The retail scene in Saudi Arabia is vastly different today compared to 25 years ago, when Panda opened its first supermarket in Riyadh. Although the country was experiencing steady economic growth at the time, local supermarket chains remained stagnant, accounting for less than 20% of food sales in the whole Kingdom.
However, with a large population and relatively high per capita income, Saudi Arabia has become increasingly attractive to investors. Indeed, the opportunity to enter a lucrative and underserved market has caught the fancy of several industry players. Despite the competition, Panda has more than doubled in size over the past three years, transforming itself into a retail powerhouse, with more than 50 supermarkets and six hypermarkets located throughout the country.
