Brands For Less, budget retailer of apparel, footwear, accessories, technology and household items, has opened its first store in Saudi Arabia near Riyadh’s Exit 6 Road.
The opening is part of the group’s plans to rapidly expand and establish a strong retail presence across the region.
The new store also complements the Brands For Less objective to widen market reach and meet demands of the modern consumer.
“Opening a store in Saudi Arabia, one of the region’s major markets, is an incredible achievement for our brand,” said Toufic Kreidieh, co-founder and CEO of the Brands For Less Group.
“It is in line with our expansion plan covering key markets across the Middle East.”
Entering the Saudi Arabian market marks the group’s efforts to accommodate local demand for affordable, trendy fashion.
The country’s retail sector is expected to grow by 20 per cent by the end of the year, according to market research database Euromonitor International.
“The kingdom of Saudi Arabia promises significant growth opportunities and joining the Saudi retail market is a strategic move, as it takes place amid the rising demand for branded clothes offered at discounted prices,” said Mr Kreidieh.
“The demand is influenced by the changing lifestyle of customers in Saudi Arabia.”
Brands For Less also seeks to establish a strong identity in e-commerce.
With a growing youth population and smartphone penetration, e-commerce accounts for 3.8 per cent of the kingdom retail sector, said the Brands For Less Group
By 2024, the number of Saudi Arabians using e-commerce is expected to amount to 33.6 million, an increase of 42 per cent from 2019, according to the International Trade Administration.
The administration also reported a 97 per cent smartphone penetration rate, on which the Brands For Less Group aims to capitalise.
“Moreover, we also take note of Saudi Arabia’s booming e-commerce industry,” Mr Kreidieh said.
“It gives us a venue to strengthen further our e-commerce business.”
Last year, Saudi Arabia’s e-commerce market was valued at $8 billion, an increase of 17 per cent from 2020, market analyst firm ecommerceDB reports.