ArabianBusiness.com - Middle East Business News
Thursday, 08 January 2009 09:25 UAE time

YOUR DIRECTORY /

Print this page Print this page | Email this to a friend Email this to a friend | Discuss this article (0 Comments) |

Jarir to push ahead with expansion

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 30 November 2008

Jarir Bookstore, one of the largest listed retailers in the Middle East, will go ahead with plans to double the number of outlets to 40 over the next three years and has said that revenue in the year to date is unaffected by the global economic crisis.

But the Dubai market is "not a priority" for the company due to high rents and fierce competition in the city’s retail sector, Jarir’s chief executive told Arabian Business in an interview.

“Up until now it’s okay. Our sales are still higher than last year, but I don’t know about tomorrow,” Akram Al Agil said, reiterating the company’s full year earnings guidance of 350 million riyals ($93.3 million) in net income.

Story continues below
advertisement

The next two months are going to give an indication of the company’s performance next year, he added.

Jarir is the largest retailer of laptops in Saudi Arabia, where it holds a 40 percent market share. Shuaa Capital estimates that the company is growing laptop sales by more than 50 percent per year.

“We’re going to be in Dubai, but it’s not our priority,” Al Agil said, citing the high number of competitors there. “We have a branch in Abu Dhabi which is doing very well."

Out of Jarir’s new stores, 11 will be in non-Saudi, GCC markets. It currently operates 21 branches.

Al Agil said the Saudi market, the company’s largest, will be less affected by the financial crisis than Dubai, where real estate prices are predicted to fall after six years of strong growth.

Jarir Bookstores sell books, stationery, and computers in large, usually stand alone superstores.

Print Print | Email Email | Discuss this article |


READERS' COMMENTS


Click here to post a comment


Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code * Code


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

more » MIDDLE EAST MARKETS DATA

4190.SSE

Last Price:

168.75

-5.25-3.02%

7 Jan 2009 12:29 GMT
(Market Closed)

CURRENCY CONVERTOR

 EMAIL ALERTS

  1. Jarir Bookstore

  2. Retail



Rich List 2008
EMIRATES ID DOWNLOAD

READER COMMENTS

  1. Saudi plan to expose retailers' mark-up rates 5
    07 Jan ' 09 at 15:38
    IT indded is a commendable effort from the authorities. But it only gives the insight to the profit margins of the retailers. As...  More »
  2. Hundreds of firms vie for Metro retail space 1
    07 Jan ' 09 at 16:43
    This makes no sense....they have had such a HIGH level of interest that the deadline must be extended? No, a more logical scenario is...  More »
Read all user comments >

BUSINESS FEATURES

Sale over?

While consumer confidence is wavering and tourist spending is on the slide, the amount of retail space is up.

World-class performance

How Tetra Pak Arabia has cut costs and increased productivity without impacting capability and quality.

Market makeovers

After 15 years in the business, the UAE’s Multiplex International now plans to invest in Oman and Qatar.

BUSINESS INTERVIEWS

Hell's kitchen

It took years for Gary Rhodes to become a leading chef. Like many others, he started at the bottom.

Brimming with confidence

The Nielsen Company’s regional MD Piyush Mathur discusses what its consumer survey has discovered.

MORE FROM ARABIANBUSINESS.COM