Lulu Group International is on track with its $2.9 billion (AED10.7 billion) investment in its retail network, opening 91 hypermarkets between 2020 and 2023. It said 50 of these stores have already been opened during the Covid-19 pandemic.
The supermarket chain now has 235 hypermarkets, shopping malls and fulfillment centres across 12 countries including the GCC, India, Malaysia, Indonesia and Egypt.
Nandakumar Vijayan, Director of Marketing and Corporate Communications at Lulu Group International, said: “Despite continued headwinds including Covid-19 and other challenges, we have continued to expand our operations across the world. We never stopped growing.”
He made the announcement at the RetailME Tech & Marcoms Summit and ICONS Awards, revealing that Lulu will open 11 more hypermarkets this year and a further 27 hypermarkets and stores next year.
For each hypermarket, the company usually invests around AED125 million, he said. The total investment in 85 hypermarkets and six stores would exceed AED10.7 billion in four years at this rate.
Despite the headwinds and rising inflation worldwide, the retail sector is witnessing growth according to experts.
The global retail sales revenue will grow from $26 trillion in 2021 to more than $30 trillion in 2024, according to industry reports.
A report released by the Dubai Chamber of Commerce and Industry has projected the UAE’s retail sales to reach $70.5 billion by 2025 — an annual growth of 6.6 percent.
Justina Eitzinger, Chief Operating Officer of Images RetailME, said, “Innovation, evolution and revolution are the keywords that define the state of today’s retail industry which is in the middle of a tremendous transformation.”
Lulu Group employs 57,000 professionals across the world, and has partnered with the UAE Government to support its food security programme, by supplying food and consumer goods at an affordable price to protect UAE consumers from inflationary pressure.
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