UAE-based retail giant Lulu Group and The Waterfront Market have signed an agreement to open an anchor outlet in Dubai in January 2019.
The Lulu Hypermarket will be spread across 55,000 square feet of retail space within the Waterfront Market and provide the Deira community with a wide range of products, a statement said.
It added that the Waterfront Market, a wholly owned subsidiary of Ithra Dubai, is the largest facility for fresh food in the region and consists of dedicated sections for fish and seafood; fruit and vegetables; meat and poultry; and spice and dry goods markets in addition to an array of F&B and retail offerings.
Located at the intersection of Al Khaleej Road and Abu Hail Street on the Deira Corniche overlooking the Deira Islands, the market provides the ideal location for Lulu Hypermarket to reach its customers, the statement added.
Issam Galadari, CEO of Ithra Dubai, said: “Our partnership with Lulu Group is a major new development which serves to position both brands as the ideal family shopping destination. Waterfront Market is keen to continue providing our growing number of shoppers with a range of choices that will complete their home shopping lists under one roof.
"The retail sector remains one of the most robust markets in the region and we are strategically positioned to offer product quality and variety at the best market value while improving our visitors’ shopping experience.”
The value of retail sales in Dubai is projected to soar up to AED160.7 billion by 2021 with an average growth of 5.6 percent from 2018 to 2021.
Lulu Group is one of the region’s fastest growing retail chains with more than 150 stores spread across the GCC, Egypt, India, and Far East.
Yusuff Ali MA, chairman and managing director, Lulu Group International, said: “Lulu Group has been strategically investing in key locations globally where it can best serve its diverse markets. Our partnership with the Waterfront Market serves our loyal customers at the heart of Deira, where we have established one of our earliest shopping centres.”For all the latest construction 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.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.