Lulu Group announces massive investment in RetailME Tech
Lulu Group International, operator of the Middle East’s largest organised retailer, announced massive investment in retail sector at the RetailME Tech & Marcoms Summit and ICONS Awards, the largest retail information and market intelligence platform in the Middle East – that saw 45 experts sharing their insights on the changing retail landscape in the region and the rest of the world.
Despite the headwinds and rising inflation worldwide, the retail sector is witnessing growth. The global retail sales revenue will grow from US$26 trillion in 2021 to more than US$30 trillion in 2024 – which is equivalent to a third of the global economy, according to industry reports.
A report released by the Dubai Chamber of Commerce and Industry has projected the UAE’s retail sales to reach $70.5 billion (Dh259 billion) by 2025 — an annual growth of 6.6 percent.
Lulu Group International is one of the few retailers who continued expansion during the COVID-19 pandemic by opening 50 large-format outlets including 44 hypermarkets and 6 fulfilment centres from 2020 till date, to take the number of hypermarkets, shopping malls and fulfilment centres to 235 across 12 countries including the GCC, India, Malaysia, Indonesia and Egypt.
From 2020 till 2023, it has a pipeline of 91 hypermarkets and stores lined up for opening, of which, it has already opened 50 during the COVID-19 pandemic.