Majid Al Futtaim Retail plans to open its first Supeco store for wholesalers, retailers, and walk-in customers in Egypt by the end of 2022 in Cairo, a top company official told Zawya Projects.
"Construction of the new store is underway and would be followed with many other branches under the Supeco brand, which will serve wholesalers, retailers, and walk-in customers," said Philippe Peguilhan, Country manager of Carrefour Egypt at Majid Al Futtaim Retail.
According to Carrefour's website, Supeco (a contraction of supermarket and eco) is a low-cost hybrid concept, which mixes traditional supermarkets and 'cash & carry' in a warehouse environment.
Peguilhan didn't disclose more details but said Carrefour is now operating 59 stores across Egypt, of which 14 are hypermarkets, and 45 are supermarkets.
"This year, Majid Al Futtaim Retail plans to invest 250 million Egyptian pounds ($16 million) in the country," adding that the company's total investments in Egypt have reached 2.3 billion pounds to date ($146 million).
In 2021, Carrefour had opened seven hypermarkets in Egypt.
Peguilhan said Carrefour aims to become the centre of community engagements before and during the holy month of Ramadan, both online and offline, following the theme of generosity with 'Ramadan Kareem Bel Kheir with Carrefour.' He said Carrefour is collaborating with Egyptian Food Bank to enable customers to buy Al-Kher Cards (in-stores and online) as one of their key activities.
(1 US Dollar = 15.71 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)