Emke, Landmark among top global retailers
Dubai, January 29, 2013
Two UAE-based retailers - Emke Group and Landmark Group - have been named among the world's fastest 50 growing retail chains by auditing and research firm Deloitte.
Emke Group, which operates the region's largest retail chain LuLu Hypermarkets, is the world's ninth fastest growing retail chain, while Landmark Group has been named as the 16th fastest retailer in the world, according to a report in our sister publication the Gulf Daily News.
They are trailing Amazon.com and Apple - ranked seventh and eighth fastest growing retailer brands in the world, respectively.
"Retail revenue for the 50 fastest-growing retailers increased at a compound annual rate of 22 per cent between 2006 and 2011," author of the report Ira Kalish said. "While the fastest 50 is based on revenue growth over a five-year period, most of the retailers on the list maintained their aggressive growth."
"Last four-five years have been very positive for us in spite of the global slowdown," Emke Group managing director Yusuffali MA said.
"In fact in this period, we opened 30 hypermarkets and malls across the region and recorded a sales growth of $4.25 billion from $2.7 billion with compound annual growth rate of 30.5 per cent.
"This shows the market is very strong for retailers who can provide world-class quality and service at affordable prices to consumers. Currently, we have 104 stores across the region and this year we intend to open another 12 hypermarkets including the first one in India," he said.
"This will generate additional employment opportunities of more than 4,500. We are also exploring new growth opportunities in Egypt, Iraq and countries in the Far East, especially in Malaysia and Indonesia. At, present the group's total strength is 30,000 from 29 nationalities," he added.
Global Powers of Retailing 2013, a benchmark report, released recently, also named these two UAE-based retailers amongst the world's top 250 retail groups for the first time.
"The region's retail sector has displayed strong resilience in the face of global economic downturn and is expected to continue to grow at a steady pace given its attractiveness to tourists and residents in terms of geographic location, developed logistics and availability of diverse and quality shopping options," Alpen Capital managing director Mahboob Murshed said.
According to Alpen Capital, between 2011 and 2016, the GCC's retail sales are expected to grow at a compound annual growth rate of 7.7 per cent to reach $270.3 billion.
"While the sector presents attractive opportunities, it is highly competitive and retailers need to continue to innovate so that they can achieve sustainable growth and profitability," Murshed said.
Despite economic challenges faced by consumers worldwide, the top 250 retailers achieved a 5.1 per cent increase in their sales-weighted, currency-adjusted revenues with an average of 3.8 per cent composite net profit margin, Deloitte research found.
"Despite the economic slowdown, composite retail revenue soared for companies based in Africa/Middle East, Latin America and Asia/Pacific," Deloitte said in the report.
"Growth continued to be fuelled by burgeoning middle classes, youthful populations and sizeable foreign direct investment.” – TradeArabia News Service
More Retail & Wholesale Stories
- Al Meera opens first 24/7 mall in Qatar
- Fijitsu scanners feature PaperStream
- LG launches new tablet in UAE
- Major jewellery expo opens in Dubai
- Weber renews Carrefour UAE partnership deal
- BMMI marks ‘Quality Month’
- Philips launches Airfryer XL
- Mena online spending to hit $15bn by 2015
- China Homelife Dubai kicks off
- Acer launches new EMEA brand campaign