By Staff writer
Lulu Group says it will add 20 more hypermarkets in the Saudi market, nearly tripling its presence in the Gulf kingdom by 2020
UAE-based retail major Lulu Group has announced plans to add 20 more hypermarkets in the Saudi market, nearly tripling its presence in the Gulf kingdom by 2020.
The details of the expansion plans, which will build on the retailer's existing eight hypermarkets in the country, were revealed during the launch its 133rd hypermarket in the city of Hail, north-western province of Saudi Arabia.
The new hypermarket is spread over about 160,000 square feet and will serve the residents of Al Jamiyeen District and its surrounding areas, a statement said.
Speaking after the inauguration, Yusufali MA, chairman and managing director of Lulu, said: “This is our eighth hypermarket in the kingdom. We have plans to open 20 new stores by 2020."
He described the kingdom as crucial to the company's expansion plan in the Gulf region.
“We have to expand aggressively here as the kingdom is investing in its industries, which means more jobs and business,” Ali said, adding that the economic slowdown has had little impact on the retail sector, especially the hypermarket and supermarket segment.
“There is no economic slowdown here, and business is as usual for us,” he added.
In November, it was reported that the Abu Dhabi-based Lulu Group International will invest $545 million to develop three new malls in the UAE.
Mall of Umm Al Quwain will be the first to open by end-2017 followed by Avenues Mall Sharjah by end-2018 and Avenues Mall in Dubai Silicon Oasis in first quarter 2019, it was reported.