Why the Big Mac could offer hope as big brands exit Lebanon

Why the Big Mac could offer hope as big brands exit Lebanon

The unprecedented economic crisis in Lebanon has seen the local currency lose more than 80 percent of its value against the US dollar in recent months amid soaring prices with inflation rate exceeding 120 percent by the end of August.

Combined with the spread of the coronavirus pandemic and the Beirut Port explosion on August 4, which affected more than 25,000 businesses, and the dire situation is clear.

Major international retail franchises have not escaped the turmoil. Beirut, once a regional destination in shopping, elegance and luxury living, is seeing an exodus of top brands.

Some retailers announcing a desire to exit the Lebanese market are liquidating their stock by selling at the old exchange rate, but those planning to stay can't afford to sell at low prices.

Sportswear giant Adidas will close its