Nov 12 2009 |
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AFGRE Announces Carrefour as Hypermarket Operator at Festival Centre
DUBAI -- Al Futtaim Group Real Estate , or AFGRE , on Wednesday announced the leasing of Cairo Festival City's Festival Centre hypermarket in a deal signed with Majid Al Futtaim 's Carrefour . Officials from both companies met here on November 3 to sign the contract which provides Carrefour with a nine year lease and the option to renew for a further nine years."Signing with Carrefour is an exciting development for both Cairo Festival City and MAF Hypermarkets We are certain that bringing the best Hypermarket operator to the best site in Cairo will meet the needs of the New Cairo population," said Brett Schafer, AFGRE 's Senior Managing Director.
MAF Retail introduced the hypermarket model in the Middle East in 1995 and since then have rapidly expanded in the region. Today they operate 37 stores across the MENA region, of which, 4 hypermarkets and 1 supermarket are in Egypt. In addition, Carrefour is considered the largest international operator in this sector, with 7,984 stores worldwide including 1,262 hypermarkets.
Elaborating in more detail Philip Evans, Director of Retail Leasing at AFGRE stated: "Choosing Carrefour and MAF Retail was an easy decision. MAF Retail is definitely one of the most experienced hypermarket operators in the region and we are confident that they will provide us with the high level of services we have all become used to. Carrefour is the second largest Hypermarket operator in the world and the largest in terms of international presence. We are developing a quality super regional shopping centre with an international line up of retailers. We will be announcing more quality signings very soon."
By Staff Report
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