Dubai based company Majid Al Futtaim is working to make Pakistan an exporting hub of some of the local products by this year. In order to execute its huge investment plans, the company is looking to invest another Rs40 billion in the country’s booming retail business, despite the unsatisfactory situations of the country. Its worth mentioning that the group has already invested Rs8 billion since 2009 and is operating seven hypermarkets and one superstore in four metropolitan cities.
The group’s country manager for Pakistan, Gyu Taeg Kim, said “This year we have started partnership with local textile companies to export Pakistani products to other countries where we operate, since the country has a strong hold in textile products.” “The economic situation did not impact us much in the last 10 years and we anticipate that it will not hurt us in the next coming years,” Kim told The Express Tribune. “Modern retail has just started paving its way in Pakistan and there is a lot more that we can offer in this segment,” he added.
“According to our study of the Pakistani market, our company can contribute more to this business in first tier and second tier cities as their still exists huge potential. However, the basket size for second-tier cities will be a little different but still we believe to make a city-wise success by bringing in high standards of shopping,” he said.
The company will grow in two models i.e. standalone stores and hypermarkets. The new cities include Faisalabad, Multan, Gujranwala, Hyderabad, Sialkot, Gujarat, and Peshawar. In Karachi alone, the group is looking to increase its number of stores from currently two to 10 in the coming years.
Majid Al Futtaim is an Emirati holding company based in Dubai, that as of 2015 owned and operated shopping malls, retail, and leisure establishments in the Middle East and North Africa,with operations in 13 countries.
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17 November, 2019