Regional retail major, Lulu said yesterday it launched Riyadh's biggest department store, saying Saudi Arabia was crucial to its massive regional expansion plans.
With this, the hypermarket chain's number of stores reached 83.
The Riyadh hypermarket was Lulu's second outlet in Saudi Arabia after Al Khobar with four more in the pipeline by the end of the year.
The new lifestyle shopping destination, "Lulu Shopping" spread over 100,000 square feet was inaugurated by prominent Saudi businessman, General Saleh Al Habdan in the presence of Indian Ambassador to Saudi Arabia, Talmiz Ahmad, Lulu Group Managing Director, Yusuffali MA, Chief Executive Officer, Saifee Rupawala, senior Government officials and businessmen.
"Saudi Arabia is crucial to our expansion drive outside the United Arab Emirates, as its economy is mammoth-sized with an affluent and growing population. We have to expand aggressively here, as the oil rich nation is investing in its industries. This only means more jobs and business," said Yusuffali MA.
Four more hypermarkets would be ready in the Kingdom by the end of this year, he said.
The group has 32 per cent market share in the regional retail market and the largest in the Middle East, according to the London-based market research firm GMRC.
"Our immediate plans include the upcoming Mushrif Mall or the Central Fish Market project in Abu Dhabi, besides a shopping mall in Al Ain and RAK in the United Arab Emirates," he said.
The expansion plan includes India, where one of the biggest shopping malls of the country was being built in Cochin in the southern State of Kerala.
In North Africa's largest economy of Egypt, the first outlet would be rolled-out to customers by mid-2010.
By K.V.S. Madhav
© Bahrain Tribune 2010
