Retail group to open new shops, close others

NEW STORES: Al Fahim Holdings has announced plans to open 16 new shops in UAE, Bahrain while seven others will close. (Getty Images - for illustrative purposes only)

Al Fahim Holdings, which employs 4,000 staff across its retail outlets in the Middle East, has announced changes to its portfolio of stores in UAE and Bahrain.

While 16 new stores totalling 305,273 square feet will open, seven underperforming shops are being closed and one is being renovated, the company said.

In a statement to shareholders, Group CEO Mohammed Al Fahim said: "Despite the global downturn, we remain committed and well-placed to further our long-term strategy of selectively opening new stores, refurbishing strategic ones and pruning underperforming stores.

"To this end, we are constantly monitoring changes in consumer sentiments, shopping habits, the opening of new retail spaces and changing market conditions to maintain a profitable portfolio of stores."

Commenting on the current global economic scenario and its impact on the UAE, he said: "We continue to be very confident in the economy of the UAE and the leadership behind it. As retailers, we understand that there is a business cycle that all countries experience. We also believe that the UAE has strong and appealing fundamentals that will continue to make it a world-class destination for retail development."

The CEO also announced that all staff from the stores to be closed would be moved into new and existing stores.

He added that the internal transfers would not be sufficient for the new store openings and that additional hiring of employees would be necessary to fulfill the needs of these new stores.

Paris Gallery Group, the retail and distribution division of Al Fahim Holdings, manages the retail operations of homegrown brands Paris Gallery, Karisma, Watch Gallery, Shoe ME.

The Group also operates the franchises of international brands such as Aigner, Burberry, Cartier, ETRO, Ferrari, Roberto Cavalli, Salvatore Ferragamo, and Sergio Rossi in select Gulf markets.

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