Aug 18 2009 |
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Adcoops aims to more than double turnover
The Abu Dhabi Co-operative Society ( Adcoops ) plans to more than double its annual turnover to Dh3.6 billion in 2013 from Dh1.3bn last year, a senior executive said yesterday.Bejoy Thomas Pulickel, Marketing and New Initiatives Manager, Adcoops , told Emirates Business, Adcoops was set to double its group daily turnover to Dh10 million by 2013 through new markets, diversification and other new retail formats.
"I assume if there is no in organic factor affecting growth, under normal circumstances we will close this year at 18 to 20 per cent growth comfortably. Last year we closed at Dh1.3bn. This year we expect to close at about Dh1.6bn," he said.
About the company's expansion plans, Pulickel said Adcoops will expand in Abu Dhabi with new stores in the many projects being developed under the Abu Dhabi 2030 Plan.
"In Abu Dhabi, we will stretch our arms to wherever we want to be, and will definitely do that. We already have agreements for four new stores. By the first quarter of 2010, we will have more than four outlets in the communities that are being developed," he said.
The company has identified new markets and signed partnerships with a number of developers, Pulickel added. "We have strong expansion plans. We certainly have new initiatives that will bring much better offerings into the market," he said.
Regarding funds for the expansion plans, he said funding was not a problem for the company, and if required it could also get financing.
Regarding the investments by 2010, he said: "Investment is a huge question in this business because most of what governs it is variable. For example, when I rent a store, that is also an investment. Rents vary for different premises in different localities. We are very sound financially and open for growth, and by 2013, we want to be a company with a daily turnover of Dh10m. That is above the 25 per cent average year-on-year growth, which is the minimum."
Pulickel said Adcoops will be coming up with a new format of retailing, which will have much higher influence in the marketplace and will enhance the standard of life for residents in the emirate.
"We want to be the preferred retailer for any developer. Any company developing a retail venue should think that the ideal partner would be Adcoops . It is our goal to remain the number one retailer in the emirate. We want to be a holding company of various large-format retailing concepts and this is what we are trying to achieve," he said.
Pulickel said more than 600 items with low prices will be offered every week during the month of fasting. The package includes two Ramadan baskets with essential foodstuffs. The premium basket costs Dh170 and the normal one Dh99.
"All the special Ramadan products are being offered at cost prices. We will also serve 30,000 Iftar meals during the holy month," he said.
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