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Challenges facing the Lebanese retail sector in recession
23-4-2018
The Lebanese Franchise Association, (LFA), inaugurated on April 18 the Beirut International Franchise Forum and Exhibition BIFEX 2018 under the patronage of prime minister Saad Hariri represented by economy minister, Raed Khoury. On the occasion, the head of the Federation of Chambers in Lebanon, Mohamad Choukeir, underlined the importance of this year’s slogan, “Retail in Lebanon: Sustainability and Growth” in light of the substantial decline (9%) recorded by the retail sector during the past few years. He demanded placing this issue at the top of the priorities of authorities concerned, as it requires drastic solutions including, the acceleration of the economic cycle, liquidity injection into the markets, improvement of the Lebanese customer’s confidence and finally, combatting smuggling and counterfeit activities. The event which lasted until April 21, included specialized panel discussions with Lebanese and international experts from the UK, Germany, Sweden and the US, that tackled subjects like, competitive chaos, the consumer and new consumption patterns, future growth patterns, cooperation to secure transition from ideas to strategies in companies and the importance of innovation in economic growth. Towards the end of the forum, Hariri said Lebanon needs the concerted efforts of all its people to contribute to the process of reconstruction, pointing to the Cedar donor conference which presents a real opportunity for the country’s economic resurgence, as he said. (Al Mustaqbal, Al Diyar, April 18, 19, 20, 2018)
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