Latest news & events updates
26 January 2013
In exciting news this week, auditing and research firm Deloitte has named LuLu Group one of the world’s 50 fastest growing retail chains in their report Global Powers of Retailing 2013. With retail revenues of $4.25 billion, LuLu Group has been positioned 213rd largest in the world, which practically finds the Group amongst the world’s top 250. Deloitte says in its report that, “Despite the economic slowdown, composite retail revenue soared for companies based in Africa/Middle East, Latin America and Asia/Pacific. Growth continued to be fuelled by burgeoning middle classes, youthful populations and sizeable foreign direct investment.”
LuLu Group operates the region’s largest retail chain Lulu Hypermarkets, which is the world’s 9th fastest growing retail chain, and has104 supermarkets and hypermarkets in the GCC and India. Yusuffali MA, Managing Director, was also up in the list of the most powerful Indian businessmen in the Gulf. Yusuffali MA, in response to the achievement, said to Gulf News, “The last 4-5 years have been very positive for us in spite of the global slowdown. During this period, we opened 32 new hypermarkets and malls across the region that helped boost our sales to $4.25 billion from $2.4 billion and effectively garnering a market share of around 32 per cent in the organised grocery sector,” he said. “This shows the market is very strong for retailers who can provide best quality products and services at affordable prices to consumers. Currently, we have 104 stores across the region and this year we intend to open another 13 new stores including the first one in India. We are also exploring new growth opportunities in Egypt, Iraq and countries in the Far East especially in Malaysia and Indonesia.”
LuLu Group’s shopping mall development arm, Line Investments has been fundamental in building Lulu Hypermarkets, currently the number one hypermarket chain in the Middle East, where shoppers throng the mall’s brand outlets, arrays of dining and entertainment options. The Group has also recently started a money exchange house, which is expanding fast along with the growth of the group’s shopping mall chain. India’s biggest shopping mall has also been developed in Kochi, revolutionizing the concept of modern shopping and representing top-quality retailing.
Read More: GULF NEWS