments... They've got also many countries who has a lot of funds but don't invest in it right way or bring the right solutions just taking care the outside of this story, but people are going deep into a sustainable long-term integration within these systems.

00:08:51: I mean let's look at Dubai for example.

00:08:54: Dubai has started being an e-government twenty years back and they're still also developing.

00:08:59: it is getting new on board every year.

00:09:03: so even within the COVID, when COVID hits Dubai was the first place to open doors for everyone from tourism to exhibitions and conferences because they were ready.

00:09:14: So I think digital is very important but also looking at long-term unsustainable solutions it's better than that.

00:09:23: Maybe this is putting you on the spot, but maybe one thing that you've seen in last year's traveling around the world or from your region.

00:09:32: That you think would work really well and different regions of the world as well?

00:09:37: Is there something while you have been travelling?

00:09:41: I don't know some kind of incorporation to digital solutions or something like wow!

00:09:45: This was so amazing...I'd like see it somewhere else too.

00:09:49: And then there are so many things, I'm sure.

00:09:51: That's a little bit difficult questions because we've got everything in Dubai just to buy as an example.

00:09:57: or even if you look at Saudis and the solutions and integrations they're looking for stores... The latest technologies out there already?

00:10:07: There is nothing like what i would really want to see it.

00:10:11: becuase whenever you see something Somewhere out in the next few months, you will see it right away into buy.

00:10:19: Maybe smart trolleys, smart checkout was one of my dreams before.

00:10:21: if we're talking about retail technology and now is already available I mean It's getting even more.

00:10:28: The smart trollies And the smart technologies or integration check-out and payments has become something essential But now they are going beyond that.

00:10:42: I mean people stepping into the store, you know exactly what are we looking for?

00:10:46: They follow your footprint in the store and they know exactly uh... What kind of interest do you have within a product whether it's retail or clothes or groceries?

00:10:56: And then directs to these experiences and they dive you in To buy more and to have up sales.

00:11:03: i would say It's even more digital nowadays.

00:11:09: Absolutely, and still we started from the very beginning when I asked you a question in The Quick Quiet Questions.

00:11:13: it is all about human relationships And that also happens here of course at the EuroShop in twenty-sixth.

00:11:20: Its only day two so we will have couple days to go.

00:11:23: but what are your biggest take away after Day Two regarding Human Relationships?

00:11:29: I

00:11:32: mean, there's so many things to see at EuroShop.

00:11:36: I like how much the new digital screens and then your digital integration.

00:11:43: three D one of the solutions have seen yesterday which is a little bit of an avatar solution.

00:11:49: that really something great And it looks like into a treaty for example.

00:11:53: we've got many designs in many solutions also for stand construction part of my business.

00:11:59: So I like it very much and they give me a lot of ideas, inspirations and insights to maybe use in the future.

00:12:06: Thank you so much for giving us some inspiring thoughts on what is happening right now In this world that's coming together which are wonderful things.

00:12:13: So Tarik thankyou so much your time today And thanks all for watching our show.

00:12:20: We have things as we just heard from Tarek, of course there's so much going on in the halls.

00:12:25: There are lots of things to see their exhibitions.

00:12:28: There is a lot of conversation and Of course, we have wonderful guests on this show here tomorrow As well.

00:12:34: We have Millie contractor who is from Mr.

00:12:36: Dussard off India And we have also Frasier Neil from a custom mate Who will be talking about.

00:12:41: they're newest innovations.

00:12:43: I'm gonna leave you today with some Yeah, pictures from the halls.

00:12:47: So you get inspiration to maybe come visit and see what's going on at EuroShop in Düsseldorf.

00:12:54: so until then have a lovely time.

00:12:57: take care of yourself.