Majid Al Futtaim, shopping centre developer and operator, opened its supermarket-cash and carry hybrid, Supeco, on May 10 at Egypt’s AM Mall in 6th of October City.
Supeco, an offshoot of Carrefour, presents a traditional supermarket in a wholesaler warehouse setting, stocking fresh and frozen foods, everyday items and light household products at discounted prices and as part of promotional deals.
The store caters to wholesalers, retailers and walk-in customers.
Majid Al Futtaim plans to open four more Supeco stores across the country, including in the Delta and Upper Egypt, by the end of the year.
At present, Carrefour operates 14 hypermarkets and 45 supermarkets across Egypt, seven of which opened last year. More outlets are set to open in Alexandria, New Al-Alamain, the Red Sea and the Delta.
Last year, Carrefour reported a 40 per cent growth in sales from 2020.
Egypt’s e-commerce market was valued at $100 billion last year by market research firm BOOST for Consultations, who estimates a 30 per cent increase by the end of the year.
Majid Al Futtaim intends to invest EGP250 million into its operations in the country, part of which will go towards capitalising on the rise of e-commerce, said Philippe Penguilhan, country manager of Carrefour Egypt at Majid Al Futtaim Retail.
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.
