Saudi retailer Jarir says retail slump may be near ending | Reuters

Saudi retailer Jarir says retail slump may be near ending | Reuters:

"The slump in Saudi Arabia's retail sector may be close to ending as consumption starts to stabilize after shrinking because of low oil prices and government austerity policies, the chairman of one of the kingdom's biggest retail chains said.

"We think the sharp decline is fundamentally over, or will be over by the end of this year," said Muhammad Alagil, chairman of Jarir Marketing Co 4190.SE, which focuses on selling consumer electronics, books and office supplies.

Next year, the company may be able to grow both profit and sales at rates in the high single digits or low double digits, he added - though much of that growth would come from opening new stores rather than increasing business at existing outlets."



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