(MENAFN- The Peninsula) joel johnson |
The Peninsula
The retail industry in Qatar is poised to augment steadily benefiting the economy of the country during Q1 of 2023.
A report by BFL group, a global retail store based in the UAE stated that Qatar's retail market looks positive in the first quarter of the year with steady population growth, high net-worth expatriates and individuals, and the successfully concluded FIFA World Cup 2022. The report said that“The government's assistance in easing travel restrictions, bolstering the investment landscape, and streamlining retail infrastructure also contributed to the industry's revival and boosted recovery by promoting tourism.”
Last year the retail industry performed fairly well with the expansion of projects and foreign investments in Qatar.
The country has been achieving this remarkable foot as more expats are welcomed to the region and with significant growth in the vacant lands that were leased.
Qatar opened its door to more state-of-the-art projects including malls, stadiums, and other infrastructures that boosted the country's economy with more retailers.
BFL Group's CEO and Co-founder Toufic Kredieh said:“As part of our expansion plans for 2022, we have successfully opened a number of stores across the GCC, in countries like Saudi Arabia, Kuwait, Oman, and Qatar. Due to the growing retail market and the magnified economy brought on by the mega events that were taking place in the country, Qatar stood out as an ideal location for business growth.”
“Given Qatar's exceptional performance in retail sales, which reached USD 18.5bn in 2022, we are confident that Q1 of 2023 will remain strong and attract more customers. It is also anticipated that more retail businesses will emerge in 2023, owing to the recent exposure the country has received. With our innovative concepts, client-centered services, and products from various brands, we are well-positioned to ensure success in the country,” he added.
The firm opened two stores in Qatar during the enhancements and mega events last year aiming to contribute towards Qatar's community as the net profit for businesses surged with tourists paving their way to the country.
The report added,“As outdoor activities have completely returned to normal in 2022, retail sales are on an upward trajectory, along with higher consumer spending.”
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