UAE’s BPGIC says limited impact from coronavirus on oil storage facilities

UAE’s BPGIC says limited impact from coronavirus on oil storage facilities

LONDON: Saudi Arabia's biggest retail franchise group reported a full year loss of SR577.5 million ($153.9 million) as the global shopping industry emerges from near paralysis.

Fawaz A. Alhokair & Co (Alhokair) is behind some of the region's biggest brands and like other retail groups worldwide has been heavily exposed to the fallout from coronavirus-related lockdowns throughout the Middle East.

"We have significantly cut operating expenses and are continuously streamlining our supply chain process by strengthening our supplier relationships and with investments in technology,“ said CEO Marwan Moukarzel. "As we come to grips with the impact of COVID-19, we will not shrink from maintaining or even accelerating this pace of change and widening its scope to encompass new aspects of the business model."

The retailer said it closed 234 stores over the year ending March 31 2020, but also gained 125 outlets through its acquisition of ten new international restaurant brands that included Cinnabon and Seattle's Best Coffee. In overall terms, its global network of outlets fell to 1,580 stores from 1,689 a year earlier.

The coronavirus pandemic has devastated the global high street and triggered the collapse of several major retail names including Debenhams and JCPenney. The crisis has also spurred the growth