Saudi Arabia, February 27, 2023: Brands For Less (BFL) Group, one of the leading off-price and multi-brand retailers of the region, expanded its footprint in Saudi Arabia with the launch of a new store in Othaim Mall Rabwa, Riyadh; in light with the increasing retail activities across the country. The new store was inaugurated on February 22, 2023, as part of BFL Group’s plan to strengthen its market presence across the country.
Retail activities in major cities across the Kingdom have been witnessing exponential growth within the past months. 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 robust business opportunities for both international and regional players. 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. 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.
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 KSA 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 expand our quality offerings to meet customer demands.”
The new store, which is located on the second floor of the mall, combines BFL’s diverse brand offerings. Attributing to its strategic location, the new store is anticipated to welcome a high number of shoppers, maximising the overall growth of the group.
Othaim Mall offers BFL the perfect opportunity to deliver a distinct shopping experience to its customers. The mall, which expects an increased footfall in 2023 amidst the vastly improving market conditions and the strong retail landscape of the country, will enable the company to further its business growth.