Business Innovation

“Business concept innovation is the capacity to imagine dramatically different business concepts or dramatically new ways of differentiating existing business concepts”, this was the definition that was given by Hamel to Business innovation. And with regarding to the article “Retailers must do more to stay on top of competition”, it shows that Phil McArthur the director of leasing and marketing at Dubai Festival City understands that for the UAE to stay the third most successful country in the world at shopping centre marketing, the managers and retailers at the regional shopping centre will have to continually raise the bar to stay on top. As he pointed out that their will be a rise in the region’s retail industry and that the leasable area will double to over 118 million square feet by the end of the decade. According to Hamel, “the goal of business concept innovation is to introduce more strategic variety into an industry, when customers value that variety, the distribution of wealth creating potential will shift dramatically in favor of the innovator” and that what McArthur did, he had highlighted the change in development strategies needed to keep up with their consumer evolution. As the Dubai festival City has highly estimated 2.6 million square feet retail, and there were strong offerings in family entertainment, hospitality focal point, multiplex cinemas, and large food and beverage components, theme parks. It also had marked the UAE’s largest IKEA destination store. McArthur says that the region is progressing at an incredible rate and has firmly incremented its reputation as a leader in the field, and these are the results of applying the business concept innovation where the industry becomes in control and generates more wealth. McArthur had a business mission to stay in the top and he thinks by the changes he have done he is following the right direction.