Brands For Less Marks Entry To Saudi Market With Opening Of New Store
Date
6/11/2022 3:16:42 AM
(MENAFN- Mid-East.Info)
Brands for Less (BFL) Group, one of the leading off-price and multi-brand retailers, has debuted its first store in Saudi Arabia, officially marking its entry into one of the MENA region's biggest markets with a fast-growing retail industry.
Located near Exit 6 Road, the new Saudi Arabia store is BFL's first step towards building a strong presence in the Kingdom. It will also sustain the momentum of BFL's rapid expansion in the region.
This latest development comes amid immense developments in the Saudi Arabian retail market. The sector's continuous growth is attributed to the country's young population and increasing broadband and smartphone penetration rate.
Euromonitor forecasts that Saudi Arabia's retail industry will expand by about 20 per cent this year, while the value of e-commerce is seen to more than double. To date, Saudi Arabia's e-commerce segment accounts for 3.8 per cent of the total local retail business.
BFL, which aims to meet the domestic demand for unique but affordable fashion, also targets to create a robust presence in the local e-commerce industry. BFL opened its easy-to-navigate e-commerce platform to maximize the growth prospects in the industry.
Toufic Kreidieh, Co-Founder and CEO of the Brands For Less Group, said:“Opening a store in Saudi Arabia, one of the region's major markets, is an incredible achievement for our brand. It is in line with our expansion plan covering key markets across the Middle East. 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. The demand is influenced by the changing lifestyle of customers in Saudi Arabia. Moreover, we also take note of Saudi Arabia's booming e-commerce industry. It gives us a venue to strengthen further our e-commerce business.”
BFL is a retail brand that provides an exciting treasure hunt experience and exclusive prices on apparels from more than 3,000 brands. It keeps its customers in the loop about the newest fashion trends and the latest offerings of its stores. Customers in Saudi Arabia will now get to experiencve BFL's creative concepts, with its newly opened outlet. The company's MENA expansion strategy is in keeping with its goal this year to widen its market reach and address modern customer needs.
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