By Amy Glass
Consumer Co-operative Union posts $895mn in sales in 2007, up 19% on previous year, chairman says.
Sales for co-operative societies across the UAE increased 19% in 2007, with the Consumer Co-operative Union (CCU)group posting 3.29 billion dirhams ($895 million) in consumer purchasesfor the year.
Majid Rahma Al Shamsi, chairman of the CCU, said on Monday the capital of co-op societies rose to 526 million dirhams in 2007, an increase of 29.3 million dirhams over 2006.
Shareholders also increased 8% to 34,885 compared to the previous year, Al Shamsi said in a report carried by state news agency Wam.
The number of co-operative outlets in the UAE has grown to 81 branches in 2007, with 10 new branches due to open, he added.
Over 660 items are supplied by the Consumer Co-operative Union to all UAE Co-ops, with 170 items under the Co-op brand name priced at 10% - 30% less than other brands.
Dubai’s Union Co-op, which operates about 16 stores across the UAE, said last month it intends to open the biggest hypermarket in the world.
The store, to be located in Al Barsha, is expected to open in May next year.
The Union Co-op, which expects some food prices to rise up to 30% this year, said it had agreed to fix the retail price of 16 foods this year to help combat inflation and encouraged other retailers to do the same.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.