Dubai retailer Union Coop has announced plans to nearly triple its portfolio to 6.26 million sq ft by 2022 as it predicts an 84 percent jump in revenue.
Union Coop’s total retail area will grow by 264 percent from its current 2.36 million sq ft while revenue is estimated to rise to AED5.69 billion.
The company's investment in assets is also expected to nearly double to 3.92 billion by 2022, its chairman Majid Hamad Rahmah Al Shamsi said.
He said Union Coop expects to improve the efficiency of operations by deploying several initiatives aiming to leverage the performance of existing branches, developing new branches, in addition to boosting online shopping.
"We’re keen to keep up with the changing retail landscape by offering various shopping channels for the convenience and happiness of the consumers, in the form of online shopping, Shopper valet, home delivery and many more services,” he said.
Al Shamsi added that Union Coop is also looking forward to expanding outside Dubai.
Growing from 2.36 million sq ft to 6.26 million sq ft, he said the improvement in the total area will "not only improve the business opportunities for us but will also improve our services to shareholders and consumers in general”.
Union Coop, which began its journey with Satwa branch, now has 15 branches and two malls, and 16 future projects in the five-year forecast.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.
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