Geant Saudi Arabia aims to have 15 stores operating across the country within the next three years.
Two outlets are now open, in Riyadh and Al Khobar, and the company’s CEO, Mohammed Adil, confirmed that three more will open in 2005, in Riyadh, Jeddah and Qassim. Four more are due in 2006, which will bring the total by the end of next year to nine.
“Overall, I am very encouraged by the Saudi market and I see a big opportunity ahead,” Adil told ITPbusiness.net.
Each Geant store requires initial investment of around US $15 million to set up and is expected to generate annual revenue of up to US $75 million.
Geant Saudi Arabia is a franchise agreement between Groupe Casino, owner of Geant, and Fawaz Al Hokair Group, a diversified group with interests in retail, real estate and construction. It opened its first store, in Riyadh, in April 2004.
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