Lulu ranks as 25th fastest growing retailer

1/26/2016 1:21:22 PM

(MENAFN- The Peninsula)

Doha: Middle East retail major Lulu Group is ranked as the 25th fastest growing retailer in the world and ranked 165th in the Top 250 Global Powers of Retailing by the Deloitte’s 19th annual edition of Global Powers of Retailing.

Walmart topped the list with a revenues of $485bn in 2014 followed by Costco Wholesale Corporation and The Kroger Co both from the US. UK retailer Tesco pushed to 5th position.

Another Middle East retailer Al Futtaim group (Carrefour) was ranked at 172nd position. Lulu which currently operates 121 hypermarkets and supermarkets across the Mena and India recorded an annual retail sales turnover of $5.8bn last year according the report published by the National Retail Federation. Based on the robust results Lulu has been on an aggressive expansion drive announcing large investments in Egypt Bahrain Saudi India Indonesia and Malaysia to the tune of almost $1.7bn.

Reacting to the Deloitte report Yususffali MA the Chairman of Lulu group said: “I am very confident of the regional retail market and like in the past will not slow down our expansion plans. The current negative sentiments on the market are temporary phenomena and companies with strong fundamentals and long term vision will march ahead.” The Peninsula

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