Carrefour to open 10 new stores next year across the UAE

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Leading shopping mall, retail and retail pioneer Majid Al Futtaim has recently announced its plans to open 10 more Carrefour stores in the UAE in 2017. The French hypermarket opening will target 140 hypermarkets and 210 supermarkets in the countries, and expand its territory in six new markets, the company said in a statement.

The French hypermarket is the largest hypermarket chains in the MENA region, will open two hypermarkets and eight supermarkets across UAE next years as it aims to meet the growing demand for convenient shopping.

Started 21 years ago, the brand since then has become synonymous with providing its customers with unbeatable choice and market. The announcement came in correspondence with the chain marking its 10-day anniversary celebrations, currently running all over the country. Currently, in the test phase, the hypermarket is also looking forward to extending its home delivery services across Dubai.

Store opening in First Avenue

Meanwhile. Dubai Motor City’s upcoming new shopping mall First Avenue has recently signed a deal with Carrefour to becoming its key tenant anchor ahead of the launch in 2017.

Carrefour is all set to open the new store in First Avenue while other major retailers are set to be announced for the Dh500 million project’s launch during the first quarter of next year.

The hypermarket will be spanning15, 000 sq ft of space on the ground floor of the new mall’s east side, a statement said.

The First Avenue mall will comprise of 70 high-street retailers and 15 casual dining restaurants. Park Inn by Radisson will be operating a 4* 150 room hotel, adjoining the mall. The development, owned and managed by Saudi Arabia’s Al Tawfeeq for Development and Investment (ATDI), will open in the first quarter of next year.

Dr Ramy Moussly, ATDI general manager, said, “Over the coming months, we will announce more retail partners for the mall which is responding to demand from residents, tourists and the business community for a unique shopping and hospitality experience. With healthcare services and a children’s entertainment area located in the development, First Avenue is an all-week-round destination, rather than just somewhere to go at the weekend”.

First Avenue is designed as a European-style mall, with an indoor-outdoor boulevard and Arabesque influences.

Revenues

In August Majid Al Futtaim reported an 11% rise in group revenues for the first six months of 2016 to Dh15.2 billion ($4.13 billion).

Earnings before interest, tax, depreciation and amortization (EBITDA) increased by 7%, reaching Dh1.9 billion.

The group also reported total assets valued at Dh52 billion and net debt of around Dh10 billion.

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