BinDawood was named Saudi Arabia’s fastest-growing retail brand in 2021 in Brand Finance Saudi Arabia 50 2022 ranking.
The grocery retailer reported a 40 per cent growth in brand value from 2020 to 2021, totalling SAR476 million.
In the second half of 2021, BinDawood saw sales increase to reach pre-pandemic numbers.
Stores in Makkah and Madinah saw a fivefold year-on-year improvement in sales with gradually increased footfall from pilgrims.
The retailer’s gross profit in Q3 2021 was SAR397.3 million, an 11.5 per cent increase from SAR356.3 million in Q3 2020.
This rise aligns with Saudi Arabia’s 25 per cent year-on-year growth in point-of-sales transactions.
Finch Solution’s 2022 report projected that this rise in transactions and consumers’ increasing out-of-home activity will normalise the kingdom’s retail industry as the impact of the pandemic fades.
Similarly, Euromonitor estimates a 20 per cent growth in Saudi Arabia’s retail sector.
With its recovery in sales, BinDawood plans to expand its presence in Riyadh by opening 10 stores over the next five years.
In keeping with this aim and BinDawood’s long-term objective to be the leading grocery retailer in the kingdom, BinDawood Holding acquired a 62 per stake in global e-commerce operator International Applications Trading Co.
Other grocery retailers whose brand value grew in 2021 include Panda – 16 per cent to SAR2.3 billion – and Othaim Markets – 25 per cent to SAR2.2 billion.
