Manama: Bahrain-based retail major Al Rashid Group (ARG), the local partner of the $6 billion Landmark Group of Dubai, is targeting a turnover of BD100 million ($265m) by 2017, its chief operating officer Vikas Attri said yesterday.
He was talking to the GDN on the sidelines of the opening of a Lee Cooper branded store, only the second one in the country, at Seef Mall Muharraq.
“Including our entire brand portfolio, this is our 80th store in the country and we have ambitious targets for the next few years which will see our footprint expand across Bahrain, particularly in under-served areas like Juffair, Segaiya, Zinj, Isa Town, Hamad Town, Riffa and Muharraq,” he said.
ARG has set a target of 100 stores across the kingdom by 2017.
Home-grown retail brands include Lifestyle, Splash, Max, Shoexpress and Home Centre.
The company is also the sole local franchisee of international brands like Ecco, Steve Madden, Carpisa, among others.
According to Mr Attri, ARG’s business has grown by high double-digits over the last few years and the oil price decline since late last year had not impacted the retail space in the country adversely because of higher degree of economic diversification as compared to neighbours.
“Consumer spending in Bahrain continues to grow,” he said.
The Economic Development Board (EDB)’s Bahrain Economic Quarterly assessment at the end of June found that the non-oil sector grew by annual five per cent in the first quarter this year, reflecting in part the continued strong build-up in infrastructure project activity.
The fastest growing parts of the economy included private education and healthcare along with construction and transportation and communications.
The report said numerous new projects in the hotels and restaurants area reflected steady growth in visitors to the kingdom.
As of May, a total of 6.05m visitors to Bahrain were recorded, an almost 11pc increase on the total number of visitors recorded during the same period a year ago.
Concurring with the view, a report by real estate consultant CBRE last month, said Bahrain’s retail sector continues to develop both in the destination and community mall segments.
Following established and newly completed centres, new neighbourhood retail and food and beverage offerings are now being added to the pipeline, the report said.
avinash@gdn.com.bh