{"id":17421,"date":"2022-06-10T19:30:27","date_gmt":"2022-06-10T19:30:27","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=17421"},"modified":"2022-06-28T14:51:18","modified_gmt":"2022-06-28T14:51:18","slug":"brands-for-less-brings-first-saudi-store-to-riyadh","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2022\/06\/10\/brands-for-less-brings-first-saudi-store-to-riyadh\/","title":{"rendered":"Brands For Less opens store in &#8216;major market&#8217; Riyadh"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<span data-contrast=\"none\">Brands For Less, budget retailer of apparel, footwear, accessories, technology and household items, has opened its first store in Saudi Arabia near Riyadh\u2019s Exit 6 Road.\u202f\u202f\u202f<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The opening is part of the group\u2019s plans to rapidly expand and establish a strong retail presence across the region.\u00a0\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The new store also complements the Brands For Less objective to widen market reach and meet demands of the modern consumer. <\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cOpening a store in Saudi Arabia, one of the region\u2019s major markets, is an incredible achievement for our brand,\u201d said Toufic Kreidieh, co-founder and CEO of the Brands For Less Group.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cIt is in line with our expansion plan covering key markets across the Middle East.\u201d<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Entering the Saudi Arabian market marks the group\u2019s efforts to accommodate local demand for affordable, trendy fashion.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The country\u2019s retail sector is expected to grow by 20 per cent by the end of the year, according to market research database Euromonitor International.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cThe 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,\u201d said Mr Kreidieh.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cThe demand is influenced by the changing lifestyle of customers in Saudi Arabia.\u201d<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Brands For Less also seeks to establish a strong identity in e-commerce.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">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 <\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">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.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The administration also reported a 97 per cent smartphone penetration rate, on which the Brands For Less Group aims to capitalise.\u00a0\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cMoreover, we also take note of Saudi Arabia\u2019s booming e-commerce industry,\u201d Mr Kreidieh said. <\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cIt gives us a venue to strengthen further our e-commerce business.\u201d<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Last year, Saudi Arabia\u2019s e-commerce market was valued at $8 billion, an increase of 17 per cent from 2020, market analyst firm ecommerceDB reports. <\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Discount retailer enters Saudi market with store in Riyadh. 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