Spinneys to expand presence in UAE and Saudi Arabia after listing on DFM

  • Date: 09-May-2024
  • Source: Khaleej Times
  • Sector:Financial Markets
  • Country:UAE
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Spinneys to expand presence in UAE and Saudi Arabia after listing on DFM

Published: Thu 9 May 2024, 6:53 PM Last updated: Thu 9 May 2024, 6:54 PM

Spinneys is seeing a bright outlook for the retail industry and will capitalise on business opportunities in the region, its top official says.

The supermarket chain will expand its footprint in the UAE and Saudi Arabia through due to growing demand of retail products in the region.

“We have identified multiple avenues to accelerate the profitable growth of our business through our network of stores and broader omni-channel platform. This includes like-for-like growth for existing mature stores, driven by growth in our target market and an increase in Spinneys’ offering, private label and e-commerce penetration,” Sunil Kumar, chief executive officer of Spinneys, told Khaleej Times during an interview.

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Spinneys operates 75 premium grocery retail supermarkets under the Spinneys, Waitrose and Al Fair brands in Oman and the UAE, where it plans to open new stores this year. It has a 27 per cent share in its target market in Dubai and 12 per cent of the Dh23 billion target market in the UAE in 2022 amid continued growth in its online sales, its private label brands and