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Korath to invest Dh1b on new retail network
DUBAI - Korath Holding, one of the oldest business groups in the UAE, said on Monday that it would invest Dh1 billion over three years to set up a retail network under the brand KM.
The Dh1.8 billion group said its new venture, KM Retail, would open the first concept store in Abu Hail on May 17.
“We will open 30 multiple KM Retail format stores, which are designed to meet global standards in retail experience, across the UAE this year,” said Riyaz Korath, chief executive officer of Korath Holding.
This means, the group will be adding one million square feet of retail space during the year 2010.
Korath Holding, which has diversified business interests ranging from software development and logistics to manufacturing and construction, currently runs 25 retail outlets, including supermarkets and department stores under brand names KM Trading and Al Safa in the UAE and Oman.
The multiple KM retail format stores will comprise convenience stores, supermarkets, department stores and hypermarkets.
“These will be further sub-branded for easy identification as KM Daily, KM Value, KM Experience and KM respectively.”
The new entity also has plans to open speciality retail outlets and stores.
“With more than four decades successful operation though our two brands KM Trading and Al Safa, we will leverage our learning and competence to confidently take the new retail brand KM to greater heights,” said Korath.
“Each of the retail formats under KM has been carefully developed, and, with perfect execution will further strengthen our group’s competitive position as a leading retail group in the region,” he said.
Korath said in line with the group’s vision to make KM a multi-national brand, retail outlets in multiple formats will be launched first in the UAE, followed by launches in other GCC countries and India.
“KM will be in a position to optimise cost structures in several areas based on internal synergies and resources available within the group,” he said.
The optimised cost structures will in turn enable the group to deliver more value and quality in each of the retail formats to every customer of KM, Korath argued.
The group has added experienced retail professionals from internationally successful retail chains to ensure quality is delivered and maintained to that of highest standards, he said.
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