Yusuff Ali M.A. and Talal Al Dhiyebi at the inauguration of LuLu's 148th store at The Mall in World Trade Center Abu Dhabi. - Supplied photo
LuLu Group launched a new hypermarket concept and revamped store design at The Mall in World Trade Center Abu Dhabi on Monday.
LuLu's 148th store was inaugurated by Aldar Properties chief executive officer Talal Al Dhiyebi along with LuLu Group chairman and managing director Yusuff Ali M.A., executive director Ashraf Ali M.A. and CEO Saifee Rupawala.
Situated within Abu Dhabi's central business district, the store has more than 100,000 square feet area.
Yusuff Ali said the newly launched hypermarket significantly adds to the portfolio of LuLu Hypermarket chains. "LuLu has been the shopping partner of different nationalities and we will continue to preserve this identity with our new store. This new hypermarket introduces a newly improved design and space, which will further strengthen the world-class shopping experience."
Talal Al Dhiyebi welcomed the opening of LuLu Hypermarket. "Aldar has an enviable portfolio of retail assets including malls and retail community centres throughout Abu Dhabi and Al Ain. We constantly review our retail mix to ensure we provide residents and visitors alike with the right balance of brands. This hypermarket, along with the nine other new brands that have opened at The Mall so far this year, expands the existing mix of retailers and will drive further footfall while responding to local resident demand."
10 new hypermarkets, China expansion plans
Yusuff Ali said the group saw tremendous growth opportunities in Abu Dhabi where 10 new hypermarkets are in the construction stage.
"It will be operational within the next 18 to 24 months. This includes Al Falaha, Reem, Khalifa City, Sadiyat, Beda Zayed etc."
Two more hypermarkets will be opened in the coming weeks - one in Umm Al Quwain and Saudi Arabia - that will make total number of outlets to 150.
LuLu also plans to enter the retail scenario in China where it has sourcing and logistics facility since 2000. A memorandum of understanding on co-operation on various areas of mutual interest was signed recently between Lin Yi, Party Secretary of Communist Party of China, Yiwu, in Zhejiang province and Yusuff Ali. As per the MoU, LuLu will increase its yearly exports from China which stands currently at $220 million to $300 million.
Apart from this, LuLu will also look into the possibility of investment to set up Hypermarkets in Yiwu and other major cities at an investment of $200 million. - email@example.com