MSBM, a retail group with multiple channels and brands catering to a variety of market segments, has launched its 26th brick-and-mortar store in the region with the opening of Basicxx, a value store, in Ras Al Khaimah.
The new outlet in Ras Al Khaimah is the third Basicxx store in UAE, two having opened in 2021 itself in Fujeirah and Umm Al Quwain. Basicxx is a Value format store, which caters to Lifestyle offering as such Men’s, Ladies and Kids’ Apparels, Ladies Lingerie, Accessories, Footwear, Home, Toys and Fragrances. This is the thirteenth Basicxx store out of which ten are already operational in KSA since 2014. The Concept is driven by the strong proposition of Basic products, supported by equal proportion of Fashion. Both these combinations are driven by Value.
Sanjeev Matharu, Managing Director of MSBM Group, says, “I am optimistic about the retail industry, especially in the region and hence we continue to invest in this business. The COVID pandemic has rattled the world and its economy but now we see a gradual improvement in the business which gives us the confidence of faster than anticipated recovery. My personal assessment is that Retail is going to boom as soon as the danger of COVID is curbed. I expect a V-shaped recovery. People are going to come out in hordes and would like to get their lives back on track just the way it was pre-COVID. Tourism and business travel are going to increase multifold with UAE and the rest of the GCC seeing phenomenal growth which will have a direct bearing on the Retail sector.”
Apart from the 13 Basicxx stores, MSBM Group has another 13 stores of a 100-Yen concept across the GCC. Moreover, it also has its own private labels which supplies to online portals’ marketplaces in the UAE.
The other MSBM stores in UAE and the GCC include 12 branded Yubiso, a franchise from Malaysia for the region and 1 branded Latt Liv, a Chinese registered brand in collaboration with Swedish designers. MSBM has a footprint in four of the six GCC Countries and targets opening another 50 stores in the next five years.
‘We foresee growth in the GCC but also want to expand our operations beyond the region by tapping opportunities to sub-franchise our brands to North Africa, Levant and other regions of the world.” Sanjeev Matharu added. “The stability we experience in the GCC encourages entrepreneurs to look for and take advantage of opportunities across the globe.”