UAE: Lulu plans to open 100 stores, create thousands of jobs across GCC in 5 years

The retailer caters to more than 600,000 shoppers daily across its 240 outlets in the region

Waheed Abbas

Published: Wed 6 Nov 2024, 1:40 PM

Last updated: Wed 6 Nov 2024, 1:41 PM

Abu Dhabi-based retail giant Lulu plans to open 100 stores over the next five years across the GCC countries, creating thousands of jobs, said Yusuffali MA, founder, chairman, and non-executive director of Lulu Retail.

“The GCC is a very strong economy and we are a pan-GCC retailer. The population is growing and there is a need for more retail outlets,” Yusuffali said during a Press conference where the massive oversubscription of its initial public offering (IPO) was announced. The IPO — which was increased from 25 to 30 per cent — was oversubscribed 25 times. It will list shares on the Abu Dhabi Securities Exchange on November 14.

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While speaking to Khaleej Times in Abu Dhabi, Saifee Rupawala, CEO of Lulu Retail, said 91 stores were in the company’s pipeline and might reach 100 with discussions underway.

“Currently, we have 50,000 employees and 240 stores. With 91 more stores coming into our fold, there will definitely be job creation,” Rupawala said, adding that it would be difficult to quantify the number of new hires due to the different sizes of the upcoming stores.

Lulu Retail operates hypermarkets and supermarkets in different countries, too.

Based on the number of staff employed to operate 240 stores, it is safely assumed that an additional 100 outlets will create thousands of new jobs across the region.

The retailer said in a Press conference last month that the UAE and Saudi Arabia would remain its key markets for growth and expansion due to the rising population of expats in these two countries.

The retailer is also conducting trials for autonomous stores and will roll out the technology once the outcome of the trial run is out. The retailer plans to introduce this autonomous service at smaller stores.

The pan-GCC retailer caters to more than 600,000 shoppers daily across its 240 outlets. It sources products from 85 countries across Asia, Europe, Africa, Australia and other countries and regions.

“We deeply value the trust and confidence of UAE and GCC leaders in the Lulu brand. In response to demand from international and regional investors, we made the decision to increase (the IPO) from 25 per cent to 30 per cent of our total shares. We were forced to increase because of demand and give opportunity winder investors to join the IPO,” said Yusuffali.

“Our IPO was oversubscribed within an hour of launch and soon we recognised that it is one of the world’s biggest IPO for the year,” said Yusuffali.

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