With industry disruption and innovation at the forefront, the Sharjah Research Technology and Innovation Park (SRTI Park) and PLM, a global design and technology company, has launched Retail R&D Experience Studio, a partnership for innovation in retail, aimed at bringing together the best in the industry.
"The future of retail will feature a high level of digital competition. Suppliers will boost direct-to-consumer relationships while traditional retailers need to cope with the market transformation to better serve their customers. Technology will continue to grow and shape business transactions as well as consumer behaviour. Those who can differentiate themselves will continue to survive and thrive," Hussain Al Mahmoudi, CEO of SRTI Park, highlighted at the launch of R&D Experience Studio.
Al Mahmoudi also invited business leaders and retail industry stakeholders to visit the Retail R&D (research and development) Experience Studio located inside SRTI Park for an interactive study on how the industry responds to the ever-changing wants and needs of consumers.
"The prevalence of technology will continue to grow and shape the business. We are glad to launch the Retail R&D Experience Studio with PLM to bring together the best in the segment," he added.
Al Mahmoudi noted Retail R&D Experience Studio is a big addition to SRTI Park’s thriving ecosystem. "The centre will be a main driver in thought leadership of retail innovation in our region. It will be a platform to engage retail sectors, academia and the government to co-innovate and leverage regional retail opportunities and challenges," he further explained.
Pedro Rodrigues, CEO of PLM, added, "As design and technologies disruptors, we focus on exceeding our customer’s expectations, with our fully integrated range of solutions. Nowadays, business boundaries have become blurred because of technology and global integration."
Retail R&D Experience Studio promotes the quintuple helix of innovation – public, private, academe, ecology and society. Public involves the government in developing opportunities while the private sector pertains to the industry, companies and the economic system. The academe is also involved in bringing schools and university to the centre of the debate and ensure the involvement of future professionals. Ecology is also vital to adopt sustainable forms of development for everyone and the planet while society is about developing strategies not only from a financial aspect but also contributing to people’s quality of life.