Brands For Less Poised for Strong Retail Growth in 2021
Following a 19% growth in sales in the first 6 months, BFL (Brands For Less) Group expressed positive outlook for its fourth quarter sales performance, which is expected to record an increase of up to 8% compared to last year.
This boost in sales results from a renewed sense of confidence among UAE shoppers coupled with the group's expansion plans in Oman and Kuwait, as well as its upcoming entry into the Saudi market with home décor store Muy Mucho.
Amid economic challenges caused by the COVID-19 pandemic, BFL Group was able to implement a successful growth strategy in the GCC.
The retail industry in the region is thriving, helped by both government and consumer support. During the third quarter of this year, the retail sector has witnessed a surge in the number of visitors within shops especially during weekends.
In addition, with the holiday season fast approaching, BFL Group expressed increasing optimism specifically in reaching its Q4 revenue objectives.
These factors are expected to enable the UAE's retail sector to reach $58 billion in sales for 2021, which is a 13% gain compared to the previous year, according to recent estimates from the Dubai Chamber of Commerce and Industry.
Alongside the success of its expansion strategy and pandemic approach, BFL Group cited additional factors that will help them hit their Q4 sales goal, such as the recent announcement by the National Emergency Crisis and Disasters Management Authority (NCEMA), in which malls will be able to raise their visitor capacity to 80%
Dubai Expo 2020 is another factor, which officials expect, will attract 25 million international and domestic visitors.
Ayman Beydoun, Chief Operating Officer, BFL Group, said: “As a leading retail brand that focuses on contributing to the growth of the UAE's economy, BFL Group is thrilled to see the retail industry bounce back after a challenging 2020 due to the pandemic.
"We have always been looking for ways to add value to the UAE and to the entire Gulf region by providing customer-friendly options for shoppers to acquire high quality branded clothing.
"With the current market showing healthier signs, we are expecting even better outcomes by the end of the year.”
“We have taken the extra mile to ensure that we will hit our target sales for 2021. The wide assortment of branded items at modest prices will surely attract many customers, and our friendly staff and e-commerce platform will provide the best customer experience.”
As the COVID-19 restrictions eased gradually in the UAE, BFL Group saw a rise in the number of customers that are visiting its shopping outlets.
With the availability of its e-commerce platform, the group was able to cater to the shopping needs of its clients who preferred to buy online instead, leading to an additional revenue stream for retail brands under its management.
Exclusive Video: BFL Shows how to Turn Catastrophe into Opportunity