LuLu Group launches new store in Egypt, its 200th store globally
In a clear sign of economy bouncing back embracing the new norms, multinational conglomerate company LuLu Group has opened its newest hypermarket in Park Mall located at the 90th St., 5th Settlement, beside the American University in Cairo, New Cairo, Egypt.
The 8,700 square-metre hypermarket is the third LuLu in Egypt, which is planning to expand further in the biggest market in the MENA region.
It presents an investment of EGP 165 Million for the Group, and the inauguration of this hypermarket is a landmark achievement, as it marks the 200th hypermarket of the Group globally.
LuLu has announced that it will open 11 hypermarkets and four minimarkets in Egypt in the next three years. In addition, the Group will also invest in a state-of-the-art logistics center with all facilities to service its Egyptian retail outlets.
The 200th milestone hypermarket was inaugurated by Ali El-Moselhi, Egyptian Minister for Supply and Internal Trade, in the presence of Dr Ibrahim Ashmawy, Deputy Minister of Internal Trade and other prominent officials and business leaders. The newly launched hypermarket will offer over 30,000 types of goods to customers, keeping alive the LuLu trademark of maximum variety for the best prices.
Yusuffali MA, Chairman of Lulu Group quoted: “Indeed a proud moment for me and my entire team who has been our strength and real asset during the journey from a humble beginning during the first Gulf war in early nineties till date. I take this opportunity to thank the visionary leaders for their proactive strategies and the wholehearted support which have been our guiding force, especially during these challenging times.
It’s been a very eventful, but a very satisfying journey and we will continue to grow both in existing as well as new markets. There might be some delays in launching our new projects but none of them have been shelved. Hopefully, we will reach 225 store count by the end of 2021.”
The first LuLu Hypermarket in Egypt is in the Emerald Twin Plaza Mall in New Cairo, which was launched in 2015. The second hypermarket was opened in July 2020 at the Wadi Degla Club, Sheraton Heliopolis.
LuLu Group Chairman and Managing Director Mr. Yusuff Ali M.A. recently announced its accelerated plans to invest in Egypt, after the Group signed an MoU with the Prime Minister of Egypt and with Egypt’s Ministry of Supply & Internal Trade & Ministry of Housing, Utilities & Urban Communities.
The Group plans to invest EGP 8 billion, $ 500 million, in the country.
With four decades of experience, LuLu Group is led by visionary Chairman Mr. Yusuffali M.A. and has its headquarters in Abu Dhabi.
It operates in 22 countries worldwide and is the fastest growing retail group in the MENA region and has an annual turnover of $ 8.4 billion.
The 200 Hypermarkets and shopping malls of the Lulu Group are spread all over the MENA region and in India, Malaysia and Indonesia.
The Group currently employs 55,000 employees worldwide and serves 1,600,000+ customers worldwide daily.
Besides Hypermarkets and shopping malls, the Group also manages food processing, sourcing and logistics operations worldwide in Asia, Africa, Europe & USA.
The state-of-the-art integration of food sourcing and processing services makes Lulu Group a vital link in the food security plans of governments around the world.
Chairman & M.D. Mr. Yusuffali M.A. has always spoken of the need to nurture local progress and growth throughout his retail conglomerate. In Egypt, the Group already employs 1,100 Egyptians and this number will rise to over 8,000 direct and indirect job opportunities in the coming three years.
Egypt features strongly in this plan and the Group has entered into a strategic business association with prominent developers, such as Wadi Degla Development, Mahgoub Developers, Zaghloul Development, Porto Group & TMG Group to come up with more Hypermarkets in Egypt.
The potential to serve as a channel for Egyptian exports globally is huge and the Group’s Export Division (Y International Egypt Co.) already exports a huge quantity of more than 300 Egyptian products in the categories of Fruits & Vegetable & other fresh, chilled & Frozen food products & non-food products to its hypermarkets spread across the countries in the Middle East. The Group is also planning to significantly increase its exports from Egypt.
www.lulugroupinternational.com
