RIYADH, 17 September 2006 — In line with its expansion strategy Fawaz Abdulaziz Alhokair & Company plans to open 207 stores in the next 2 years. As of March 31, 2006 Alhokair had 617 stores spread across the Kingdom.
The company believes that there are extensive opportunities in the Saudi fashion retail market. The company has identified a large number of new locations in Saudi Arabia where the company is not currently represented and where there is potential to open suitable stores.
Dr. Abdul Majeed Alhokair, CEO, Fawaz Abdulaziz Alhokair & Company said: “The company has successfully demonstrated its ability to operate profitably in smaller towns as well as city-centric locations. The management is encouraged by the success of the recent introduction of childrenswear, womenswear and department stores, and believes that further opportunities exist to extend the product ranges offered by Alhokair, particularly in menswear, footwear and eyewear.”
“Alhokair enjoys the lion’s share of 48.3 percent in the fashion retail industry in the Kingdom, according to a recent Euromonitor study. With the launch of additional 207 stores in the next two years, we not only intend to consolidate our position as the number one retailer but enhance our market share,” he added.
The company claims to be one of the fastest growing and dynamic enterprises in the Kingdom employing more than 2,500 people. It has a reputation built on innovation and successful fashion retail franchising and trades over 42 brands through a network of 617 stores. In 2005-06 the company had a turnover of SR1.293 billion, served more than 12 million customers and sold over 15 million items. The company has built its success on forging alliances with the world’s most successful fashion retail brands including Zara, Massimo Dutti, La Senza, Aldo, Nine West, Promod and Wallis. Its fresh approach to retailing is meeting the needs of a fast-growing and increasingly cosmopolitan Saudi population. The company’s unique ability to spot trends and identify international brands that appeal most to Saudi consumers has resulted in the perfect meeting of demand and supply.