Lulu Group plans USD 2.9 Billion investment to launch 91 new stores
Category: #retail  By Pankaj Singh  Date: 2022-06-29
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Lulu Group plans USD 2.9 Billion investment to launch 91 new stores

Multinational conglomerate Lulu Group International has reportedly planned to invest USD 2.9 billion to launch 91 new stores and hypermarkets from 2020 to 2023.

Lulu Group is one of the retailers that kept on expanding during the COVID-19 pandemic by launching 50 large-format outlets. This includes 6 fulfillment centers and 44 hypermarkets from 2020 to date despite the pandemic.

The move takes the number of Lulu fulfillment centers, shopping malls, and hypermarkets to 235 in 12 nations including India, the GCC, Indonesia, Egypt, and Malaysia.

In a statement at the RetailME Tech & Marcoms Summit, Lulu Group International’s Director of Marketing and Corporate Communications Nandakumar Vijayan commented that the company plans to open 11 more hypermarkets in 2022 and another 27 stores and hypermarkets next year.

For every hypermarket, the company generally invests USD 34 million (Dh 125 million). The overall investment across six stores and 85 hypermarkets would surpass USD 2.89 billion (Dh 10.62 billion) in four years.

Out of the 91 planned stores and hypermarkets, the company has already launched 50 during the pandemic.

Nandakumar remarked that the company opened 2 dark stores and 9 hypermarkets in 2020 and three stores and 24 hypermarkets last year, at the peak of the outbreak. This year, the organization has already opened one store and 14 hypermarkets with a further 11 by the end of this year.

Lulu Group International has regional and sourcing offices in the United Kingdom, United States, Turkey, China, Malaysia, India, Thailand, Indonesia, Vietnam, the Philippines, Uganda, and South Africa.

The organization employs around 57,000 professionals worldwide. It has also collaborated with the UAE administration to support the country’s food security program by providing affordable consumer goods and foodstuff to prevent the consumer from the pressure of inflation.

For the record, Images RetailME organizes RetailME Tech & Marcoms Summit, the largest market intelligence and retail information platform in the Middle East.

Source credit:

http://www.tradearabia.com/news/RET_398099.html



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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