Fawaz Abdulaziz Alhokair plans to open 250 stores
Saudi Arabian retail franchise specialist Fawaz Abdulaziz Alhokair has revealed plans to open nearly 250 stores at home and overseas this financial year, as its domestic market goes from strength to strength.
Alhokair, which franchises everyone from Zara to Marks & Spencer, Superdry, Gap and Topshop, operates about 1,300 stores worldwide, across Saudi Arabia, Central Asia, North Africa, the US and Levant. The company has experienced phenominal growth in the past few years thanks to a surge in Saudi Arabia’s consumer goods sector.
Speaking to Reuters, President Abdulmajeed Alhokair said that the company now plans to strengthen its presence both at home and abroad, focusing on the Commonwealth of Independent States (CIS).
"The company opens 200 stores every year, but this year the number will be a bit higher because of the new brands and new locations in Saudi,” Alhokair told Reuters, in relation to the company’s acquisition of Nesk Group in September last year.
"We will open in Saudi and the Middle East around 250 stores - on average one shop every day and a half," the president said, with about 170 of these expected to be in its home market.
As far as further acquisitions go, Alhokair added that it is in talks to buy two companies in Saudi, although he declined to give any further details.