Lulu Group to push Middle East’s retail sector growth with $2.9bn investment

Lulu Group to push Middle East’s retail sector growth with $2.9bn investment

Lulu Group International, the operator of the Middle East’s largest organized retailer, has planned for an investment of $2.9 billion in the retail sector, to open 91 new hypermarkets and stores in four years, from 2020 to 2023.

This came at the RetailME Tech & Marcoms Summit and ICONS Awards, organized by Images RetailME, the largest retail information and market intelligence platform in the Middle East, that saw 45 experts sharing their insights on the changing retail landscape in the region and the rest of the world.

Despite the headwinds and rising inflation worldwide, the retail sector is witnessing growth. The global retail sales revenue will grow from $26 trillion in 2021 to more than $30 trillion in 2024, which is equivalent to a third of the global economy, 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.

Nandakumar Vijayan

Director

Marketing & Communications

Lulu Group “We are going to open 11 more hypermarkets this year and a further 27 hypermarkets and stores next year. For each hypermarket, the company usually invests around $34 million. We opened 9 hypermarkets and 2 dark