The acquisition is part of the firm's expansion plan to the UAE and Saudi Arabia in the next five years
Kuwait’s wholesale membership retail store OnCost Cash and Carry has acquired all outlets of regional supermarket chain Gulfmart in the country.
Gulfmart has been operating in Kuwait since 1999. Its acquisition will see the company boast a total of 20 branches, with plans to increase them to 35 in the next five years, according to the CEO of OnCost Cash and Carry.
Saleh Al Tunaib said the firm is looking to expand to Saudi Arabia and the UAE through partnerships with retail groups in the countries.
"There are very few suitable real estate locations for central markets in Kuwait, and this was a hurdle to our expansion plans. By buying Gulfmart, we are able to immediately expand our presence in 16 new locations," he said.
OnCost Cash and Carry, which was established in 2010, focuses on competitive pricing and e-commerce services. Its Baqal service delivers online orders from customers through the Talabat or Baqal mobile app within 30 minutes of the order being placed.
The company’s acquisition of Gulfmart, which took two years to finalise, will see its total market share in the local food market reach 4%.
Its COO Remesh Ananda Das said OnCost Cash and Carry will strive to preserve the culture at Gulfmart so customers can retain the same experience when shopping at stores.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.