Brands for Less (BFL) Group, a leading multi-brand and off-price retailer, has opened its first store in Saudi Arabia, officially marking its entry into one of the largest markets in the Mena region with an industry of rapidly growing retail.
Located near Exit 6 Road, the new Saudi Arabia store is BFL’s first step towards establishing a strong presence in the kingdom. It will also support BFL’s rapid expansion momentum in the region.
This latest development comes amid immense developments in the Saudi retail market. The continued growth of the sector is attributed to the country’s young population and the increasing penetration rate of broadband and smartphones.
Retail to be developed
Euromonitor predicts that the retail sector in Saudi Arabia will grow by around 20% this year, while the value of e-commerce is expected to more than double. To date, the e-commerce segment in Saudi Arabia accounts for 3.8% of total local retail.
BFL, which aims to meet the national demand for unique yet affordable fashion, also aims to create a strong presence in the local e-commerce industry. BFL has opened up its easy-to-navigate e-commerce platform to maximize the industry’s growth prospects.
Toufic Kreidieh, co-founder and CEO of Brands For Less Group, said, “Opening a store in Saudi Arabia, one of the region’s key markets, is an incredible achievement for our brand. It is in line with our expansion plan covering key markets in the Middle East. Saudi Arabia promises significant growth opportunities and joining the Saudi retail market is a strategic move, as it takes place against the backdrop of growing demand for branded clothing offered at discounted prices. Demand is influenced by the changing lifestyle of customers in Saudi Arabia. Additionally, we also take note of the booming e-commerce sector in Saudi Arabia. This gives us a place to further strengthen our e-commerce business.
BFL is a retail brand that offers an exciting scavenger hunt experience and exclusive prices on clothing from over 3,000 brands. It keeps its customers up to date with the latest fashion trends and the latest offers from its stores. Customers in Saudi Arabia will now be able to discover the creative concepts of BFL, with its new point of sale. The company’s Mena expansion strategy is in line with its goal this year to broaden its market reach and meet the needs of modern customers.
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