Majid Al Futtaim and Lulu among world’s ‘most powerful retail brands’

Majid Al Futtaim and Lulu among world’s ‘most powerful retail brands’

Two retail giants from the UAE have made it to the world's top 250 most powerful retailers. International consultancy Deloitte's "Global Power of Retailing 2021" has ranked the UAE-based Lulu Group and Majid Al Futtaim Holding among the powerful retail brands. Lulu Group – which operates hypermarkets and superstores across 10 countries – posted $7.4 billion revenues in the financial year ending 2019, achieving a compound annual growth rate (CAGR) of 5 per cent. The UAE-headquartered Lulu has 210 stores across GCC, Egypt, India, Indonesia and Malaysia. While Majid Al Futtaim Holding group revenues reached $9.57 billion, it posted group net retail income of $7.65 billion with CAGR retail revenue of 6.5 per cent, reveals Deloitte report. The list is led by US giants with Wal-Mart Stores at No. 1 followed by Amazon, Costco Wholesale Corp., Schwarz Group, The Kroger Co., among others. $ 4.85 trillion is the total aggregate retail revenue generated by the Top 250 retailers with 4.4% composite year over year retail revenue growth. Some of the key impacts of Covid 19 on leading global retailers as per the report are essential versus non-essential retail, reduced demand, enforced store closure, travels bans etc. On the