Lulu Group has extended its operations in Saudi Arabia with a new hypermarket opening in Hail, in the north-western province.
The hypermarket, which is the group’s eighth in the kingdom, is spread over an area of about 160,000 square feet serving the residents of Al Jamiyeen district.
The group has plans for another six hypermarkets to open in the country this year with three in the eastern province, two in the Riyadh area and one in Jeddah.
“This is our eighth hypermarket in the kingdom. We have plans to open 20 new stores by 2020,” said Yusuff Ali MA, chairman of Lulu Group. He said the kingdom was crucial to its expansion plan as the economic slowdown had little impact on the hypermarket and supermarket sector.
“We have to expand aggressively here as the kingdom is investing in its industries, which means more jobs and business. There is no economic slowdown here, and business is as usual for us, the retail chain has not witnessed any discouraging signs as sales and revenue targets have been met, so far.”
The IMF cut its growth forecast for Saudi Arabia on lower oil production as the kingdom ushers in a slew of economic reforms. GDP will expand 0.4 per cent in 2017, according to the IMF. It compares with the fund’s October prediction of 2 per cent growth.
ascott@thenational.ae
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