Kuwait-based fashion, lifestyle and home ware retailer Basicxx, owned by Al Yasra group, has announced plans to open 50 value fashion stores across the Kingdom with an investment of $107 million. The plan was unveiled by Mohammed Yusuf Al-Sagar, chairman, Basicxx, during the inauguration of the first Basicxx big-box store at the upscale Riyadh Gallery on King Fahd Street in Riyadh. It was followed by stores at Aziz Mall and Salaam Mall in Jeddah.
“The Kingdom’s retail sector has been witnessing sustained growth in the last few years, even outperforming the other major sectors by a significant margin. Against this backdrop, Basicxx has finalised ambitious plans to open new stores at strategic locations within a short period of time,” says Al-Sagar, pledging to hire more young Saudi nationals, who will be deployed after training to man Basicxx fashion and house ware stores across the country.
“The Basicxx fashion chain is planning to open 10 more stores in Saudi Arabia before the holy month of Ramadan. The move is mainly aimed at attaining a leadership position in the domestic retail market,” says Mohammed Adil, CEO of Basicxx. “It is the first fashion store of its kind, which will source and display the latest fashion trends within 30 days of their launch in Europe, the US and rest of the world,” he adds.