The retail sector is on a roll. Largely in part due to the globalization of markets, the retail sector has been booming and will continue to evolve and grow. Nowhere is this more clearly seen than in the Middle East/GCC region, where the retail industry is growing extensively. The region is also being recognized as one of the major hubs for retail, with retail chains coming in, and setting up shop in Dubai and the UAE. Case in point is the launch of John Lewis, the iconic brand from the UK in Dubai, as a shop-in-shop in Robinsons Department Store, which will open in the Dubai Festival City Mall in the spring of next year.
So, if you are keen on a business setup in Dubai, Dubai Freezone Company setup or company setup in Dubai, then retail is a good sector to start off with. It is an established fact that the retail sector is on the rise in the GCC/Dubai region, and the government is going all out undertaking different initiatives for boosting the sector.
This article will explore if sharing experiences and maybe replicating the good practices is helpful for the retail industry.
Sharing makes it better. The retail industry is and has been flourishing for sure, but there are certain pitfalls associated. With time, with technology, the method of doing trade and retail has undergone a sea-change. Earlier, as part of the barter trading system, the knowledge got passed on from one trading family to the other. It was limited sharing and remained more or less, proprietary in nature. The vision then was narrow and there was a general insecurity of ‘not’ passing on knowledge for fear of losing out. Now, with the advancement of technology, it’s easier to share information and knowledge and much more prudent to do so. Sharing problem areas would prevent a growing/nascent retail economy from making the same mistakes, as its more mature counterpart.
Sharing experiences double the benefit and make it win-win for everyone. Essentially, what the trading families overlooked was the fact that trading families didn’t share knowledge for fear of losing out on the much-hyped concept of competitive advantage. What they completely forgot in this fear psychosis was ‘sharing’ would have made them learn important lessons too. Say, for example, not exactly sharing the ‘actual’ recipe for Kentucky Fried Chicken but sharing the good practices of achieving retail success while avoiding the problems.
Sharing is already in place. Marketing strategies globally revolve around the same key themes of Valentine’s Day, summer sales, autumn sales, winter clearance sales, shopping festivals, religious holidays, country holidays, Mother’s Day and Father’s Day. These are common enough marketing themes and are replicated throughout the world. What makes one mall stand out over another is essentially only in terms of the passion of the team involved, local response generated, etc. So, sharing is already in place in terms of similar marketing strategies, so the only thing that’s different and needs to be done is in terms of learning valuable lessons about success and failure and replicating them everywhere.
This can be done quite easily, since experts claim that there are a lot of similarities in the markets of North America, Europe, and Asia.
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