|12-24-2014, 04:14 PM||#1|
Abughazaleh Abco to invest AED100 million in retail expansion
Trading firm Abughazaleh Abco Group announced on Wednesday plans to invest AED100 million to open 30 stores over the course of the next five years after sales jumped 24% in 2014.
CEO Midhat Abu Ghazaleh said that the group intends to increase its total number of stores to 35 by 2020.
“We opened 4 stores in the past 2 years. The new plan is to launch 6 stores per year on average, including an online store,” said Abu Ghazaleh.
Abughazaleh’s online platform will be launched on June 2015, and will provide offers on footwear, home linen, apparel, outdoor furniture and electronics.
Abu Ghazaleh said: “Online sales are the future of the retail fashion segment, due to convenience and competitive pricing. E-commerce has been witnessing double growth in sales on annual basis.”
Abco’s network contains 260 points of sale spread throughout Europe and the UAE and is increasing their staff to compliment its expansion plans.
The UAE-based company increased its employees by 35% in 2014, according to Mr. Abu Ghazaleh.
Abco’s revenue in 2014 has been remarkably boosted by demand for apparels, and all-time high sales in women’s dresses, children footwear and men’s casualwear.
The idea of opening six stores per year indicates the company is expecting superior consumer spending in the upcoming period leading into the Dubai Expo 2020.
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