EY Malta, in collaboration with The Malta Chamber, will be organising a physical event on May 19, with a special focus on the retail industry. This is the second event from the Industry Focus Series held at The Malta Chamber of Commerce, Enterprise and Industry in Valletta, which analyses economic sectors and what challenges, and opportunities might currently exist.
As consumer demands evolve, retail companies must find the right balance between success today and growth tomorrow. The challenges are plenty: shortages and supply chain constraints, rise in prices shifting consumer preferences towards digital channels and sustainable products, and further competition from big global players. Yet industry disruption also presents opportunities for those companies with the agility to respond effectively to market change.
This event will kick-off with an address by Chris Vassallo Cesareo, deputy president of The Malta Chamber of Commerce, Enterprise and Industry.
Followed by an analysis of the 6th Malta Future Consumer Index from EY Malta Strategy and Transactions Associate Partner, Gilbert Guillaumier and EY Malta Tax Partner, Chris Naudi. The survey has tracked changing consumer expectations and buying behaviours in Malta over the last two years. The research will zoom in on the impact of inflation, COVID-19, and expectations and frustrations with digital channels.
Luca Martini, who leads EY-Parthenon (the global strategy consulting arm of EY) across Central, Eastern, Southern Europe and Central Asia (CESA), will provide a keynote address on key priorities for retail business strategies and ecosystems looking ahead.
A panel of leading retail figures will be moderated by EY Malta People Advisory Services Lead, Ediana Guillaumier. The panel features Krystle Penza, managing director of Mvintage, Nick Spiteri Paris, CEO of BigBon Group, Ritianne Grech, head of retail operations of Hudson Group, Albert Frendo, chief business banking officer at BOV p.l.c., and Theo Dix, Malta EY-Parthenon strategy leader.
The event will be wrapped up by closing remarks delivered by Dr Marthese Portelli, CEO of The Malta Chamber. She will be outlining the actions and policy proposals being put forward to support the sector in these challenging times.
Although the Maltese landscape poses a relatively small market the diverse forms of shopping opportunities reflect the transition from small family-owned businesses to a more cosmopolitan style of buying trends.
EY Malta Tax Partner, Chris Naudi, said: “The relationship between a business owner and their customers is one that is constantly shifting and evolving. It is by recognizing these changes and trying to adapt, that the industry can maintain its economic position in the local market, and even create the opportunity for growth.”
Understanding the challenges facing the retail industry is key to properly navigate a volatile global landscape. Retail plays a strong role within the Maltese economy but with increasing competition, consumer behaviour changes post-Covid-19, and the added constraints brought upon by geopolitical issues, the small details may end up being the deciding factor on whether it will simply survive or thrive.
Gilbert Guillaumier, associate partner at EY, said: “The difference between failure and success is the capacity to grow with your market and clients, realise your shortcomings and work to overcome them. We hope this event will offer the opportunity for stakeholders to delve into the industry objectively and leverage any insights for their own businesses.”
Consumer and Retail event will take place on May 19 at The Malta Chamber in Valletta and is free of charge to those who register.