Brands For Less Group has launched a store in Othaim Mall Rabwa in Riyadh.
According to a statement, the new store was inaugurated on February 22, and will be the company’s fifth store in the kingdom.
Toufic Kredieh, CEO and Co-Founder of BFL Group, said: “opening our new store in Saudi Arabia is a notable achievement for us. Saudi Arabia’s economy is currently witnessing remarkable developments and several reports indicate that the country’s apparel and accessories sales have nearly topped among other products during 2022.”
“The apparel and accessories market – in Saudi Arabia is expected to continue this growth during the coming months, due to the evolving needs of the consumer base. We are optimistic that the high footfall at the mall will help us reach new sales records. We are committed to further expanding our quality offerings to meet customer demands.”
Retail activities in major cities across the kingdom have been witnessing growth within the past months.
According to reports, Saudi Arabia’s retail industry is forecasted to witness exponential growth leading to the year 2030. The catalyst to this growth is expected to be driven by the entry of new competitors to the market, future acquisitions and the advancement of the e-commerce platforms.
This expansion is in line with the country’s National Transformation Programme that prioritises the development of the retail sector.
Moreover, the country’s retail market has been creating business opportunities for both international and regional players.
A statement added that, “the new BFL store aims to leverage new opportunities presented by the retail sector and embark on catering to the local needs of the Saudi market.”