Spinneys to embark on expansion with new stores



The supermarket chain Spinneys is to embark on a regional expansion, opening at least 10 stores across the Middle East in the next three years.

Michael Wright, the company's chief executive, says the market for "modern" retail is thriving in the region, despite prevailing global political and economic uncertainty.

"The opportunities for modern grocery retailing are there," he said.

"It takes time to build experience in different markets, and the timing is now right for our expansion, and it's also the right timing for the markets we are in."

Spinneys, which is majority owned by Abraaj Capital in Dubai, will spend US$50 million (Dh183.6m) to $100m on the expansion plan, depending on the types of stores it opts to open. The chain operates small convenience stores, supermarkets and hypermarkets.

It plans to open three more stores in Lebanon in the next years, four in Egypt, two in Qatar and two more in Jordan within two years.

"We are also interested in other countries," Mr Wright said.

"We had projects for Libya that are now waiting for the situation to sort itself out and some in Syria. In the four countries we are launching projects, the environment is more secure."

All the region's major retailers are opening stores in markets where they are already present or are expanding into new markets in the Middle East.

Lulu will open its 100th store next year, while Géant, Almaya and Carrefour have announced plans to open convenience stores in community developments.

The cost of opening a store can vary greatly, depending on whether the retailer is building the property or leasing space, but Mr Wright said each Spinneys store would cost $3m to $15m.

The Spinneys brand operates in Lebanon, Egypt, Qatar and the UAE, where it is run as a franchise by Albwardy Investment.

Mr Wright says the supermarket is enjoying double-digit sales growth across its range of stores, bucking the recent global economic gloom.

"We are seeing a great performance all round," he said.

"Many of the segments we work in are populated by competition, but some markets are wide open.

"The great thing about the Spinneys brand is that because we are regional, we know how to serve the type of customer here."

Spinneys, which was founded in Egypt in 1924, hopes to reach total revenue of $1 billion by 2013.

The specs

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Power: 201hp
Torque: 310Nm
Transmission: Single-speed auto
Battery: 53kWh lithium-ion battery pack (GS base model); 70kWh battery pack (GF)
Touring range: 350km (GS); 480km (GF)
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Infobox

Western Region Asia Cup Qualifier, Al Amerat, Oman

The two finalists advance to the next stage of qualifying, in Malaysia in August

Results

UAE beat Iran by 10 wickets

Kuwait beat Saudi Arabia by eight wickets

Oman beat Bahrain by nine wickets

Qatar beat Maldives by 106 runs

Monday fixtures

UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

Schedule:

Pakistan v Sri Lanka:
28 Sep-2 Oct, 1st Test, Abu Dhabi
6-10 Oct, 2nd Test (day-night), Dubai
13 Oct, 1st ODI, Dubai
16 Oct, 2nd ODI, Abu Dhabi
18 Oct, 3rd ODI, Abu Dhabi
20 Oct, 4th ODI, Sharjah
23 Oct, 5th ODI, Sharjah
26 Oct, 1st T20I, Abu Dhabi
27 Oct, 2nd T20I, Abu Dhabi
29 Oct, 3rd T20I, Lahore

The specs

Engine: 4.0-litre twin-turbo V8
Power: 680hp at 6,000rpm
Torque: 800Nm at 2,750-6,000rpm
Transmission: Rear-mounted eight-speed auto
Fuel consumption: 13.6L/100km
On sale: Orderbook open; deliveries start end of year
Price: From Dh970,000

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