- Opening marks the first international grocery retailer to enter the country
- 2500 jobs to be created directly and indirectly within the first two years
- 600 local suppliers, manufacturers, producers and farmers across Uzbekistan are set to work with Carrefour
Tashkent, Uzbekistan: Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia announced today that it will open its first Carrefour stores in Uzbekistan, marking the first entry of an international grocery retailer into the Central Asian country.
Seven stores are set to open over the next two years as part of the initial expansion phase, with three supermarkets and one hypermarket coming online in 2020 and an additional two supermarkets followed by one hypermarket in 2021. These stores will collectively contribute to 17,400 Sqm of total retail area across Tashkent.
Hani Weiss, Chief Executive Officer of Majid Al Futtaim - Retail said: “A supportive government, growing economy, and high demand for a customer centric offering like ours makes Uzbekistan a compelling fit for our expansion into Central Asia. As the first international grocery retailer to enter the market, we look forward to working with AKFA Group and combining their knowledge of the local landscape with our expertise in the modern retail sector. This partnership enables us to create meaningful employment opportunities and fulfil our brand promise of creating great moments for everyone everyday.”
The announcement came as Majid Al Futtaim signed an agreement with AKFA Group, the largest private company in Uzbekistan with a diverse portfolio that includes construction, hospitality, telecommunications, financial services, healthcare and food production. The AKFA Group also owns retail and real estate assets which will host all seven Carrefour stores.
Abduvakhitov A. Alisher, CEO of Retail Division (Atlas) of Akfa Group of Companies’ commented: “As our President’s main objective is to open Uzbekistan to the whole world and attract new investments, we have been in discussions with Majid Al Futtaim since February 2017 to open hypermarkets and supermarkets under the Carrefour brand in Tashkent. We look forward to a successful partnership and believe that a new era will start in the retail market due to Carrefour’s presence in Uzbekistan. It will have a positive impact on the retail industry’s development by implementing international standards and improving the quality of products offered while creating employment opportunities.”
The entry of Majid Al Futtaim into the market will further stimulate the country’s economy, as it seeks to work with more than 600 local suppliers, manufacturers, producers and farmers across Uzbekistan. Furthermore, Carrefour’s operations will create almost 2,500 jobs directly and indirectly within the first two years. Carrefour will also introduce unbeatable value across a range of up to 40,000 products, offer exceptional customer experience, and best practices for hygiene processes.
Majid Al Futtaim holds the exclusive franchise rights to operate Carrefour in 37 countries and currently operates over 285 Carrefour stores in 15 markets. Recently, the company announced it will open its first stores in Uganda before the end of the year. Coupled with the opening of its Uzbekistan stores, Majid Al Futtaim will soon be operating in 17 countries.
Uzbekistan is one of the fastest growing economies in the CIS region, underpinned by a series of reforms implemented by the government including unifying the exchange rate, trade liberalisation, tax cuts and a population where 72% of inhabitants are under the age of 40. Despite this, Uzbekistan lacks the presence of an international grocery retailer, and with the food market expected to reach USD 5 billion in Tashkent alone by 2023, it marks a significant untapped opportunity for Majid Al Futtaim as it aims to further boost the country’s economy and drive modern retailing standards in the country.
Name: Marie Peguilhan
Number: +971 52 668 0931
The legal name of this company is “Majid Al Futtaim” and should not be shortened or replaced by an acronym to avoid confusion with another business entity.
Carrefour is one of the largest hypermarket and supermarket chains in the world. The brand was launched in the region in 1995 by Majid Al Futtaim, which is the franchisee to operate Carrefour in over 30 countries across the Middle East, Africa, and Asia.
In 1995, Carrefour opened its first hypermarket in City Centre Deira UAE and through the years, expanded to over 285 Carrefour stores in 15 countries across the region, more than 750,000 customers a day.
Carrefour operates different hypermarket and supermarket stores to meet the growing needs of its diversified customer base. In line with the brand’s commitment to provide the widest range of quality products and value for money, Carrefour today offers an unrivalled choice of more than 100,000 food and non-food products as well as thousands of household goods.
Carrefour is dedicated to rewarding its loyal customers and offering access to a unique and pleasant shopping experience through special offers and promotions throughout the year. Carrefour is committed to continued business growth in convenient locations across the Middle East, Africa, and Asia to create great moments for everyone, every day. More than 37,000 colleagues work at Carrefour stores operated by Majid Al Futtaim Retail.
About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia.
A remarkable business success story, Majid Al Futtaim started from one man’s vision to transform the face of shopping, entertainment and leisure to ‘create great moments for everyone, every day’. It has since grown into one of the United Arab Emirates’ most respected and successful businesses spanning 15 international markets, employing more than 43,000 people, and obtaining the highest credit rating (BBB) among privately-held corporates in the region.
Majid Al Futtaim owns and operates 26 shopping malls, 13 hotels and four mixed-use communities, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, Mall of Egypt, City Centre malls, My City Centre neighbourhood centres, and four community malls which are in joint venture with the Government of Sharjah. The Company is the exclusive franchisee for Carrefour in a number of markets across the Middle East, Africa and Asia, operating a portfolio of more than 280 outlets.
Majid Al Futtaim operates more than 400 VOX Cinemas screens and 36 Magic Planet family entertainment centres across the region, in addition to iconic leisure and entertainment facilities such as Ski Dubai, iFly Dubai and Ski Egypt, among others. The Company is parent to the consumer finance company 'Najm', and a Fashion and Home retail business representing international brands such as Abercrombie & Fitch, AllSaints, lululemon athletica, Crate & Barrel and Maisons du Monde. In addition, Majid Al Futtaim operates Enova, a facility and energy management company, through a joint venture operation with Veolia, a global leader in optimised environment resource management. The Company also owns the rights to The LEGO Store and American Girl in the Middle East and operates in the food and beverage industry through a partnership with Gourmet Gulf.
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About AKFA Group
AKFA Group was founded in 2001 with a focus on construction, it has since grown to become the largest conglomerate in Uzbekistan with a diverse portfolio that includes hospitality, telecommunications, financial services, healthcare and food production. Notable assets include the biggest medical centre in central Asia, a chain of entertainment centres and several major manufacturing facilities. The company is also a leading developer of real estate and retail assets.
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