PHOTO
UAE-based hypermarkets operator Lulu Group has partnered with Dubai Outlet Mall to open the country’s first-ever megamarket, a concept popularised by big-box retailer Costco that enables customers to shop everything under one roof.
Bigger than a supermarket or a hypermarket, the upcoming shopping destination will occupy an area of 200,000 square feet and will offer all sorts of goods, from groceries to electronics, shoes and clothes, a spokesperson told Zawya.
The outlet is slated to open in the beginning of 2022. Targeting both B2B and B2C buyers, the store will be operating on a “cash and carry” concept and leverage on bulk prices.
“The cash and carry concept [of the store] offers exclusive bargains as well as a broad range of low-cost, high-value products at competitive prices focused on merchandise quality, wide selection, as well as customer ease and convenience,” Ali Khammas, executive director of Dubai Outlet Mall, said.
Demand for value shopping
The partnership has been entered ahead of the opening of Dubai Outlet Mall’s expansion, which will span over 3.5 million square feet, elevating the shopping centre’s status as the largest outlet mall in the world.
Lulu Group made the strategic decision to open a megamarket after research showed that the new mall expansion could potentially attract 1.2 million customers who are into value shopping and year-round bargains.
“Our aim is to enhance the retail experience for our customers within prestigious developments in the buoyant retail sector and Dubai Outlet Mall has provided us the perfect platform to present to the region the latest in value retail,” said Yusuff Ali M.A., chairman and managing director of Lulu Group.
“We are confident in the demand for bargains and cash and carry goods and look forward to being pioneers together in this area of retail.”
The retail giant has been on an expansion spree, opening at least 10 hypermarkets in the first quarter of 2021 alone.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021
