Spinneys to open hypermarket in Egypt
Cairo, March 30, 2010
Spinneys, a premier supermarket retailer, has signed 20-year lease agreement with Egyptian Centres, a company owned by Fawaz Alhokair Group, to open its fourth store in Egypt.
The Spinneys will open the 11,000 sq m store, its third in Cairo, at the Mall of Arabia, in 6th October City, said a company statement.
The store's selling area will be bigger than a full-size football pitch, offering high-quality products at very competitive prices and superior customer service, said Michael Wright, Spinneys Group CEO, and Salman A. Alhokair, president of the Real Estate branch of Fawaz Alhokair Group after signing the agreement.
Shady Abou Saad, general manager of Spinneys Egypt, Mohamed Nasser El Mallah, general manager of Egyptian Centres and Karim El Gendy, Eyptian Centres CFO attended the signing ceremony held at the Four Seasons Hotel in Cairo.
'The agreement plays a pivotal role in the Spinneys expansion strategy in Egypt. Spinneys already operates one store in Cairo and another in Hurghada,' Wright said.
'We strongly believe in the Egyptian market, and we are delighted to have joined Egyptian Centres magnificent project,' he remarked.
'Spinneys opened in City Stars in Cairo in 2006. The hypermarket has since become a leading outlet in the country and today welcomes more than 8 million people a year.'
'Our plan is to expand the number of our outlets to bring the unique Spinneys combination of fantastic ranges, prices and promotions, together with our renowned service, quality and hygiene, to consumers across the country,' Wright added.
Egyptian Centers started its operation in Egypt in 2007 under the umbrella of Fawaz Al Hokair Group and is now aiming to become the biggest owner and operator of shopping malls in the country.
The first on-going project for the company is Mall of Arabia 'Cairo' located in Juhayna Square, 6th October City. With a gross leasable area of 180,000 sq m and a total built up area of 267,000 sq m, the mall is expected to attract over 400,000 visitors weekly.
The mall has a unique design that combines contemporary and classic architecture, and is set to attract the region's most renowned retailers.
With more than 9,000 free car parking space, cinema complex, family entertainment zone and the largest open air casual dining and coffee shops activities. Mall of the Arabia is strategically planned to be Egypt's premier shopping destination for Egyptians and tourists visiting Cairo.
Spinneys, founded in 1924 in Alexandria, Egypt, by Arthur Rawdon Spinney, is renowned for delivering superior service to the consumers over the past 85 years and is now recognized as being the leading premium supermarket in the Middle East and North Africa.
Fawaz Alhokair Group, a big name in the retail industry, has in over 20 years transformed the retail landscape of Saudi Arabia through successfully pioneering international retail franchising.-TradeArabia News Service