EGYPT – LuLu Group, the fastest growing retailer in the MENA region has opened its 3rd outlet in Egypt located at Park Mall in the country’s capital, Cairo.
The new store representing an investment of EGP 165 million (US$10.5m) is a landmark achievement for the group as it is its 200th hypermarket globally.
“Indeed, a proud moment for me and my entire team who has been our strength and real asset during the journey from a humble beginning during the first Gulf war in early nineties till date.
“I take this opportunity to thank the visionary leaders for their proactive strategies and the wholehearted support which have been our guiding force, especially during these challenging times,” said Yusuffali MA, Chairman of Lulu Group.
The Chairman highlighted that the group targets to reach 225 store count by the end of 2021 despite the current economic headwinds caused by the COVID-19 pandemic.
With four decades of experience, LuLu Group operates in 22 countries worldwide with an annual turnover of US$ 8.4 billion.
Besides hypermarkets and shopping malls, the group also manages food processing, sourcing and logistics operations across the globe.
The new outlet, spread across 8,700 square-metre, will feature over 30,000 types of consumer goods, keeping alive the LuLu trademark of maximum variety for the best prices.
Its launch is part of the supermarket chain operator’s expansion plans in the Egyptian market, targeting to open 11 hypermarkets and four minimarkets in the next three years, providing over 8,000 direct and indirect job opportunities.
In addition, the group will also invest in a state-of-the-art logistics center with all facilities to service its Egyptian retail outlets.
To this end LuLu seeks to invest EGP 8 billion (US$ 500 million) in the country for the project.
The company has entered into a non-binding agreement with Abu Dhabi headquartered investment firm, ADQ to acquire US$1 billion for expansion in the North African country.
The first LuLu Hypermarket in Egypt is in the Emerald Twin Plaza Mall in New Cairo, which was launched in 2015. The second hypermarket was opened in July 2020 at the Wadi Degla Club, Sheraton Heliopolis.
Other than boosting the retail sector, the company sees immense potential of serving as a channel for Egyptian exports globally.
The group’s export division, Y International Egypt Co., already exports a huge quantity of more than 300 Egyptian products in the categories of Fruits & Vegetable & other fresh, chilled & Frozen food products & non-food products to its hypermarkets spread across the countries in the Middle East.
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