Nick Spiteri Paris: ‘Retail is in a state of recalibration, not recovery’

Retail is no longer in recovery mode but undergoing a deeper structural transformation, according to Nick Spiteri Paris, CEO of Bigbon Group.

Speaking at the latest Malta Business Network (MBN) panel event, organised in collaboration with EY Malta, he described today’s consumer as a “value-maximiser” who expects a seamless blend of digital convenience and physical retail experience.

“Retail is in a state of recalibration, not recovery,” he told participants. “We’ve moved beyond post-pandemic transitions into a structural shift where consumers are value-maximisers, not just deal-hunters. The future belongs to brands that blend digital agility with physical experience. One without the other is no longer enough.”

His remarks came during a panel discussion moderated by Gilbert Guillaumier, EY Malta Partner for Strategy & Transactions, which explored findings from the EY Future Consumer Index. The research highlights a shift in consumer habits, with nearly half of Maltese respondents reducing or delaying non-essential spending, and brand loyalty continuing to erode across most categories.

Price sensitivity was singled out as the main driver of change. The survey found that 81 per cent of Maltese consumers consider price their top priority when making purchases, while 56 per cent said they would be willing to abandon their favourite brands if products became unavailable.

Alongside Mr Spiteri Paris, the panel included Edwin Borg, CEO of Tigné Mall, and David Shone, Country GM of Hudson Holdings. Mr Borg stressed the need for shopping centres to remain relevant in consumers’ lives, saying: “It’s no longer just about retail, but about relevance. Today’s consumer is value-driven, digitally empowered, and constantly evolving. We must evolve with them.”

The discussion also pointed to wider industry challenges: declining overall spend, an oversupply of retail space, and recruitment difficulties exacerbated by complex and costly visa requirements. At the same time, tourists are showing a growing preference for unique and local retail offerings, underscoring the importance of differentiation.

Speakers suggested that greater collaboration within the sector – such as shared warehousing and logistics – could help retailers adapt to the new landscape, driving efficiency while maintaining customer experience.

Ultimately, the panel concluded that businesses most likely to succeed will be those that act decisively, adapt quickly, and place the evolving needs of consumers at the centre of their strategy.

The event, supported by Tigné Mall, was part of MBN’s monthly series of discussions bringing together industry leaders and policymakers to debate pressing issues facing Malta’s economy.