Kakha Khazaradze, Chairman of the Supervisory Board of ICR Group, has issued a stark warning about the country’s economic outlook, predicting that Georgia will begin to enter an economic crisis in the fall.
In an interview with BMGTV, Khazaradze shared insights into the company’s performance over the first half of the year and offered a broader reflection on the economic and social climate in the country.
"The first half of the year was difficult; the third and fourth quarters will be even more challenging," Khazaradze stated. "I believe that in the fall, the country will start to enter a crisis."
Khazaradze emphasized that while some retail sectors may not yet be feeling the impact, this is highly dependent on the type of retail business in question. ICR Group, one of the largest players in Georgia’s retail industry, has already experienced a notable downturn.
According to Khazaradze, customer traffic in ICR Group stores has declined in the first six months of the year. The company is attempting to mitigate losses through increased discounts, but the outlook remains troubling.
"We are minimizing the decline as much as possible through additional discounts," he explained, "but we understand that this process will deepen, and challenges will increase. We are not making new investments at this stage and we are not initiating new projects,” Khazaradze noted. “We want to remain as mobilized as possible. If a crisis begins, we don’t know how long it will last—and we must be able to endure it.”
Khazaradze concluded the interview with a strong appeal to civic consciousness. “We must learn once and for all that when it comes to injustice, one person's problem is everyone’s problem. We must react to everything, whether it concerns a stranger, an acquaintance, or a family member.”
His final message was clear and poignant: “We must put an end to silence.”
Founded in 1993, ICR Group represents international brands in shoes, clothing, accessories, furniture, and food services, and currently employs around 1,000 people across Georgia.
