Majid Al Futtaim, a leading retail group in the Middle East, will open Supeco, a supermarket-cash and carry hybrid, in Cairo by the end of the year.
Supeco, an offshoot of Carrefour, will boast a warehouse environment and sell everyday items at low-cost prices.
Philippe Penguilhan, country manager of Carrefour Egypt at Majid Al Futtaim Retail, said: “Construction of the new store is under way and will be followed by many other branches under the Supeco brand.”
The store will cater to wholesalers, retailers and walk-in customers, Mr Penguilhan told news site Zawya.
In its 2022 report, market research consultancy firm BOOST for Consultations placed Egypt’s e-commerce market value in 2021 at $100 billion and estimates a 30 per cent increase by the end of the year.
Mr Penguilhan wants to capitalise on this.
“This year, Majid Al Futtaim plans to invest EGP250 million in the country,” he said.
At present, Carrefour operates 14 hypermarkets and 45 supermarkets across Egypt, seven of which opened last year.
New stores are planned for Alexandria, New Al-Alamain, the Red Sea and the Delta. Carrefour Gourmet stores, offering premium and speciality products, are also in the pipeline.
Carrefour Egypt reported a 40 per cent growth in sales from 2020 to 2021.
In an interview with Ahram Online, Mr Penguilhan was confident about Carrefour’s future in Egypt, attributing the retailer’s potential to the country’s growing population and labour availability.
Carrefour will also expand its e-commerce channel, Mr Penguilhan said.
Middle East Economic Digest, market researcher for the region, projected Egypt’s retail market will grow at a compounded annual growth rate of five per cent, from its $200 billion value in 2020 to $254 billion in 2025.
To capitalise on this predicted growth, Majid Al Futtaim opened a retail training centre at City Centre Almaza in Egypt.
