Vol 1 Issue 19
عربيTUESDAY AUGUST 20
Fawaz Abdulaziz Alhokair & Co. (Cenomi Retail) has announced its interim financial results for the period ending June 30, 2024 (six months).
Cenomi Retail recorded revenues of SAR 1,261 million in Q2 2024, down 12% year-on-year, primarily due to the impact of the brand divestment program announced in the previous quarter as well as current geopolitical events. However, the group’s retail in international markets were promising, and the revenues reached SAR 330 million in Q2 2024, up 15% year-on-year, supported by the performance of CIS markets, particularly Azerbaijan (+19% in Q2 2024 year-on-year), Georgia (+18% in Q2 2024 year-on-year), and Uzbekistan, which outperformed its targets by 217%. The Food and Beverage segment also recorded revenues of SAR 84 million in Q2, down 13% year-on-year, as four outlets were closed during the quarter.
GEOGRAPHICAL ADVANTAGE
Spinneys operates a total of 79 stores across Saudi Arabia, the UAE, and Oman, with a combined sales area of 880,000 sq.ft. across all markets.
The ‘whitespace’ opportunity in Saudi Arabia offers a unique opportunity for Spinneys’ international expansion, with whitespace in the Kingdom projected to increase to 86 million sq.ft. by 2033, equivalent to nearly 1,200 Spinneys stores. A rapidly growing market with a diverse consumer base and a keen appetite for fresh, high-quality products. Our entry into Saudi Arabia, a historic moment for a homegrown UAE brand, is driven by strong demand and positive market fundamentals, bolstered by the transformative Saudi Vision 2030, which has created an ideal environment for retail sector growth”.
Sunil Kumar
CEO, Spinneys
TURNING A NEW PAGE
Jarir Bookstore has a network of 61 stores in the Kingdom of Saudi Arabia (KSA). Beyond the home turf, Jarir has 11 stores across the GCC, including five in Kuwait, three in Qatar, two in the UAE and one in Bahrain. The brand also has a robust digital presence. Jarir has recently opened the doors to its newest store in the Kingdom a new 4,085-square-meter (sqm) showroom in Al-Arid District, Riyadh. The total investment cost of the new addition, which marks the company’s first store opening this year, amounted to SAR 28 million. In fact, this new store opening and other significant company plans has boosted its revenue up by 8.8% and looking ahead the revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Specialty Retail industry in Saudi Arabia.
Jarir is not just a bookstore. It is a theatre for things people love. It offers an experience that makes its visitors feel more resourceful, independent and informed.”
Abdulkarim Alagil
Chief Executive Officer, Jarir Bookstore
Shelf Talk Episode 18
Sara Rayees | Designer & Founder Foulard
A new ECCO store opens in Riyadh Park. This takes up the store count of the brand in the region to 3+ and also establishes its motivation to strengthen its position in the Kingdom.
EL&N, known for delivering unique coffee experiences through handpicked coffee beans and handcrafted cakes, has recently opened a new outlet at the Village Mall, Jeddah.
The North Face has finally opened its first boutique in Riyadh, in Riyadh Park Mall.
/ˈbʌnd.lɪŋ/
A very frequently used term, bundling refers to a sales tactic that helps move the items off the shelf faster. Bundling is a common strategy used across various industries, but is a common one for e-commerce, to offer consumers added value and potentially increase sales. The bundling of products together helps encourage customers to purchase more items in a single transaction, thereby increasing the average order value (AOV).
| |||||||||||||||||||||||||
| |||||||||||||||||||||||||
You must be logged in to post a comment.