Lulu ranks among 25 fastest growing retailers
DUBAI, January 25, 2016
Middle East retail major Lulu Group has been ranked the 25th fastest growing retailer in the world and it is placed 165th on the list of Top 250 Global Powers of Retailing, according to a recent report.
The 19th annual edition of the Global Powers Retailing was released by Deloitte.
The report identified the 250 largest retailers around the world based on publicly available data for fiscal 2014. It analysed their performance based on geographic region, primary product sector, e-commerce activity and other factors.
Lulu, which currently operates 121 hypermarkets and supermarkets across the Middle East and North Africa (Mena) and India recorded an annual retail sales turnover of $5.8 billion last year, according a report published by the National Retail Federation.
Lulu has been on an aggressive expansion drive announcing large investments in Egypt, Bahrain, Saudi, India, Indonesia and Malaysia to the tune of almost $1.7 billion.
Meanwhile, Walmart topped the list with a revenue of $485 billion in 2014, followed by Costco Wholesale Corporation and The Kroger Co, both from the US.
UK retailer Tesco, however, which announced its worst ever results last year in UK’s biggest retail loss was pushed to fifth position.
Most emerging markets suffered as capital outflows put downward pressure on currencies. This led central banks to raise interest rates, thereby dampening growth. During this period Brazil and Russia fell into recession, but India’s economy accelerated, helped by lower energy prices and an easing of monetary policy, said the Deloitte report.
It also said that despite tough economic conditions, revenues for the world's 250 largest retailers reached $4.5 trillion in fiscal 2014, an average size of nearly $18 billion per company.
Yususffali MA, the chairman of Lulu group, said: “I am very confident of the regional retail market and like in the past, will not slow down our expansion plans. The current negative sentiments on the market are temporary phenomena and companies with strong fundamentals and long term vision will march ahead.
"Next two years are very crucial for us as we embark on new markets of Egypt, Malaysia, Indonesia while strengthening our presence in the GCC and India.”
"Online is another area where we are going to focus more. Our luluwebstore which was primarily into consumer durables and electronics is now selling grocery and food products giving multi-channel shopping experience to our shoppers,” Yusuffali added. - TradeArabia News Service
