By Elizabeth Broomhall
Dubai-based retail giant plans to bolster F&B retail portfolio over fashion this year
Dubai conglomerate Landmark Group will open five food and beverage outlets this year in a bid to diversify its retail portfolio, a senior executive said Monday.
The retailer, which bought Italian café chain Carluccio's last September in a deal valued at around $139m, plans a series of mall-based outlets including two burger joints and a homegrown Indian cuisine concept.
Landmark is eyeing locations in Dubai Mall, Dubai Marina Mall and Mall of the Emirates for the outlets, said general manager for business development and property Shakeel Hussain.
“We have a portfolio of brands, but the expansion and the role out of F&B is more [of a focus] now, as opposed to fashion. There isn't much scope for fashion to grow now, because there so much fashion and footwear in the market,” he said on the sidelines of the 4th Arabian Business Forum in Dubai.
“It's not that we're not investing in fashion, there is always the scope to do that, but what's happening in the fashion industry is there's so much offering in the market. We were missing out this area of F&B so we thought we should look at that.”
The Dubai conglomerate said in September it planned to open 25 Carluccio’s outlets in the Middle East by 2015, following launches in the UAE and Qatar.
Landmark, which counts the brands Babyshop and Shoemart in its retail portfolio, has 900 existing stores across the Middle East, India, Turkey and Pakistan, and employs 31,000 staff.
In October, the company said it would invest AED200m ($54m) in opening 100 retail stores by June 2011.
In addition to the new F&B offerings, Hussain also confirmed that two new UK high street fashion brands would be launched this year, though he declined to name the lines.
Landmark last month launched US footwear brand Steve Madden in the UAE, with four stores across Dubai and Abu Dhabi.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.
A Good move... and diversification is always good for any organization.