Saudi Arabia’s retail sector has great potential to grow, particularly the supermarket and hypermarkets sector, said Yousef Al-Gafari, chief executive of Abdullah Al-Othaim Markets.
Al-Gafari added in an interview with CNBC Arabiya that the company's share of the total retail sector ranges between two to three percent.
Al-Othaim’s market share of retails companies is between 15 to 17 percent, he added.
The company focuses on the central region in Saudi Arabia, which is where it first started. Al-Gafari pointed out that Al-Othaim also plans to target areas with high purchasing power.
"Our plan is to exist in all regions of Saudi Arabia, without looking to expand abroad," he said.
Al-Gafari also pointed out that the Saudi market is not ready yet to adjust to online shopping, due to operational and accountancy constraints.
Moreover, Al-Gafari said Al-Othaim markets is currently not operating in Egypt, despite the fact that the company was founded in the North African country. However, if Al-Othaim decides to operate in Egypt, they would be ready, he added.
"Our priority now is to expand in the Kingdom," Al-Gafari said.
While discussing the drop in oil prices, he said the decline hasn't had an impact on the company’s activities, especially since Al-Othaim is a “consumer-focused” company.
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