Al Fahim to open 16 new stores, close 7
Dubai, June 3, 2009
Al Fahim Holdings, a leading high-end luxury goods retailer, has announced revisions to its portfolio of stores in UAE and Bahrain, which includes the opening of 16 new stores and the closure of seven underperforming stores.
The 16 new stores will total 305,273 sq ft, while seven underperforming stores total 39,167 sq ft.
“Despite the global downturn, we remain committed and well-placed to further our long-term strategy of selectively opening new stores, refurbishing strategic ones and pruning underperforming stores,” Mohammed A R Al Fahim, group CEO, said in a statement to shareholders.
“To this end, we are constantly monitoring changes in consumer sentiments, shopping habits, the opening of new retail spaces and changing market conditions to maintain a profitable portfolio of stores.”
“We continue to be very confident in the economy of the UAE and the leadership behind it,” Al Fahim continued.
“As retailers, we understand that there is a business cycle that all countries experience. We also believe that the UAE has strong and appealing fundamentals that will continue to make it a world-class destination for retail development. We would not be making the largest investment in our four-decade existence in new stores if we felt otherwise.”
The CEO also announced that all staff from the stores to be closed would be moved into new and existing stores.
He added that the internal transfers would not be sufficient for the new store openings and that additional hiring of employees, including Emiratis, would be necessary to fulfill the needs of these new stores. – TradeArabia News Service