Retail in Libya is booming
The developing economy in Libya has created an upsurge in the retail industry as consumers begin to demand international retail products. Additionally, the development of new shopping centres and retail outlets has created great opportunity for international retailers in Libya.
Tripoli in particular has begun exploring shopping centre development and we are beginning to open up to a more westernised type of commerce. Of late the trend has been the opening of a number of international retail chains in the country including fast food outlets, fashion stores and supermarkets and with foreign investment on the up, we are sure to see many more international stores opening.
The internationalization of the Libyan retail market is going through a rapid upsurge and even local franchisors are now venturing to expand their businesses into other major population centres. In fact the industry is not just about providing retail therapy to the nation, but encouraging investment, creating job opportunities and boosting the economy as well as opening Libya up to the rest of the world.
2012 saw the opening of a small US brand bakery in Tripoli – a first for a US brand in Libya. Cinnabon, a cinnamon roll bakery is located on a bustling street in Tripoli’s business district and there are plans for at least another ten outlets in the next couple of years. Burgerfuel, a New Zealand franchise, is reportedly planning on opening in Tripoli in 2013, whilst California’s Johnny Rockets will also be opening in Libya soon. It has further been rumoured that Dunkin’ Donuts are interested in the Libyan market. There are also a number of high-end British retailers who have a popular presence in a couple of Libya’ cities, including Next, Dune, Marks & Spencer and Monsoon.
Even our African counterparts have started moving into the country such as Tunisia’s largest food retailer, Monoprix Tunisia. The retailer is an affiliate of a French supermarket force and has planned to open 10 stores throughout the country.
The food and drink industry has seen an incredible boom and with the influx of retailers into Libya, job and investment opportunities have soared.