As the UAE’s Co-operatives announce results, Kuwait-based The Sultan Center says it is to remain in Lebanon and Spinneys opens its newest store in Egypt, we round up news from the region.
UAE’s Consumer Co-operative Union discusses 2015 performance
As part of the launch of the 21st Co-Op shopping festival, the chairman of the UAE’s Consumer Co-operative Union, Majid Hamad Rahma Al Shamsi, said that the Co-ops had enjoyed sales growth of 3.22% in 2015, taking the total to AED7.17 bn (US$1.95 bn). The results were particularly positive given the Co-operative Societies investing some AED75m (US$20.4m) in prices as the fall in oil prices filtered down to negative affect shopper confidence in the country.
Al Shamsi also said that the company’s private label products had enjoyed strong growth in 2015 and accounted for AED76m (US$20.7m) in sales at the end of the year. For 2016 Al Shamsi said that the company was expecting private label products to grow by double digits, while it was expecting to end the year with 148 stores, up from 112 as of March.
The Sultan Center looks to expand in the Lebanon
The Sultan Center has said that it remains committed to the Lebanon market and was looking to renovate existing stores and add three new stores. The three new stores are expected to be opened in the South, Khaldeh, and Dora by the end of 2016 and will grow The Sultan Center’s presence in the country to 10.
Spinneys continues to expand in Egypt
Spinneys has opened its newest store in Egypt in Alexandria, in the upscale neighbourhood of Smouha, marking its first in the city and eighth in the country. Spinneys has been growing quickly in Egypt recently, opening three stores in 2015, all in Cairo, with this set to continue according to its chief executive for Egypt, Mohanad Adly. Two more stores are planned for 2016, with the first set to be opened in May in New Cairo.