Majid Al Futtaim announced it will invest EGP 700 Million in Egypt to open 20 new Carrefour stores by the end of 2019, taking the total number of stores to 60
Cairo, Egypt,18 April 2019 - Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, today announced that it will invest EGP 700 Million in Egypt to open a record 20 new Carrefour stores by the end of 2019, taking the total number of stores to 60.
Four of these stores (in Asmarat, Zagazig, Beverly Hills and Rehab) opened their doors to customers during the first quarter of the year. Among the remaining sixteen, other locations will include a hypermarket in City Centre Almaza and 14 supermarkets to be opened across locations in Alexandria, Damanhur, Mansura and Beni Suef. The plan also includes a new Carrefour hypermarket in Ismailia, which will be the first of a 100-strong store opening initiative planned for the coming years via a partnership framework agreed with the National Service Projects Agency and Ministry of Investment and International Cooperation.
As part of today’s announcement, Majid Al Futtaim Retail has affirmed its commitment to partner with the Egyptian government in bringing more customer choice and economic benefits to the people of Egypt. The company is investing heavily in the expansion of its network of stores in the country, honouring its intentions to bring high quality products at great value prices and convenient purchase methods to its customer base across the nation.
Today, Carrefour handles 35 million customers a year in Egypt. Last year the company introduced a new online shopping application, delivering on its promise of bringing even greater convenient grocery shopping to its customers. Carrefour also recently celebrated more than sixteen years in Egypt with an anniversary festival that saw selected products being substantially discounted, averaging around 27% below standard prices, in a promotion supported by many of its local suppliers.
Dr. Hervé Majidier, Chief Operating Officer for Egypt, KSA, Kuwait, Qatar, Oman and Bahrain at Majid Al Futtaim Retail said: "One of the key components of Majid Al Futtaim’s success in Egypt is our colleagues who are dedicated to ensuring the best shopping experience in the market for all our customers.”
He added, “We are committed to providing career opportunities and continuous training for our existing 6,000+ employees. As we expand, we will be able to offer more and more sustainable employment opportunities in the country. The growth that we and our suppliers are achieving as a result of our strong customer offering will also allow us to provide more indirect employment opportunities too, creating a triple win for our business, partner businesses and the Egyptian economy and its people.”
Jean Luc Graziato, Carrefour Egypt Country Manager at Majid Al Futtaim Retail said: "A key success factor underpinning our growth is our knowledge and understanding of what Egyptian customers need and want. Our large buying power allows us to provide the best value prices in the market and protect our customers from dramatic price fluctuations. Our policy to prioritise local suppliers has meant that today we work with more than 1,000 businesses in Egypt to help us provide more than 30,000 product items to customers. Our aim is to increase this over time, allowing us to deliver on even greater choice to Egyptian consumers, as well as generate opportunities for existing and new local partner businesses.”
Preparations for the Holy Month of Ramadan are underway at Carrefour in Egypt. The company has stocked up on products which are popular with Egyptian consumers at this time of year, including traditional pastries and sweets such as knafeh and atayef, and is offering a festive atmosphere in stores to create an authentic Ramadan shopping experience.