BFL Group predicts steady growth in Qatar’s retail market for Q1 of 2023
Mega events such as the recently concluded FIFA World Cup 2022 also accelerated the country’s retail growth
January 23, 2023
BFL Group, one of the leading off-value retailers in the UAE, predicts strong growth in Qatar’s retail market for Q1 of 2023. The country’s retail market has benefited greatly from steady population growth, a high concentration of expatriates and high-net-worth individuals (HNWI), and mega events like the recently concluded FIFA World Cup 2022.
BFL Group had opened two new stores in Qatar in 2022, amid developments and major events. 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 USD 18.5 billion 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-centered services, and products from various brands, we are well-positioned to ensure success in the country.”
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 Qatar, paving the way for more strategic expansions in the future.