The chairman of the supervisory board of ICR Group, businessman Kakha Khazaradze declares that 1Q25 has been quite difficult for the retail business and he assumes that the second quarter will be even harder.
As Kakha Khazaradze told BMGTV, ICR Group stores had 10% less sales than planned in January-March.
“We are recording the influx of customers into the stores, which is quite reduced,” says the businessman, and he does not expect the situation to improve in the coming months.
“The first quarter was quite difficult, we had a 10% decrease in sales compared to what we planned. I think the second quarter will be more difficult for sales,” said Kakha Khazaradze, noting that the problem for businesses is the population’s reduced purchasing power.
“Inflation is rising and the population’s income is decreasing; we also record the influx of customers into stores, which is quite reduced,” said the businessman.
As the Chairman of the Supervisory Board of the ICR Group said, "the tourists' share has also changed” in Georgia's trade sector.
"More low-budget tourists are coming to the country and spending less. If earlier, Georgia was interesting for tourists from European and developed countries, now a large part of them have been replaced by post-Soviet and Asian countries, which I don't see anything wrong with, but since we are a small country, we should choose quality and not mass tourism, which ultimately does not leave much income, except for traffic," said Kakha Khazaradze.
“ICR Group” is one of the largest groups in the retail business in Georgia. The company began operating in the Georgian market in 1993 and currently has about 1,000 employees. “ICR Group” represents international brands of shoes, clothing, accessories, furniture and food establishments.
