Qatar will see strong retail growth in the first three months of 2023, says the BFL Group.
The sector is thriving on the back of population growth, the successful FIFA 2022 World cup in Qatar and a high concentration of expats and high net worth individuals.
BFL Group opened two stores in Qatar in 2022, amid developments and major events.
Qatar retail growth
The business has since advanced significantly due to the rise in footfall in outlets, which has positively impacted the sales.
As outdoor activities have completely returned to normal in 2022, retail sales are on an upward trajectory, along with higher consumer spending.
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.
Toufic Kredieh, CEO and Co-Founder of BFL Group, 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 $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 the 2023, owing to the recent exposure the country has received. With our innovative concepts, client-centred services, and products from various brands, we are well-positioned to ensure success in the country.”
The BFL Group is renowned for its distinctive business model, innovative retail concepts, and exclusive pricing on apparel from a range of. premium brands.
The group’s business performance will be further strengthened by its rapid growth in the World Cup host nation, paving the way for more strategic expansions in the future.
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